Guidance on potential moves
Hi all,
So I am looking for guidance with regards to a new opportunity that has come up and not sure what I can do, should do, or if some of my thoughts are even possible financially. First, I own a primary SFH with an FHA mortgage here in Austin and it looks like my wife and I will be moving towards New Braunfels/Schertz TX area due to a new job opportunity. That being said, I am wanting to take the next step in REI and am considering some possibilities.
Option 1: Sell my home which has about $50K in equity before selling expenses hit and put what I have left towards a new home.
Option 2: Rent my SFH for approx. $400-$600 cash flow/month and refinance to remove FHA and look to house hack a Duplex using and FHA or 203K. This is my ideal thought but may not be a fit for my family as I have a wife and daughter and we will look to have a 2nd child next year.
Option 3: Rent my SFH but take out an HELOC or HELoan with less monthly cash flow to put towards a new primary residence in New Braunfels/Schertz and try to increase value quickly in order to refinance and pay back the HELOC which would then be re purposed towards a Duplex, Triplex or fourplex to have an additional property and hopefully generate cash flow.
My question is, does anyone have any experience with anything similar to my option 3? Is this possible from a financial/legal standpoint? We won't be making the move until after the holidays or maybe even later than that so I am trying to get a better idea on a plan of action. Any thoughts or suggestions outside of what I am thinking would be greatly appreciated.
Ryan