Hi, new to BP and trying to educate myself in real estate investing. So I am having trouble making a descision and would love to hear any insight from experienced investors.
I rectently bought a second home that me and my family are currently living in and my plan was to rent out our first home. I probably have 100k in equity in the first home. After finding BP and educating myself more, I am pretty sure now that I want to sell my first home and use the money gained to invest in multiple properties and try to grow a portfolio.
I have done some rehab to the first home, (mainly new paint/carpet) and I am having trouble deciding if I should rent out the first home for a year while I continue to educate myself and then sell or if I should sell now with hopes of investing in new properties the next few months as I still feel I need some time for education in real estate before making my 1st deal.
Any insight would be greatly appreciated. Thx
I would sell your former home. You have a lot of equity tied up that you could be putting towards other properties that will probably cash flow better. If it was your primary residence, and you lived there 2 out of the last 5 years, you should not have any tax on the profit so I would not hesitate to sell and hold onto the money until your ready to pull the trigger on other investment properties.
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
Join the Largest Real Estate Investing Community
Basic membership is free, forever.