Hello BPers,

I'm a former real estate agent. My current job is taking care of my kid and trying to make my house make me more $. My goal is financial independence for my family in 5 years. We live pretty simply, so we don't need huge money to be financially independent.

I own a two-family home in Brooklyn, NY. I've made it pay its mortgage and expenses this year by Airbnbing the second floor apt. We live on the first floor.  Thanks to crazy appreciation here it's probably worth 1.3mil. Mortgage is 415K.

My question is: how would you use this equity?

My thought has been to 

1) Pay down mortgage and cash out (my old broker would hate this idea. He never paid down anything. "Appreciation will do it for you!") 

2) Invest in out-of-state turnkey buy-and-holds. Where? 

Question: If I use a HELOC to buy cash-flow properties, is it possible to find houses that I can refi after repairs and get all or most of my $ back and that will still produce income?

I'm excited to be here. 

Jennifer C. 
Brooklyn