New to real estate investing and excited to get going!

[Kyle Peters]

My wife Ali and I have stumbled upon the real estate investing world recently and have been listening to bigger pockets non stop. I bought our first property in 2019 and Ali and I met shortly after in 2020. In December of 2023 we decided to house hack and we put 5% down on another property and moved out. After all expenses we are cash flowing on our first property and we are hungry for more. At this point we have a big chunk of equity in our first property and we are looking to leverage that equity to invest in more properties.

[Sarita Scherpereel]

Hi Kyle! Welcome to the community. House hacking was life changing for me and I fully believe in it's benefits. If you can find the right building and deal! Start attending local meetups to learn more about your market. It's a great way to build your network. 

 BiggerPockets has a section just for this, Under the BUILD YOUR TEAM tab- then select- MEET UP

https://www.biggerpockets.com/forums/521

Best of luck to you!

[Patrick Roberts]

Basically two ways to get cash from equity in an investment property without selling it - cashout refinance the current mortgage into a new loan, or get a second position lien (2nd mortgage or equity line of credit) to stack behind the first position and pull out the equity. 2nd liens are hard to get on investment properties right now, but they're out there. Expect to pay north of 8.5% on the rate and to be capped at 70 or 75% CLTV.

There are some other strategies where you can collateralize equity with a portfolio loan or use a private lender, but typically these are better suited to portfolios of several properties.

Charleston has a very active investor community - several meetups for different groups each month and active social media groups/pages. I recommend attending meetups when you have the time.  

[Wale Lawal]

@Kyle Peters

Leveraging equity in your first property can help grow your investments by evaluating appraisals, exploring financing options, and consulting professionals. Diversify your investments by considering multi-family properties, commercial real estate, or different locations. Maintain discipline in property management and consider tax planning to maximize tax benefits. This strategy ensures each new investment is financially sound.

Good luck!