Paid off house, want to get started in apartments

[Edmund Piasecki]

Hey guys, I guess I’m just looking for opinions on what others would do or have done, so I have my house which is fully paid off now and I am wanting to cash out refinance to buy my first apartment building.

long story short it was my parents house they had a 100k+ mortgage on it and they got divorced and it was foreclosed and sold for 21,500 dollars in 2016, after negotiations we purchased it back for 70k now the deed is free and clear in my name, it’s a big house 6400 sq ft lot 7 bedrooms 4 bath 4 floors (It was originally a 4 apartment building turned into a single family home when I was young then a 3rd floor was added on to it)

I ideally didn’t want to buy it back and wanted to move out of the city but I have to take care of my mother as well so ultimately I’m ok with living here while trying to grow my wealth. I’d have to get it re appraised. But I’m not sure what my next step would be.

There’s a lot of duplex and triplex apartments for sale in the city by me for under 120k, I’ve been running numbers and there’s some decent Roi properties by me.

My goal is to eventually become financially able to leave my full time job (96,xxx in 2020) will increase to 100k this year,

I feel behind from all my friends (28yrs old) while there purchasing houses and new cars and everything, but I think having this 100k + paid off house has me in a better financially situation.