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Looking for portfolio advice

Just looking for another perspective on my real estate portfolio. I'm fairly risk averse and think I'm in a pretty good situation but I've used up a good portion of cash reserves to buy my last property.

Here are the details on each property: 1. Primary home. $570k value. $285k mortgage @1600 a month. Also has outstanding HELOC just used to buy rental at $145k (10% interest rate).

  1. Rental. $320k value. $160k mortgage @ 900 a month. $1500 rental income.

  2. Rental by the room. $580k value. $410k mortgage and payments of $2100 a month (+$1k in utilities). $5300 rental income.

  3. Identical room rental with a partner. $580k value. Mortgage of $2500 a month. $725/mo payments to partner. $1k utilities. $5300 rental income.

  4. Rental with partner. $275k value. No mortgage but would owe partner $205k upon all. Pay partner $870 a month. Rents for $1500 a month.

  5. Rental. $390k value. Owe $205k (6.25% interest). Payments of $1650 a month. $2050 in income.

  6. New purchase (with heloc). Purchase price of $205k. Renovating for $20k. Value should be about $270k to $290k. Will rent for $2k a month. Expenses are $400 a month but currently no mortgage.

My thoughts are to aggressively pay the heloc off over the next year and just leave it without a mortgage until a more opportune time. The heloc has a high rate but refinancing would cost an extra $5k+. The only other property that has a high rate is property 6, but it's stable.

Wondering what other options there might be on this. We don't need any of the income the properties generate and with our regular jobs I'm confident we can put $10k a month toward paying off the heloc with a little more some months. The only other consideration I have is that I don't think the interest in the heloc is tax deductible since it originated from my primary?

I don't really think we need any additional properties but I want to eventually replace the room rentals for apartments.

Looking for any suggestions

submitted by /u/obie1cajoby
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source https://www.reddit.com/r/RealEstate/comments/18lxc6o/looking_for_portfolio_advice/
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