First time Investor using 400k in equity in first home to start

[Mary Silva]

Hello, I'm hoping to get my first REI deal started by the end of this year. I plan to use equity in my current home (in LA county) to buy a multifamily unit to house hack, and rent my current home out. Looking at local listings I think I will be able to net 500-800 extra per month. I'm working on getting a HELOC to use for a down payment for the new home and then use this to purchase more doors out of state. My goals are to have some STR's in places I'd like to stay at as an option, have the rental income help me reach FI/RE and have multi-family units I could pass on to my 3 children once they are adults. I signed up for the beginners bootcamp, but if anyone has any good advice to share on this plan I would be greatly appreciative! I'm reading all the books and podcasts and I have a few years of landlord experience under my belt before I really knew what I was doing, but I still nervous about doing these things that make me feel like I'm out of my lane.

[Dan Portka]

@Mary Silva HELOC is a way to fund deals. Your goals and vision all sounds great, have you laid out a plan to achieve it all? This will help keep you focused and a way to keep yourself accountable. I think its especially important since you're talking about multiple strategies here (out of state, house hacking, and STRs). You have the end goal, now work backwards and identify the action steps you need to start taking today, next month, next year, etc to get there.