New to real estate investing seeking advice

[Derek Williams]

Before I begin, I would like to point out that I am completely new to real estate investing. I’ve been listening to a ton of podcasts, reading books and watching videos but it’s hard to know exactly where to begin or what I should do so I’m seeking advice.

I’m 32 years old, married with 5 kids. I work full time in electrical construction with a total household income of about $85,000/yr.

Im looking to begin a career in real estate investing to build long term wealth and financial freedom for me and my family. My goal is to own as many rental properties as possible so I can hopefully retire young and supplement my income through rental properties.

The home I currently live in, I purchased in 2009 for $199,000 on a 30 year fixed loan with an interest rate of 5.25%. My current mortgage is 1,450/month. It’s a single family home containing 1,993 sq ft, built in 1991. It contains 4 bedrooms, 2.5 bathrooms. My homes current Zestimate is $470,000. I still owe about $156,000. Other properties similar to mine in my area are currently renting for around $2,600-$3,000/month.

I feel like I’m sitting on a gold mine but I’m not exactly sure how to capitalize on it. I’ve been wondering if I should refinance my home for a lower interest rate and pull out an equity loan to potentially buy my first rental property? Should I buy a better home and use my current home as a rental property? Again, my goal is to own as many rental properties as possible. What would you do in my situation?

I appreciate any advice given.