First Deal Done - Next Steps?

[Mike Eigenmann]

Hi Bigger Pockets - Thanks in advance for any support, I am huge fan of the forums & podcast. I am a 25 year old engineer who just purchased my first home in the Minneapolis area. My goal for this home is to be a "hub" for my family (settling down with a girl & puppy) and for my future RE investments. I have 20% equity in the home and plan to be there for at least 5 years. My job is stable and I have growth ahead of me but may also want to utilize my masters degree and branch off on my own - I've done a fair bit of ready on LLCs, Note Investing, and commercial RE/self-storage. All of these ideas intrigue me and could see myself combining them into some sort of RE Investment firm.

What is the most advantageous way for me to leverage the equity in my home for future RE endeavors?

I strive to be a continuous learner and welcome any comments from those who have thought these thoughts, walked this path or have words of wisdom to share as I start this journey.

Please ask any follow up questions if interested

Thanks

Mike

[Spencer Abeyta]

Congrats on your first home purchase! 

In my opinion the best course for you would be to continue working your engineering job and continue to increase your income while you still want to. If you really want to use the equity in your home as a sort of bank account I would recommend putting extra money towards the mortgage every month, thus over time increasing your equity. Now this could be more dangerous than just putting money in a savings account if your house was to lose value but the decision is yours to make. Talk to local lenders and see if they will create a home equity line of credit on your house that you would be able to utilize for another investment, ie a downpayment on a house. I hope this helps!