House Hack

[Evan Bridges]

Just getting started in really taking a hard look into real estate investing. Came across the concept of House Hack and wanted to solicit expert opinion from this forum.

I grew up with the mind set of never leveraging your own personal home for business. I purchased my home here in Los Angeles, CA two years ago. My wife and I spent over two years prior searching for the perfect home, perfect location, school district, walkability etc. and I truly believe we achieved our goal! I also believe we purchased at a good time and we currently have approximately 40K of equity after our repair cost to the house. I have heard stories of investors selling their home, then renting a house and using that capital to invest in out of state? Good idea or nah?

I am also researching different was to fund my first investment (hopefully a multi unit property 4-10 units out of state) by leveraging self directed IRA's.

Let me know your thoughts. Thanks all.

Evan