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.
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