I started my REI journey about 5 years ago. After a few youtube videos hooked me on "flipping", I started to search around for a good deal. I had no idea what a good deal was. I purchased "how to buy forclosures for dummies". The terminoligy was way over my head and it discouraged me. I was online one day and found my local REIA chapter and decided to attend. After a few weeks I got up the courage to let everyone know I was looking for a property. Long story short, I found a couple who had a wholesale deal that they were looking to offload. They ended up doing a prehab on it so i could get the proper financing in place. Since then, I have rehabbed the entire home other than windows which i hope to install this weekend.
Here is my problem. Since owning the home, I fell in love, got married, had a baby boy and my decisions are now affecting others. Our goal is to get to the point where our passive income will cover what i currently make(somwhere around 12 units) and i can stay at home to raise my boy. We plan to do this through multi families and single family homes.
If we decide to sell the home we are currently living in, we will need to go somewhere. Hopefully we can find a multi family that we can stay in one unit while the other(s) pay for the mortgage.
The existing home has about 40-50k of equity. Some of which i plan to use to pay off my student loans.
Should i keep the home and start buying multi families or sell it to get the funds for future deals?
Maybe a lease option?
First get your Real Estate License.....
@Joshua Herald One question to clarify before I give my two cents: do you currently own two homes, the one you live in and the one you bought through the REIA, or are those the same property? Just not clear on if you live in the prop you bought 5 years ago, or if that's an investment property you've been rehabbing, like a super long flip lol
These are the same property. I would be a ridiculously long and expensive flip. I live there.