Buying my First Home & Will have Instant Equity to Reinvest

[Cory Bittick]

Greetings Biggerpockets community! I'm getting a STEAL on my first investment property. I'm 28 years old, I've got a great job, I've read all the good books, I've got the right mindset, I've listened to about 150 episodes so far and I'm ready to embark on my real estate investment journey. It's time for me to take 'massive action'. I'm also a Veteran Marine.

My first property: Long story short, I'm basically purchasing my parents house, because they're moving out of the country, at a big discount and will be renting it out. The house has a market value of about 220k and they're selling it to me for 80k (just paying them what they owe on the current mortgage). So... instantly I will have about 140k in equity. I'm ready to buy the house next month (June 2018).

I'm considering pulling out about 75k extra, on top of the 80k, to put into another investment. There's just so many avenues I could take, I'm finding it hard to pick out which one to go down. Single family, multi-family, mobile homes, storage units, etc... I'm looking for some input and/or comments on what some of you extremely successful investors would do in my shoes. I'm not afraid to get my hands dirty and work hard to create an unearned income machine for myself.

Any advice on the best way to go about purchasing this property? Best kind of loan / mortgage I should get?