All Forum Posts by: Ray Ochotorena

@Dave Foster Thanks! Appreciate that info, I had heard that on a BP podcast once but totally forgot about it. I've been in my current home for 12 years. I'll be moving out to our new home in about 8-10 months. So sounds like I meet that exclusion criteria...I just need to decide if I want to make this home my first rental or leverage that profit to get into something bigger for my first rental, assuming I can find a deal at that time. 

Thanks guys for the responses! My current home is in Southern AZ and we can probably get 150k profit based off comps selling recently in my area. If I keep it after I move out, I'm thinking I can cashflow 300-400 per month (~$1500 estimated rent) . If I were to sell it, we'd take that 150k profit as a down payment and 1031 it into something that would work out to cash flow more (I'd add some savings I already have to it if necessary). No specific plans on what that would be, but preferable a multi-family. So my decision basically comes down to easing into being a landlord and rent my current home (est. $300-$400 cashflow) or leverage my current equity to try and get something that cashflows more and jump right into the deep end (assuming I can find a deal that would cash flow higher). 

Hi everyone, I am ready to start investing in real estate and have a situation and thought I'd reach out to see what you all thought. I am in my current home and building a custom home for my family. When it's complete later this year/early next, my plan was to move into the new home and rent my current home, thinking this would be a good transition into being a landlord. I would then take some savings and invest in a second rental shortly thereafter. 

Given the market is so hot right now and I can pocket a good profit on my current home, I'm now considering selling it and using the profits to just immediately jump into a larger property that would cashflow more. My long term goal is grow my real estate portfolio as quickly as possible. I think pros would be leveraging my equity in current home for a larger cash flowing property for my first investment. Or I can keep my current home to rent to help ease me into real estate investing and I could always sell it later with the risk being I may not be able to get as high a market price as right now. But then again, it could be even higher in a year or two... 

For someone that is absolutely 100% getting into this game with a long term goal to grow Grow GROW, how would you all handle this? Thanks in advance for any feedback!