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Updated over 4 years ago on . Most recent reply

30 year old trying to position into full-time real estate
First off, thanks for taking the time to read my post! I am in the process of making some real estate moves, but I am getting a little overwhelmed by my options and a little unsure which path will be best for myself and family. The ultimate goal is to build enough passive income to not be reliant on my 9-5, to gain more flexibility and control in my career, and to be able to leave behind assets for my wife, daughter, and future kids.
In short:
1.) I work full-time as an engineer but am studying to get my real estate license soon. I would be willing to jump into real estate brokerage full-time, but am afraid leaving my current industry will make it difficult for me to get many conventional loans for two years. Therefore, I am not sure if I should wait and continue to stay in my job until I get things rolling, this will limit my time and flexibility which could go towards rehabbing/flipping, but my income will be steady and I will be more bankable.
2. I have roughly 100-120k in equity on my house here, it's halfway through a 15 year note and cash flows about $400 rent minus mortgage. I was informed by a couple banks that in order for me to get a HELOC on it without refinancing, it needs to be my primary home, at least until I get the credit line in place. So it looks like I may need to move back in there instead of buying something else such as a house-hack or fixer-upper. I am not opposed to moving in there, but it feels like I could maybe seize a better opportunity.
3. I was planning on getting the HELOC to have "cash" to put towards investment properties, as a down payment and for rehab cots. Is this a pretty common strategy and one that would be good for my situation? I am capable of doing a lot of rehabbing myself, but will limited with time if I am still working full-time.
So I am trying to figure out if I move back into my primary and get a HELOC, then look for investment properties from there. Or, continue to rent it and look for another opportunity and see if I can pull some equity out of the house without having to refinance. Then, do I stay at my job so I can be more bankable, or do I jump to real estate brokerage and commit to real estate from every aspect and figure out the lending options after.
Most Popular Reply

If at some point it becomes possible or prudent to do all of the above, I'd recommend it :)