Advice needed (which strategy is best?)

[Katie Deskins]

I am a licensed Realtor and newbie investor in the Savannah, Georgia area. I have owned my own home for almost 5 years and have a really good interest rate and a good bit of equity in my home. I am trying to decide what is best in terms of starting out my investment portfolio. Here are the details: 30 year, fixed rate loan at 3.25% Owe approx. $110,000 and fair market value is $155,000 Could get $1200/month in rent I have used the calculators on BP but they all factor in the purchase of a property. Is my best bet to sell and use the equity to put towards another investment property, refinance now and then rent it out, or to rent it out and refinance later? It currently doesn’t need any repairs. If I do hang on to it and refinance, when would be the ideal time to do so? March will be 5 years that I have owned it. TIA for the input, it is much appreciated. The information overload struggle is real.

[Chris T.]

@Katie Deskins

If you are trying to extract equity, a HELOC might be the cheapest and easiest way.