Getting started in real estate

2 Replies

Looking to get the ball rolling on building a portfolio in the Dallas/Ft Worth area and curious about what others would do in my shoes. Interested in getting into short or long term rentals and flipping.

My savings is low, but I have about 60-70k in appreciation and equity in the house I'm currently living in with my wife and two kids.

The wife is open to doing some house hacking. I’ve thought about using the equity to buy in an area that would allow us to use it as a short term rental 50% of the time and staying in an RV while renters are in.

If you were in my shoes would you sell it and use the money to get started? Or, would you keep the current house and continue growing the savings until able to put a good down payment on a second property?

Thanks in advance for any advice!

@Philip Gibson Definitely keep saving! You want to make sure you have strong personal and business savings to weather renovations and capital expenses. I lean towards you holding on to the primary home, accessing the equity and savings to buy a rental. It also depends on your risk tolerance. Just my two cents.