Hi,
I am a 65 year old female senior citizen and wondering whether or not I should be getting out of the real estate investing part of my life. I am single and upon retiring 5 years ago, I took my pension and invested in a condo for $65,000 (now worth $150,000) , then a year later one for $40,000 (now worth $75,000) and then a third for $210,000 (now worth $250,000. I have recently bought a manufactured home in Florida which is my primary residence but in order to do so, took a big home equity loan of $200,000 on the third one. The first and second are debt free. My monthly mortgage payment of $1350 is making things tight and I wonder if I should sell the $250,000 property to get some cash flow. I would like to stay in the business because so far I have been very lucky but because of my age am getting a little nervous. I was considering doing a 1031 exchange to avoid taxes and taking a HE loan on the $150,000 property but don’t want to have more than a $100,000 morgtgage. What is your opinion about manufactured homes as an investment. I just bought mine 6 months ago for $150,000 and it has already appreciated $20,000 (so they tell me). In the Florida area now there are not many condos I could find for $100,000 or less and don’t know where else to look. My other condos are in NJ and upstate NY. Should I just get out or should I sell and buy another property. I need as much monthly income as I can get.
Thank you so much for your help.
Jeannes