Updated about 1 month ago on . Most recent reply
Beginners with one current rental. **Seeking Mentorship!**
Hello. My name is Robbie, and I am new to the forums. I have been a listener of the BP Podcasts and watching their YouTube content now for years. I even bought a few books on Audible and have listened to them a few times now, so it is very exciting to take the leap to be a part of the community!
A few years ago, my wife moved in with me before we were married and instead of selling off her house we decided to do a bit of updating and rent it out, we invested about 10k in the property before putting it on the market. We have amazing tenants at the moment who are a military family and they just renewed their lease for another 18 months.
Our current situation is a bit small, but would be PERFECT as a short term rental, due to the fact that it is tucked in the woods, but down the street from an all sports lake with lake access. The woods in the yard are home to city mountain biking trails, and the public beach and park is walkable through a short trail through the woods as well. We are looking to possibly move but not sure if we can borrow against the properties to move into a new home so we can take advantage of renting out our current residence?
We are looking to also grow our portfolio as soon as we can and eventually dive into multi-family units. As much as I have been following, the thought of all of this terrifies me to go in blind. Both my wife and I have above 800 credit scores and are just looking for some guidance to the steps of what to do next. We know the wrong steps can tarnish what we have already worked hard to build.
I know these forums are filled with knowledgable professionals and we would sincerely appreciate some help in the right direction. Thank you in advance for taking the time to read this, as well as possibly reaching out for guidance!
Cheers!
Robbie