Next steps: How to springboard my first deal

[Stephen Betteridge]

Hi!

I’m a fairly new investor. I bought a duplex and am living in half right now (classic house hack). My wife and I have been settling in I am starting to think about our next steps. I have been thinking about doing a live-in-flip, or some sort of single family value add that we could move into so that the duplex can just be a rental.

I used a FHA loan, so I still have some time before I could move, and we are not in a rush, but I just wanted to get some insight and ideas regarding options to springboard our first place into another deal and start building some net worth. They always say it gets easier after your first deal, but I'm feeling a bit stuck.

I am not really sure I understand completely how the cash-out refi process works and I know that we do not have 20% equity right now.

Any ideas, or explanation on how we could utilize our current property to move forward in the future would be a great help. Trying to gain some better understanding and plan our next move.

Thanks!

-Stephen

[Chace Fraser]

@Stephen Betteridge are you both on the mortgage? If it's only you (or her) on the mortgage then the other one could purchase the next property and still use their FHA loan. And I have a lender that I work with who's an investor herself and incredible at creating strategies to move forward on your next purchases. For example, my wife and I just house hacked and only one of us is on title/mortgage. That allows us to do it again down the road without too much of a hassle. Oregon is a personal property state. Not sure if that has any effect on it. If you'd like me to connect you with my lender (she's licensed in all 50 states) send me a DM.