Rookie: Looking for Investment Strategy Suggestions

[Steve Richard]

Looking for some strategy recommendations.

Currently own a home that I owe less than half its value. ~300k, valued at 725k in current market.

My goals are: relocate to another state and buy a new home; buy our first STR; Additionally, id need to find a new W2 gig also.

I'm trying to identify the best order of steps here. My original goal was to use our homes value to get a HELOC to fund the STR down payment. Not sure how any of that would impact selling our current home and buying a new home. Not sure what order this should go in, and does the HELOC need to be paid off to get the new home we'd live in? And when can I change jobs in the middle of all this?

Lot of moving parts. As a new investor I don't want to screw it up. Any advice?

[Nathan Gesner]

Quote from @Steve Richard:

Looking for some strategy recommendations.

Currently own a home that I owe less than half its value. ~300k, valued at 725k in current market.

My goals are: relocate to another state and buy a new home; buy our first STR; Additionally, id need to find a new W2 gig also.

I'm trying to identify the best order of steps here. My original goal was to use our homes value to get a HELOC to fund the STR down payment. Not sure how any of that would impact selling our current home and buying a new home. Not sure what order this should go in, and does the HELOC need to be paid off to get the new home we'd live in? And when can I change jobs in the middle of all this?

Lot of moving parts. As a new investor I don't want to screw it up. Any advice?

Even if you get a line of credit from your existing home, you will have a hard time qualifying for loans without a W2 job. And if you switch careers, you'll need to wait two years before your income will qualify again.

I think it's best to keep your current job, get a line of credit, and buy an investment. If you're moving to a new job but within the same profession, you may be able to swing a new primary residence at the same time, but you have to be careful with debt-to-income ratio and other concerns.

Talk to a lender and explore your options. They'll be in a better position to advise you.