Hello BP,
Very new the world of Real Estate Investing, but super eager to learn.
Here is my situation, all advice, suggestions, comments are welcome and appreciated!
My wife and I have a SF in Granada Hills, CA. Our house is valued around 420 - 460k. We only have 136k left on our mortgage.
Our combined income is mediocre to say the least (85k/year, soon to be 95 - 100k) and have one car payment (300/m) and some cc debt (10k).
We felt that we had a a unique situation on our hands because of the equity we have on our home, so we decided to do some researching in Real Estate investing and came to the conclusion of doing a HELOC and investing in SFH in Lancaster or Palmdale, CA.
Chase, our lender only approved us for 40k with the condition to pay off our debt and car loan which only leaves us with around 6k.
We are thinking about Lancaster and Palmdale because there are some properties that will fits our budget and fall within the 1 - 2% rule.
Any advice? suggestions? comments?
