1st Future investment Property - Advise
I currently have $130k in equity in my first family home. It's a 3 bed and 1.5 bath about 2k sqft we bought 6 years ago. I am making a family room (addition on the back of the home with its own separate basement) into a 4th bed and a small office below the family room into a 5th bedroom. Just need to add closets. This should increase the equity. Goal is to pull as much equity out of the home
I currently have $5k in saving with my wife and I make about $95k together, and 4 kids to care for. We are pretty much debt free except mortgage.
What direction would you all recommend I go when I pull out the equity. Pay cash for my 1st house and then pull a mortgage on my second? Want to purchase 2 investment properties in 2023 using this equity.
I'm currently reading David Greene's book BRRRR and a few chapters in. Im sure I will get some answers on this question as I keep on reading.
Thank you in advance for your knowledge and support.