Leesburg, VA investor or realtor help

[Christopher Nerio]

Hey BP, is there anyone that currently invests or sells realty in Leesburg, Va or Loudoun County that could help me with a few questions I have? I am looking to get advice on what to do with my primary residence which I bought through an FHA loan with a 3.375% interest rate. Currently, I rent the basement and would like to invest in real estate in 6 mo. to a year. I have equity in my house so was thinking of either taking out a HELOC to set my self up or use the equity to update my house and sell it and use the money to buy another home and investment property. Interest rates have gone up now but was still thinking about refinancing in order to get into a conventional loan to able to use an FHA to buy an investment property. My home is in the 20176 area of Leesburg. If anyone can help me, it would be greatly appreciated. It would be awesome if someone in Leesburg had time to speak to me personally. I'll buy lunch, coffee, breakfast, or fix something for investor advice. Thanks.

[Russell Brazil]

In order to take equity out of the house, your home will need to appreciated enough that you have more than 25% equity in the property. ( I say 25 as opposed to 20 because refinance appraisals tend to be on the conservative end of things). So your equity position needs to be relatively high. There is a good lender in your neck of the woods @Upen Patel.