Selling primary residence to start real estate investing.. HELP!
Hello, first time posting here!
I have a 2/2 condo in the Dunwoody area of Atlanta that I bought in foreclosure 7 years ago for around $165k, comps are selling for around $300k. I am a single guy in his 30s with a great job that requires heavy travel, so I am usually only at home a couple days per week. I want to cash in on the equity in this unit and use that to start building a real estate portfolio.
Some ideas I have considered:
- buying a new home on the "westside" of town, where they are rapidly developing around the Beltline project, where I will live until the development occurs and then look to sell the house for profit (currently selling for $450-525k).
- buying a multi-family home, duplex, triplex or quad, and living in one unit while I rent the others (having a hard time locating such a property that I would enjoy living in today)
- buying a home that needs work on the beltline and finding a contractor to renovate it while the beltline gets extended through some rougher parts of the city.
I would like to try to make money off of my primary residence somehow, either through renting or appreciation, but I dont want to live in a dump.
Additionally, I am not personally a "handy" person and have no experience in real estate investing. But, I have tremendous experience with marketing (online and off).
It has been difficult to connect with a realtor that has the patience and time to devote to helping me find the right fit.
If you were in my situation, what would you do?
Any advice is tremendously appreciated.