@Fred Grant That's exactly my thinking. I don't want the money sitting in my house earning almost nothing. Again, we're in Cincy, and the appreciation potential here just isn't much at all. We're talking expected annual gains of maybe 2% if you're lucky. I could take all that money out of the house and put it to work in a myriad of other possibilities and achieve better results. And as many others also feel, I don't consider my primary residence an actual asset.
We're maybe moving here soon for jobs, and will be keeping the house we took the HELOC on, and renting it out. The comparable rents in this area will cover the first mortgage, as well as the HELOC, and should still give us positive cash flow even after vacancy and management. We may be renting a place temporarily when we move, as the new job is in a higher-cost area and we may not be there for more than 3 years.
So I'm looking to turn our current primary residence into a cash-flow bearing investment, use its HELOC to secure another new investment property, and I am also actively pursuing investors for a separate partnership deal, to use them as the basis for a new mortgage without my name on it, while I put the deal together and oversee it moving forward. Exciting times, my friend. We'll see how it all goes. Sounds like things are going well with you, too.