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Updated about 4 years ago on . Most recent reply

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2
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Jim Duggin
  • Contractor
0
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2
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Sell or hold 1st home

Jim Duggin
  • Contractor
Posted

I currently am finishing up a total remodel on 1st home. Purchase price was 270k. I have 228k on loan. Current market value is around 525k to 550k. I have been wanting to get into real estate investing for years and i bought this house as my catapult into investing. After sale of house i should have around 350k to invest with including savings. My method would be to brrr method method of sort for a house to live in. Buy another that house needs work for cash. Fix it up, and pull all cash used to finance and fix up house. Then invest in duplex-quadplex for long term hold and cashflow. Question would be do I sell current house and cash out or pull equity out and use this cash to invest in real estate. Second method i see as much riskier. Thoughts? And thank you for any feed back.

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