ready to start and seeking advice how to best use my equity

[Wil Orozco]

I've been doing the podcasts, webinars, book reading, meet ups etc. since last April and I'm itching to get started and I just wanted to get some advice on whether my plan sounds good or if there may be a better way to go. I'll start with what I currently have going on. I live in Pasadena Ca (just outside of Los Angeles) In Pasadena I own a duplex which I live in one unit and rent out the other, I also own the sfh next door that is rented out. I took out a $250k HELOC on the duplex. I currently have lent a local flipper $180k of that while I was getting ready to get my own thing going. I took out the HELOC because I wanted to use it to brrrr in the midwest. I also have about $300k in equity in the sfh. Buy and hold for cash flow is my main objective.

My plans are this: I would use the HELOC for brrrring in the midwest. I was also thinking that I would do a cash out refi on the sfh of $200k and I would use $100k to purchase out of state multi family units (or even open to sfh) and the other $100k to turn the sfh garage into an ADU if the tenants don't renew in September. If they do renew, then I would use that $100k for midwest investments also.

  After getting some properties out of state and having positive cash flow, I also have my parents paid off house that's worth around $600k right now. It will be put in my and my sisters name in the next couple of years and I will talk to her about doing a cash out refi on that house so we can together purchase out of state also.

These are my initial plans and am looking for advise on whether they sound good or whether there are some other ideas that I may not be thinking of that may work better.

  Any advise is greatly appreciated