Advice on Starting Portfolio in Tacoma/Olympia
So right now I'm in an "analysis paralysis" and information overload state of mind. I'm looking for some suggestions about how others would go about starting a portfolio and best way to continue it. A lot of the information I have been reading doesn't apply to my target area (e.g. We don't have houses for sale for $20k).
About me: I have a good union job and great credit. I have about $185k in equity in my current residence. About 8 months ago, I bought the foreclosed home behind my property, and very long story short (a lot of learning and lessons were involved in that story), I just finished extensive renovations on it. Renter just moved in. I'd say I now have at least $150k equity in that place (appraisal happening in the next month or so). I don't have a lot of "cash on hand" to start me off, so I'm hoping to use a HELOC(s) to get me going?
I'm looking to get into small multi family (ideally tri- and fourplexes) in the South King, Pierce, and Thurston County areas of Washington. Right now, I've been reading until the cows come home, but still feel a bit stuck because there's so many people with opposite opinions.
Breaking it down--
*Primary home: $185k equity
*SFR rental: $150k in equity
*Not a lot of liquid cash for investment
*Target area generally is priced between $250k (likely a duplex at that price) up to about $500k (for a tri- or fourplex--my preferred investment)
*current goal is to have probably 12-15 doors within the next few years
Have you been where I am? WHERE DO I GO FROM HERE? HELP!
HELOC as cash for a 20-25% downpayment? And once I buy my first multi using a HELOC as the downpayment, do I use conventional to pay back my HELOC(s), then do it all over again?
**with all that being said, I'm on the hunt for a great, experienced multiplex RE agent in my area and a finance guru! I'm a serious investor looking for a team to get me going!**