What’s the best path forward?
I’m looking to buy a duplex to house hack to save more money to put towards real estate investing. I own the home I live in now, I bought it for $142k, I owe $136k principal balance. When I bought the house it appraised at $169k I’ve since put about $10k into it and a real estate agent I talked to said it’s probably worth about $180k now. I bought this house with a USDA no money down loan and my total mortgage payment with everything included in it is just a hair over $1100 a month, I can rent it for somewhere between $1400-$1600 a month in my area. My question is should I use a heloc to pull the equity in my house to put down on a duplex to live in and rent out the house? Or what other options do I have? I don’t have enough in savings to cover a down payment right now and my current income level doesn’t really allow me to save much of anything. Any help or thoughts about how to move forward would be greatly appreciated.