All Forum Posts by: Henry Wedgeworth

@Jonathan Klemm, Nothing is impossible, but I’d not considered that due to the fact that finding a duplex or other multi family property in our current school district, that would fit a family of 5, is really tough.  We’d most likely have to have all of the kids change schools and that is a complication I’m sure I’d receive some pushback on from the rest of the family. 

@Alex Uman     We're just outside of Chicago, the rental market seems to be able to support our plan, from what I've dug up.   There are plenty of renters and other investors buying and holding near us.  I grew up here so I know the neighborhoods to target.  But I'm continuously learning all I can about our area and what the demand is.  

@Tony Angelos This was my thought...things could change and we'd end up having to update again when we put it on the rental market.  That being said, we're most likely keeping this house, and what we're looking at investment-wise is distressed, value add properties, when the time comes.  For the first couple, having a construction background I can do the work myself for the first few until I understand more about the costs of hiring out the work.  

thanks to you both for the insight, by the way.  

Hello, if its not painfully obvious, this is my first post here.  

So, my wife and I are in the process of clearing our plate of a small amount of consumer debt and a few other non essential expenses before we start to move into acquiring our first property. This will take approximately 12-18 months, if we're being realistic. My question is, we have approx. 80K equity in our primary home at the moment. But...It definitely needs updating. Current value is estimated at around 220k. It needs new windows, siding and the kitchen needs a complete rehab. I don't have access to MLS but some very similar (fully updated) houses in our area have sold for 280-300 recently. We eventually plan on renting this property out when we move in 5 years or so. Also, with our new budget, my wife's new job and some of the debt we've gotten off our plate, we'll be able to set aside approx 15k a year starting in 2021. We're both in our early 40's.

Do we A.) Just take the current equity we have and use that to invest in our first BRRRR property ASAP?

or

B.)  Update the kitchen and windows in the spring so we actually get to enjoy it for awhile, pay off the loan we used to update ASAP and get a higher amount of equity available for our first property, which would delay us another 18 mos. to 2 yrs?   

Or is there another option I'm possibly ignorant of?   

I appreciate any help you all can offer.  Thanks!

-Henry