220k in equity in first home, where to go from here?

[Kenny Manchester]

Hello BP, this is my first time posting to the forum. I have been following BP for a while now and have been working to build as much knowledge as possible for my endeavors in Real Estate. I would love some input from all of you BP professionals.

My first home purchase was when I was 20 years old, I purchased this home because I couldn't see any benefits of renting. I reside in CA. I currently have $220k in equity in the home. Rents for similar properties are going anywhere from $1,700 to $2,000. My current Mortgage payment including taxes, and insurance is $980. I have done my research including Brandon Turners book "Long Distance Real Estate Investing". I have also saved around $20k in reserves for future investments. I am looking at properties throughout the U.S. as CA is a very expensive market.

Should I take a HELOC on my current property and take the money out of state for a bigger Multi-Family purchase? Should I sell the property? The only thing that is slowing me down a bit is being tied down to a very good paying job and having a wife and two children. If I sell we would need a place to live. What are your thoughts on renting for the short term? I have even been looking at some two to four unit buildings in my area that are more on the expensive side, but I could house hack them. I love this real estate game because there are so many options. This is why I need some advice from all of you Real Estate professionals.

Thanks for taking the time to help me with this exciting issue.

Kenny Manchester