Need Help on Strategy Please!

[Helen Smith]

Our story:

1. We purchased our current home for 699k in 2015 with a 15-year mortgage. We will pay off our home in a few years in 2030.

2. We purchased an investment property - turnkey during COVID in Lubbock, Texas for 249k. This property hasn't been cash-flowing. 

Currently, we have built up lots of equity in our primary residence and want to start to explore more investment property opportunities. We are thinking to purchase some investment properties by extracting $$ from our current home, also want to move to a bigger space - a new primary residence and then rent our current home.

Questions:

1. What's the strategy based on our situation?

2. Where should I start and what are the actions?

3. Who should I reach out / look for to get more real estate advice, real estate attorney? lender? wealth manager?

4. Spoke with a local lender, they recommended HELOAN.

We really appreciate your help, especially since the first property we invested in was not successful, unfortunately. Thank you so much in advance!

[Arman Ahmed]

Quote from @Helen Smith:

Our story:

1. We purchased our current home for 699k in 2015 with a 15-year mortgage. We will pay off our home in a few years in 2030.

2. We purchased an investment property - turnkey during COVID in Lubbock, Texas for 249k. This property hasn't been cash-flowing. 

Currently, we have built up lots of equity in our primary residence and want to start to explore more investment property opportunities. We are thinking to purchase some investment properties by extracting $$ from our current home, also want to move to a bigger space - a new primary residence and then rent our current home.

Questions:

1. What's the strategy based on our situation?

2. Where should I start and what are the actions?

3. Who should I reach out / look for to get more real estate advice, real estate attorney? lender? wealth manager?

4. Spoke with a local lender, they recommended HELOAN.

We really appreciate your help, especially since the first property we invested in was not successful, unfortunately. Thank you so much in advance!

You’re actually in a strong position because you’ve built equity and already have experience owning a rental, even if that first investment didn’t perform as expected. I’d focus on understanding why the Lubbock property isn’t cash flowing before repeating the same strategy, then look at markets where the numbers make more sense. Many investors from high-cost areas like NY/NJ compare Midwest markets because lower entry prices can create better cash flow and more room to scale. The next step is building a strong team with a good lender, CPA, attorney, property manager, and local experts who can help you make data-driven decisions.