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Updated over 4 years ago,
New to investing need some guidence brother and sisters
Hello everyone im Ned.I recently had started reading books on investing such as rich dad poor dad, cash flow quadrant, the how to invest in real estate by the bigger pocket dudes and other financial education material. I have grown fond of the idea of building wealth and stop working really (i hate working). I stumbled upon deeper pockets platform and have been using it to educate my self further( Thank you very much for this beautiful resource) . I would consider my self a beginner in every investing sense but i also come to realize i have a big advantage because i have majority equity in a rental property i have inherited. I have read about helocs and the utility they can provide and wondering if and how should i use it to acquire my "first" cashflow investment. I figure if i can use equity loan to acquire a nice cash flowing property i can dump the cash flow into the remaining mortgage (less then 10 years left) and continue to build equity. Does this sound like a viable strategy? Also if i failed to mention im from the Nyc area and thinking it probably be best to look for outside markets surrounding NY for cash flowing investments; can anyone recommend some nice cash flowing areas in the states surrounding or near NY? Lets say budget will be 100k. im sorry in advance for all the questions and if im disorganized i have read so much new info in the last weeks and i have so many questions and am full of excitement (life gets boring sometimes). Id appreciate if anyone would be willing to give any advice and thank you.