I am new to this website and excited about the possibilities of my potential in this new industry that I have chosen to be a part of. So I first off want to say hello to everyone. Also I love to read and if there are any books that anyone recommends I would greatly appreciate your list so that I can start going down that road so more.
Now for my actual question. This whole thing started when I realized how much equity I had in my current home in Austin. I did a cash out refinance so that I could move the A/C unit into the attic so I could build out a shower in the master bedroom, and I only pulled out enough to move the unit. It got me thinking on what I could do with the rest of the equity, and buying another property, hopefully a multi-family was the route I was thinking about. I reached out to a friend who is a real estate agent and they concurred it was a great idea. I did not know that once you do a refinance that you have to wait another year to do another one. It was brought up that I should sell my house and in turn buy a multi-family unit. I have been struggling with this decision though. On one side I could sell my house and in turn try to buy another two, and one of those being a multi-family, but most likely I will not be able to stay as close to downtown as my house is right now because of the housing market here. The other side is I could wait until September and get a HELOC and use the money from that to put a down payment on a multi-family. If you have a home that is in the South 1st area around William Cannon, would you sell it? Even though you know that you would have to move further out? Am I being too emotional about this since it is the first house that I have owned? Does it make more business sense to sell this home and be able to purchase another two?
