All Forum Posts by: Hector Valles

New investor looking for a realtor who is also an investor. The wife and I are looking to start our REI but we are not sure if we should sell our current residence here in San Dimas, California, or rent it out. We would like to meet up with a realtor/investor for some advice. We currently have about $100k to $150k in equity in our home. If we sell, we would use the profits to invest, if we rent it out, we would take out a HELOC on the house before renting it out. Any and all advice welcome!

Should we buy or rent our next residence? We live in So Cal and want to start investing in real estate. Our goal is to buy and hold and start producing some cash flow. We are in our early 40's, so we are a little late to the game,  but want earn enough cash flow so it can replace our income within 5 to 7 years. Any and all input is welcome!

We have been reading, listening and studying on Bigger Pockets for months. So excited to start investing, just need some advice to point me in the right direction. Current situation:

We live in So Cal and our Home is currently worth about $560k-$580k. Owe $390k. We both have stable jobs with credit scores of about 700. Had a bankruptcy in 2010.  Only other debt is $10k vehicle loan and $1,500 credit card debt.

Our goal is to start investing in buy and hold rental properties. We prefer to buy something in our area but we are open to out of state properties. Also, should we sell our home and use the equity for our first investment, or get a HELOC out? We were even considering getting a HELOC out, then renting our house out.

Any and all advice are welcome!!!

THANKS BP COMMUNITY!!!