Should I sell my rental property, or refinance it?

Should I sell my rental property, or refinance it?
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#1

I have a rental property that is paid off. I am looking to buy a personal residence in another state. I have a mortgage on my current personal residence and an additional rental property with a small mortgage.

I am thinking of selling the free and clear to pay off my current residence (as I want to retain this property) and use the remainder as a down money for the out of state property. I hate to lose the income.


#2

Your last line reveals the real issue. You like the income, and why not? We all do.
Here’s my two cents. Retirement means having numerous income sources so that if something bad happens in one of them you’re still okay. So it becomes a math question.
If by doing so you can rent out the current residence (once you move) for enough more than you currently rent to free and clear for, then it maybe works out fine.
If you’d have to rent current for less than free-and-clear, then it definitely doesn’t work out.
If you’re interested, we should talk a bit (for free). I specialize in education and collaboration that includes the professional financial stuff done without the high cost. And I give customers the same professional tools that are usually limited to the yacht-owner crowd. Let me know!


#3

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