Trying to escape the analysis paralysis
So I am oh so close to moving on my first deal which will be a multifamily house hack. And as excited as I am about it, I feel like I have to do 1000 things first and that thought is keeping me from moving forward. I thought I would write out the steps I've completed and what I see as barriers in hopes of some feedback on how to prioritize my next move.
Current living situation.
Working on getting my house ready to sell. Based on comps i should be able to sell for $160k, currently owe $100k. My plan is to use the money made on the house as a down payment on an fha loan and repairs on a property.
I am currently finishing up a remodel on my house. I'm doing all of the work myself so it is taking some time to finish it. Things that are left is flooring in kitchen (some kind of vynal, tile won't work, long story), putting new trim up (all trim is removed), and having a pre inspection to find any thing that my hold up a sale.
I am in talks with a bank that works with a lot of investors and found a loan officer that invests hikmself. I have not filled out a loan application yet. I also have an agent that works almost exclusivly with investors that is helping me get my house sold and into a new property.
I guess I'm stuck on where do I go next? Do I go ahead and get approved for a loan and start making offers on properties? I have a heloc for $30k that I haven't touched so I could use that. Or do I focus on finishing my house and get it on the market and then find a duplex? I feel good that my house will sell fast, I'm in a fairly hot market and the house next door sold last week in a day for the price per sqft that I'm going to ask and it's not been remodeled at all.
I'm also just worried about selling my house and then not able to find a property in this market thast will cash flow. There's definitely not much if anything on the mls in the area that would cash flow.
Any thoughts or suggestions is very much appreciated!