Bought first home!! Next step for Investing??

[Christian Huttema]

Hey guys! So my cousin and I just recently went in on our first home together! Well, technically, this is the second house we've purchased this year.....Anyways, we paid 225k for a cute little two story house. Fortunately, we were able to come up with enough cash for this deal. So we own the house outright. Its a 3 bed 2.5 bath house. The tentative plan is to rent out one of the rooms, while we live in the others. First though, we'd like to up the value of the house by remodeling the kitchen and bathrooms, also replacing the carpet and vinyl floors for hardwood. After all this, we plan on getting a heloc loan and using that money for future investments. My cousins and I are in our early 20s, and have never done anything like this. Just looking for any thoughts or inputs on what were doing! Any suggestions???