Next Steps/Options - Las Vegas

[Ryan McDonald]

Hey All,

Newish to Bigger Pockets and excited to begin my Real Estate adventures.  I'm looking to start growing my real estate portfolio but want some advice/options on direction based on my financial position.  I've managed to do well on purchasing my primary residence in 2009 and want to parlay into new ventures with my finances.  I live in Las Vegas and would prefer to invest in the area but open to all options.

Ideal Strategy: Long term buy and hold SFR rentals and/or Vacation rentals. While it would be great to generate cash flow with properties I'm comfortable being cash flow neutral (have decent 9-5 career) and gaining equity/appreciation on properties.

Financial Position:

Primary Residence:

• $310k conservative value
• $158k mortgage
• $152k equity, $133k net if sold after commissions
• $60k HELOC @ 7% with zero drawn
• $1,090 monthly payment including taxes, interest, HOA
• Average neighborhood rent $1,600

Cash on Hand - $50k

Credit Cards - $70k available (balance paid in full every month).

Looking for advice on what ideal next steps would be.  The goal is to purchase at least 1 property a year going forward (using w-2 income to qualify/bonus as 10% down payments for new "primary").  Stuck on the fact its extremely cheap to live in my primary residence compared to all other living options.

Some Options

• Stay in primary - house hack and get 2 roommates and generate extra $1200 month free cash flow for other options
• Purchase new primary ~$450k investment with following options:
• Sell house and bank $130k
• Rent house (long term) and generate $500 per month free cash flow
• Rent house (long term furnished) and generate $1000 per month free cash flow
• Turn house into vacation rental, self manage and earn ~$1000 monthly free cash flow
• Invest in out of state properties (Memphis, Kansas City, Indianapolis etc).
• Invest in vacation rentals (Big Bear Lake CA, Brian Head/Duck Creek UT, Gulf Shores Condo)

Would be great to hear what some seasoned professionals would do based on the financial situation.  

Also looking for investors, real estate agents (investor focused), wholesalers, flippers, contractors in the Vegas market to connect with.

Thanks,

Ryan