Hello. Wondering do I sell my home now...
Good day Bigger Pockets Community,
I have do have a current scenario I wish to receive feedback on please (see below).
I'm brand new to the community and to real estate investing.I recently stumbled onto this website and have be drawn in as I'm looking for alternatives to working for someone else and the traditional work hard and save mentality.
I recently (after hearing in many podcasts) listened to the Rich Dad Poor Dad audio book and was blown away.I now realize that there are other ways.My mind is busy with possibilities but in the short term I plan on learning as much ongoing, getting involved with either bird dogging and or wholesaling hopefully evolving to flipping and or buy and hold in the eventual future.I started to make some contacts with contractors and a possible hard money lender just thru casual conversations.It's exciting, but I know I have alot to learn.
I own a home in San Jose, CA and wonder about leveraging the possibilities of the equity I've built.Here are some numbers.
Owned for 15 years
2Bedroom 1Bath with a 2nd story loft 1090sq ft
I Owe $290k on 30yr mortage at 3.375%
Owe a non-bank 2nd to my mom for $13.8k at 3.375%
Estimates on Zillow $550k and Trulia $623k
I was wonder about trying to time this market.Robert Kiyosaki and others talk about a nearing market crash.In hindsight (and we know what they say about that) I could have sold in 2007 for these current prices and entered back in 2009ish at a vast discount.I considered selling back then and now see the opportunity that was missed.
Appreciate insights.
-Greg