Do I leverage my equity or sell and use cash?

[Brian Kalb]

Looking for some advise. I bought a condo back in 2003. I was able to hold on to it through the 2008 market crash. Right now it's renting and I have an ROI of about $500.00. Recently I've decided to start investing in rental property. I live in California and am looking to invest in out of state rentals do to high prices and rental laws here. To my point I was hoping to get suggestions on what people out there would do if they were in my shoes. First I was thinking of selling the property and using the equity I made to either by three houses in the $50,000 range or use the money to put 20-25% down on multiple loans and buy upwards of 6-8 investment properties in that price range depending on how things go? Or keep the condo in California and take a HELOC on it and use that money to either purchase properties for cash or use it for a 20-25% down payment loan to buy a few more than I would be able to if I would purchase out right. Basically same thing. Sell or use a HELOC? I hope that made sense everybody and any advise would be great.

Respectfully,

Brian Kalb