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Updated over 2 years ago,
Start with my home or take out home equity loan/LOC?
I am an aspiring rental property investor; I currently own my home and am stuck on how I should start. I see two options available, either renting my current home and moving into an apartment for myself, or taking out a home equity loan/LOC to buy my first rental property while staying in my home. If anyone has advice on the better option, or even a process to determine which is best for my situation, I greatly appreciate it!
It might be important to mention that I am looking to make rental investing my main form of income. I am a former educator who left the classroom last May and have been doing private academic coaching/consulting for the past year. I am looking to move away from this role and fully into real estate. I have a bit saved up for my own bills, but none extra to invest without the home equity loan/LOC.
Thank you!