Sorry for the slow response, been quite a couple days and I have been trying to reply on my mobile device but it is not easy to reference the comments while typing a response. Very frustrating!
@Eddie Egelston
I have lived in the home for 13 months already, planning on going another 11 months before selling.
Fiance is kind of blindly on board at this point, trusts my judgement as a bread winner and knows exactly how badly I want to get out of the rat race. moving into a fixer upper is more than likely our next step.
I may have just found my solution. I have a good friend, purple heart recipient who happened to be gifted a free home for wounded warriors in Orange County. House is worth approximately 650k and he owns free and clear. He does not need to work at this point in his life, but is not opposed to partnering with me and putting some of his equity to work.
This is not a proposition I take likely, because that free home is his livelihood, and it really scares me to put it at risk. But with the right investment opportunities, knowing I could offer cash and close quickly, I feel that the risk is minimized as long as the numbers are right. Anyone have any thoughts on this? The best route to utilize the equity? The best way to partner? HELOC? Cash out refinance? My real plan is to pay off debt to his equity first and foremost and roll profits into the next deal, but I wanted to hear some advice before we take the next step forward.
Thank you for the kind words thus far, I have a lot to learn and I feel like the world just dropped a real opportunity in my lap if I play my cards right.
