Advice for a Newbie

[Timothy Newsome]

I am currently in the Process of renovating my primary home. Ill be adding 250 sqft of space on top of updating everything and possibly adding another bathroom. Houses in my development have sold as high as 585k, my house was appraised for 475k as is. I took out a Heloc I owe 230k on the house and I plan on spending 100k updating making my total in 330k. Im trying to force the appreciation to do a cashout refi and pay of the entire loan and pull out possibly 100k. Should I live in this house after and buy more property with the 100k or rent it out move and try to buy more property, the only problem is my area is so expensive a new mortgage would be more then what im paying now. Would love any and all advice. Thank you for your time and knowledge.

[Timothy Newsome]

Hello @Jaron Walling, thank you for the great info. To answer some of your questions, I’ve been in it for 9 years my intention was just to live there but then I got the investing bug so not I’m seeing what options I have. My house would easily rent for $3500 or more after speaking to a few agents.