First step: Looking to move and rent our house

[David Kimball]

My wife and I would like to get started with real estate investing and I think now is our chance.

We are planning to move about 1 hr way from where we live now, and this could be the opportunity to make an investor type of decision, which we are looking for some advice on:

Our primary home:

- Is on a 15 year mortgage at 2.75% with 13 years left

- appraised at $460k, with a balance of less than $140k remaining ~ equity ca. $320k

- we will have been in it for 2 years in August
- monthly mortgage + HOA + property tax is 1800

- based on comps, should rent for $2200/mo


We have about $15k in savings we could potentially use on a downpayment on a house that we move in.

It seems like houses we would consider for moving are priced at around $400k.

My question is:

What options do we have to make this work, and raise enough money for a 20% downpayment on the next house?
HELOC? Personal loan?

What would make sense?

[Jared Hottle]

Have you asked around to banks and see what they offer for loan programs for owner-occupied properties. I ask because I am sure most would not make you put 20% down, some as low as 5% or even some 80-20 loans that you do not have to put any down. Heloc would potentially work too but I like that more when you know it is temporary like a BRRR or buy something in cash to refinance.