Need some advice on buying another property
Hello so I am in a situation that I am trying to figure out with rentals and loans. Right now I have 2 properties. One being a rental and the other my primary residence. The rental is my first of hopefully many and that being said the rental home I purchased as a primary residence and after a year I Decided to rent it out. I have been renting it out for almost 3 years now. The rental is not in a great area but it’s not terrible. The rental has some equity but not much. It was definitely a learning experience more than anything. My primary residence I have been in for a year now and my plan was to do a heloc and use the money to buy another property which would be an investment property purchase. The house has enough equity to buy a fixer upper and have some left over cash for renovations but just barely enough. I would be cutting it pretty close. I have thought about renting out my primary residence because I could potentially have someone else paying my mortgage and the rental income would pay the mortgage and also put about an additional 600 month in my pocket. So my question is is it a bad move to pull out all of the equity now and look for a fixer upper to rent out? Is it a better idea to wait longer and build more equity and then pull out more money? Also can I buy primary residence often? Like every year can I buy a primary and then turn it into a rental? Is it hard to pull equity from an investment property? If I waited longer and was able to pull more equity then I could possibly buy a multi family property like a duplex or triplex. Basically I’m just trying to figure out which direction to go in. Thanks