New to Real Estate, not sure what to do!!
Hello biggerpockets family. My name is Jose Grimaldo and I'm out of Lubbock, TX. I really want to get started in real estate and not sure what to do. I currently have a home that I'm paying on and have about 20-30k in equity in it. Not sure if I should sell my home and use the equity as a down payment for a duplex. My family live in one and rent out the other. My other option that I was considering was to get a home equity loan and use that money as a down payment for a property. Rent it out and let it pay itself off. Not sure what to do, I'm new to all this and would really love some opinions! Thank you!
Most Popular Reply
Hello fellow Texan. If all you have is home equity then you need to get your personal finances in order first. You should be on a budget so that you are putting money away every month. You should do that for an extended period of time before purchasing real estate.