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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.


#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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