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Updated over 7 years ago on . Most recent reply
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Newbie looking for a little advice
Hello BP my name is Trey. My family and I live in San Antonio, TX. I've spent the last 6 months obsessing over BP podcasts and blog. I've learned so much in this time, but realize I'm just scratching the surface. I am very eager to move on my first deal. I am looking for a little advice for my particular situation.
Here is a little information about me and my long term goals. Ideally, I would like to buy and hold in order to build passive income. Listening to a recent podcast I really fell in love with the idea of Airbnb. Living in San Antonio we have a large amount of tourist come into town every year, so I feel I live in an ideal market. That being said I worry that if I buy my first property, it will be one and done. Meaning that if I purchase this one property then I won't be able to finance another one in order to scale this. That leads me to think that maybe I should start by flipping so that grow my capital faster. I bought a single family house almost 4 years ago that I still owe about 150k on. The house across the street with the exact same floor plan sold for 195k about a month ago. I'm open to the idea on selling our house. We could live practically rent free for about a year with family after selling. The other option could be to rent out our house. We could probably get about 1500/mo with a mortgage payment of about 1250/mo.
My question is what is the best way to leverage what I have? HELCO, Cash out refi, sell, rent?
Thanks in advance. This community has been great and I can't wait to learn more.