I’d like to hear your thoughts/advice/experience. How have you used your primary residence as a springboard to other real estate investing opportunities?
My wife and I want to sell our house and move to another area nearby, and we need to take some cash out of the sale of the first to have enough of a down payment to make that happen. It’s a nice place in a nice area, and I’ve used PadMapper to estimate what we’d be able to rent it for if we kept it, and my numbers look good. I tend to agree that appreciation should be treated as the cherry on top of an already great deal, but in my area of southern Oregon, I feel there’s a very high likelihood of that being a huge asset.
I just hate to leave that money on the table. I’m looking for creative ideas – what might I pursue? My two constraints are that I want to pull some cash out of it for that other down payment, and I want to retain some portion of that real estate if at all possible. My assets are that I have people management experience (although not direct property management), I’m quite handy , and I’m crazy enough to actually try something creative here.
Any thoughts or words of wisdom for me?
If you have sufficient home equity, you may be able to get a home equity line of credit (HELOC) and use it for a down payment for your future home. Hard to tell without specific numbers.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing