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Updated over 8 years ago,
Newbie trying to figure his next step
Hello All,
Newbie to the world of Real Estate investing. So happy to have discovered BP. I feel like I'm in a good place to start to make some moves Just wanted to ask the community what they would do if they were in my shoes
First off I live in Las Vegas. I work a full time job. Wife just became a realtor. Over the last few years I have worked to get my credit score up to the 800 + range by paying off my debts. I bought a new construction house in 2012 and I owe 150k @3.5/. 30yr fixed and it now will appraise at 220k so I have about 70k equity. I live in Southern highlands. A class A neighborhood I would say
So far I have tried to start educating myself, by buying some books, including a few BP books, On flipping and no money down, bought Reo Boom, and a book on wholesaling by same author. I went to my first RE investment club last night via Meetups. Called Outback Rein.
For those familiar with the market in Vegas would u rent my current house out and buy another property to start this whole journey. My cashflow based on the calculator onBP would be about 150-300$ a month. Depending on if I use prop manager, Just not sure what direction to go.
Us paying down debt has allowed us To clear about 3k a month after all our living expenses she works a job and is part time realtor as of this week. So really I have my equity that I could tap into to start off with. Via a HELOC.
Just want to see what u all would do if you were in my shoes. Thanks