Good morning Farris,
Great question! You seem to have a few options here.
I'd say, start by getting in contact with a local lender and real estate agent. They'll be able to lay out some of your options in more detail and help you choose the best option for your next move.
If your current property could provide positive cash flow once you refinance and move out, that is a great option.
You might then want to consider getting a 2-4 unit property via FHA loan, live in one unit and rent out the rest. You'll be able to live free OR substantially lower your own monthly living expenses. I like this strategy because it allows you to get into your next investment with 3.5% down as an owner occupant.
Your local investor-friendly realtor would be able to give you more insight as to which areas to look into once you've been pre-approved by your lender.
Best of luck to you!
Thank you for the detailed reply!
@Abel Curiel makes some very good points house hacking in the way he describes maybe you best option. It is also important to check out the local market. The best advice I have received is to do it. Don't wait around and see what happens. Just get out there learning about your market and put that equity to work once you have a solid play. A good realtor and local banker will be key. Step one is getting out and meeting people. Best of luck
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
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing