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#466400 - 01/06/20 04:18 AM renovate rental property to move in or buy a new home
Mr. Gomez Offline
Junior Member

Registered: 01/06/20
Posts: 1
Loc: CA
I have a 3 bed/1 bath rental property that I currently rent out. My primary residence is a condo 3 bed/2 bath. My condo HOA fees are going up by a lot so I am thinking of renovating my rental property which the mortgage is a lot less and move into the rental property. I would renovate and add a bathroom and walk-in closet to the rental property. I would then rent out my condo. My question is do I go forth with this plan or spend the money on the down payment to buy a home 3 bed/2 batch that I would move into and leave the rental property as a rental. I would still rent out my condo. The con that I see in buying a home is the mortgage would be a lot more vs moving into the rental property but the pros are no renovations needed and the rental properties profit will go towards the home mortgage.

Thanks
OG

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#466402 - 01/06/20 12:21 PM Re: renovate rental property to move in or buy a new home [Re: Mr. Gomez]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2415
Loc: Outer Banks
If you have a rental property that is gernerating profit then let it keep earning profit. If the condo will generate a profit then let it. From my perspective, buy a house to live in and save these income properties. Someday they will help your retirement plans.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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