Is this a good plan for a newb ?

[Jeff Mehling]

Hello all,

Looking for help and advice from experienced real estate investors. I am currently a home owner with an FHA loan for over 5 years. I currently live in said home. I plan on fixing and finishing some parts of my current home and renting it out as it seems to be the best bang for my buck. I am locked in at 2.8% on this loan and I could cashflow a good amount due to the demand of the property. I would then take out a heloc and use that as downpayment on a new house that I would live in for at least a year. (me and my family were already wanting a home with some more room) Then repeat the process for a new rental if we don't end up renting the new home after 1 yr. In this scenario we would be using another FHA loan as me and my wife are technically not married by the state. This I believe would be the cheapest start to our adventure. Is there a better route for my current situation ? any help is appreciated. thank you all.

Any recommendations for where to get a heloc and suggestions for loan companies and real estate agents that are investor friendly in CT are welcome. 

[Samuel Eddinger]

@Jeff Mehling - you can definitely do this! I use Liberty Bank for my HELOC. They had a good one year teaser rate but it resets to prime after one year. At this point, it will be over 8% interest only so be aware!

@Brandon Rush & @Joseph Salzillo are the two realtors I recommend for anything in CT.

I'd be happy to talk more.  DM me if you want to.