New NYC husband/wife Real Estate Investors. Seeking input as we consider our options.

[Levin Angeles]

As of now my wife and I are going through all the webinars and reading as much literature and we're coming to a point where we have to decide how best to use our assets. We've owned our own home for about 3 years. We got the best rate from a FHA loan for our home, renovated the basement and bought the house when the real estate market bottomed out.

My wife and I have enough money to do a renovation. First we talked about renovating our kitchen and bathroom and then selling our current home for a second FHA loan for another house we could renovate. We read about that strategy from the Bigger Pockets Book on buying with little or No Money Down. While a possibility, we rather like where we live now.

A second option would be to get a loan with a hard money lender.  Third we could form a partnership with one of my relatives who has more capital than we do.  Those are the options we're considering most.  We don't want to move but with the other two options we're scared of running out of our savings before we finish renovations.  I love my relatives too but involving money with family makes me hesitate just a little bit.

What would you suggest we do with our assets?  We feel like we have one shot to do this right so we want to consider all options.  Also which literature or seminars would you suggest I look through?  Any help is appreciated.