Introduction & Strategy Advice

[Travis Whitfield]

Good evening everyone - My name is Travis Whitfield and I am new to BP/RE investing and my goal is to buy my first rental property some time this year.  I have wanted to invest for a long time and I don't want to hold off too much longer.  I currently own a home in Tomball, Texas that has about 50% equity in it with a 2.85% interest rate.  I ran comps and it looks like it will cash flow really well.  My issue right now, is that with current interest rates, I am not finding any others that will cash flow.  My strategy right now is to rent out my current home and move to my next property and repeat the process.  I am hoping to put in 10-15 offers on homes at the prices that will break even and hope one hits and then I can re-finance down the line.  

My questions are as follows: 

1. Has anyone else had luck with a similar strategy in today's market?

2. Are there any pitfalls I should be on the lookout for?

3. Does anyone have a better strategy that may work in my current situation/market?

Thank you and have a nice evening. 

[Jared Hottle]

I think this is a great idea. That 2.85 rate is an asset! I highly suggest not refinancing and instead seeing if you can get a heloc to have access to cash if needed. Personally, I would look to move out and buy a property that needs some cosmetic updating and rent yours out. Live in that one for a year and update and rent it out. If you do that a few times you will be in good shape. As equity is built and rates come down look to refinance. Gotta get creative maybe drive for dollars or look to invest in other towns others haven't really touched yet.