Updated almost 3 years ago on . Most recent reply
Starting Out and would love suggestions
Hello, I am currently in Grand Rapids, MI and plan on investing anywhere in Michigan. Currently I have a primary residence home that is valued at 350k . I currently owe 230k on the property so I have a ton of equity. It is a 5 bedroom 3 full bath house with two levels. 2 bedrooms 2 bath up, 3 bedrooms 1 bath down. I have a 2 stall garage and rents are going for $2000 - $2500 right now in my area. My questions is should I use the equity in my house to purchase an investment property or should I rent my current house out and go find a new primary? I have 2 kids and I am married so I have to take that into consideration as well. We are more than happy to get uncomfortable to get comfortable. Thank you in advance.