130 k in equity in my first property and no idea how to use it

[Ramon Moreno]

I have a ton of equity in my first  and only property, about  130k. Is it better  to sell and own more of the next purchase?, or should I take an equity loan  and go further into debt? PLEASE HELP, I'M MISS MY KIDS AND MY WIFE, I WORK ALMOST 80 HOURS A WEEK AND I FEEL LIKE I'M SO CLOSE TO BEING ABLE TO GET OUT. I JUST NEED SOME ADVICE.

[Linda Weygant]

With $130K in equity, there isn't too much you can't do.  There are many opportunities available to you.

First, talk to your mortgage company and find out what terms they will offer you on both a second mortgage and a cash out refi.  IF the terms aren't great, shop around until you find terms that are.  You may not be able to pull the full $130K out as most bankers will want you to maintain some equity.  But even if you can only pull out $75K, that's still pretty substantial.

Second, try to figure out what you are best suited for.  Flipping?  Landlording?  Wholesaling?  If you're going to be a landlord, decide if you've got the appetite to remodel distressed houses to rent or if you want something turnkey.  Pick a direction and focus on it.

Third, connect with your local REI group to find a great agent and begin shopping.

You may need to hold onto your job for a little while until things start flowing for you, but with further progression,  you may be able to cut back your hours and eventually retire before too long.