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