All Forum Posts by: Jay Scott

Thanks for the insight. The adu isn't an option on the lot. I guess simply put, having access to a large chunk of equity through say a HELOC seems to be a good starting point. I'm understanding the limiting factor being my wife and I's income and if it would allow us to to cover the payment on the equity loan while it's being used for whatever investment we decide. Say If we are able to pull x amount of dollars in a HELOC and incorporate my son's income and 0% DTI in to the equation. What if anything is the best use of that money either short term or long-term (flip, brrr, rental, etc.)? Or is the answer just nothing and keep going business as usual? Which is fine too! Thanks for the input so far.

Relocating isn't an an option right now. I have a well established business here and 2 kids still in school. What about looking at a way to get my son involved. He's a full time employee of mine, making around $60k, maybe a bit more this year with insensitivs and OT. This may be a whole separate topic... He's in a good spot with zero debt obligations other than a gas card he has been using to build credit for 3 or 4 years. With him being able to live with us rent free while still making a decent amount of money for being almost 22 and good spending habits, is it worth exploring options to use our situations together to procure real estate in some form or fashion? Or just best for him to keep saving to buy a starter home on his own in a few years? 

My wife and I own a 5 bed, 4ba 3200sqft on 1 acre in suburbs east of Seattle, bought 2013 for $385k. Refinanced in 2019 at 2.7 with some cash out, house appraised for 1.1 mil at that time, we owe $350k. This is our only property. Mid 700's credit, no cc debt, 1 car payment. 

We have 4 kids, 18 and 22 and both work and support themselves and continue to live downstairs rent free, so they are quickly building savings. Then an 11 and 13 year old. This was not intended to be our forever home as we would want to downsize the residence and upsize the property as kids age and move further away from the exploding development here. But selling this place at any point in time now seems a terrible idea. 

Our income is modest as my wife works part time, let's say around $120k/yr, not a lot of disposable income but we're comfortable. I'm diy with general construction, homebuilding/remodeling and site development background so flipping and brrrr scenarios are appealing as it's work I would be able to complete on my own and through personal contacts in trades. But it seems inventory is low and prices are high, in my uneducated view.

I feel like we were dealt a good hand here and have made good choices to live comfortably in this situation. However, I know next to nothing about real estate investing and I'm constantly wondering if sitting here on this equity and doing nothing with it is merely a wasted opportunity. I feel like we may be in a favorable position to leverage this home and potentially begin a real estate portfolio and/or generate income, but that's merely a guess on my part. I'm looking for some advise on how I should begin to explore my options here, or if there are even any viable options to explore. 

Sorry the long winded first post, I look forward to reading some of your all's thoughts on my situation. 

Thanks, Jay