We own a home on Long Island, NY where we live on the 2nd floor(3br) and there is a legal apt. On the ground floor(1br).
We have some space on the ground floor as that is where we enter, the laundry room is down there and we converted the garage to a den. We bought the house about 8 years ago for $350 and put down about $50k. Unfort the market has spiraled downward but is slowing coming back and our home has been accessed at about $300k. I believe our mortgage is about $2,500 per month and we get $1,150 for rent. Just looking for any advice as to what we should do if anything to help us financially.
Btw, our interest rate is 4.3%
Should we buy more real estate as an investment? We are thinking about Florida. Thanks a lot
Thanks