$200,000 HELOC... What Would You Do?
Here are the facts: $780,000 current home value. Mortgage balance is $480,000. Applied and got approved for $200,000 HELOC that's locked in at 2.99% for the first 3 years (prime + .25% after that). I'm 40, My wife and I have 3 kids, steady income (Roughly $200,000/yr combined) and quite a bit invested in the stock market. We are both eager to start investing in real estate but aren't sure what the first step should be. We do not want to sell our current home, quit our careers (yet), or start taking HUGE risk without an overwhelming amount of due diligence. We want to get our feet wet in real estate. So, my question to all of you experts (you're all experts compared to me!)... what should be my first step? Any guidance, examples, advice or even teaming up (I live in NH about 45 mins north of Boston) would be much appreciated. Our goal: in 5 years to quit my career, be 100% into real estate, and be able to provide 100% of the income going forward (at least $200k per year). Anyways, Loving this community so far, the podcasts, and the possibility of learning from all of you!