[SF bay area] Selling primary residence to buy investment properties and rent myself
Hi all,
I am from Fremont, CA and want to get started in investing in buy and hold properties.
I have read lot of posts on BP and done research of my own. I have explored areas like Sacramento, Stockton etc but I feel that the local economy is not stable for the long run.
I have contacted a few investment specialists from out of state and I feel it will be good to start out of state. Fully managed by a PM who will send pictures/videos. I have done this for my first property over seas and has worked well.
My goal is to build a stream of passive income over next 7-10 years which can sustain my current lifestyle (10+ rental units).
Primary residence:
We have out grown our starter home and looking for a bigger home (4 bed or so). Those homes are over a million $$ around here. I have over 50% equity in my current home (300-350K equity).
I am trying to evaluate if it would be wise to sell the primary residence and put the cash in to out of state properties (with leverage, operating a million $ investment with 20-30% down).
That could generate enough income (and more) for me to rent a 4 bed home that will suit my family needs. Would this be a wise decision to not have a primary residence but buy investment properties?
Any help much appreciated.
Thanks!