Advice: Starting out with 50k cash SoCal
Hi everyone,
I would like some advice.
How would you start your real estate investment journey with 45-60k cash on hand?
Background: 31 years old. Family of 4. Based out of Riverside
Take home pay after taxes: $4300
Monthly expense: ~$3255
Currently renting: $1440/mo
I have one house I bought in in Riverside in 2012, but no cash flow since parents are living in there and paying the mortgage, bills, and maintenance. Conventional loan at 4%. 35k HELOC available, took it out June 2018 for roof repair.
3mo in emergency savings separate.
Ideally looking for somewhere to live with my family (wife and two children, 6 and 6mo.) and rent our extra space. Or live in brrrr?
I work in Corona/Riverside border and would like somewhere driving distance.
Thank you! Looking forward to hearing from all of you.