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Updated almost 3 years ago on . Most recent reply

Marvin Scott Butler's profile image
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Marvin Scott Butler
  • Rental Property Investor
  • from Saint Petersburg, FL
  • Member since Mar 28, 2018
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Marvin Scott Butler's profile image
Marvin Scott Butler's profile image
Marvin Scott Butler
  • Rental Property Investor
  • from Saint Petersburg, FL
  • Member since Mar 28, 2018
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Marvin Scott Butler
  • Rental Property Investor
  • Saint Petersburg, FL
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Starting Out

What my best option ?

Marvin Scott Butler
  • Rental Property Investor
  • Saint Petersburg, FL
Posted

Hi, I'm in the Tampa Bay Area and I'm looking to purchase another property. I was looking to do a HELOC on my primary residence to fund my purchase. I need some advice is this a good strategy or should I rent my house out apply for a conventional loan and use the brrr method to scale my portfolio. Thanks

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Corby Goade's profile image
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Corby Goade
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  • from Boise, ID
  • Member since Aug 24, 2014
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Corby Goade
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  • from Boise, ID
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Corby Goade
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Corby Goade
  • Investor
  • Boise, ID
Replied

I love the HELOC option, done it many times myself. My goal is to buy properties that I will be able to refi and pay off the HELOC in a year or less, so I want to feel confident that I'll have at least 25% equity within 12 months.

Good luck!

  • Corby Goade
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