Should I consider my residential home as my first deal ?

[Abner Gomez]

Ok so I am in the process of leaning RE investing, my plan is to sell my residential home (3rooms 2 bath) to get into real estate since we need a bigger house due to 4 kids, my wife and I. We bought the house on 2014 for 99k it was in good conditions we only replace the AC compresor and right now it’s worth 175k we own 88k leaving us with 87k minus closing cost. My question is should I consider this my first deal when we sell the house?

[Christina J.]

Hello, @Abner Gomez! 

One option you might consider is to rent your current primary residence when you purchase your larger home. As long as you have savings to cover your down payment for the new home, this can be one of the easiest ways to get into buy and hold rentals. You'll need to be sure you have a sustained and stable rental market there in Garland and that your home will cash flow at market rental rates, but it's something to consider.

Best of luck as you on your real estate journey!