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Updated about 8 years ago,
Trying to figure out my best move
First post after reading a lot of topics, and figured id ask for some advise.
I got interested in real estate investing from the start after purchasing my first home in 2008. It was a foreclosure in the area that i grew up in, and i was able to purchase it for roughly 150k. I have lived in the house since that time and I also rented out each of the guest bedrooms, basically paying the mortgage, since i have owned the place. The house now is "roughly" worth about $250K, yes I have money in the house from renovating it, but basically I owe right at $130K. So good equity...
I currently am renovating another home that I intend to move into in a few months. Once i move into my new home I am not sure what to do. I am in a good position with my first home. I roughly have 100k in equity (assuming j don't pay a agent to sell) and I have a "roommate" that is "looking" for a place to rent who will stay and make up for MOST of the mortgage on the house till i can get it sold (if i decide to go that route). I like the idea of using it to get my feet wet in rentals, but part of me says to take advantage of the higher home values in my area by selling it now and then getting into rentals with some of the proceeds.
I admit that i am leaning to sell the house. The neighborhood is good, but not great, and home values are high for the area. Also, this house has been a good first home, and i wouldn't mind trying the rental thing out for a short term, but i am not sure that i would want it as a long term "buy and hold" rental home.
Lately I have been thinking about getting into the mobile home investing, but have some more homework to do. I like the idea of buying and reselling them (notes) because of the lower cost to purchase outright.
I am 28 years old, work for my family who owns a small retail store. I don't make a huge salary, therefore, debt to income does come into play with the bank. I have a high 700 credit score, and I feel like I have done ok thus far. In the past 7 years I have been able to stay debt free (other than the house) and renovate this home and my newest home, as well as pay for my truck and my wifes suv in cash therefor I dont have a car payment. We also flipped a home about 2 years ago.
What i am looking to do is to get into some type if not mulitiple types of RE investing to create some additional income for now, as well as long term income. I have no problem admitting i dont know it all, I try to read about all of the opportunities Real estate can offer, and I'm open to any advise anyone may have.
Thanks, Will.