I have over 200K in equity! How do I put that $$$ to work???

Question

Hello everyone, my name is Jake. I am active duty Navy and live in San Diego, CA. I was fortunate enough to buy a home in SD California in February of 2020. I purchased a 3/2 SFH for 490k and the Zestimate is currently 715k. I would like to put this money into action to acquire some wealth building assets. Based on the recommendation of a friend/mentor, I recently read Long Distance Real Estate Investing by David Greene and I am just about finished with the BRRRR book also written by David Greene. I am absolutely hooked on this BRRRR Idea and would love to get into a BRRRR situation in Deltona/Deland/Sanford area of FL. My father lives in FL and I think I would like to get a property there because it will give me peace of mind to know that I had someone in the area of my first investment property. I appreciate any advice from all of you and I look forward to your responses. Thank you!

Raymond J. Rodrigues · Answer

Hi @Jake Rodriguez! @Valentina Calla is a realtor in the areas that you have mentioned and can help guide you in the right direction with your long distance real estate investment needs! I hope this recommendation helps!

Jake Rodriguez · Answer

Thank you so much!

Jake Rodriguez · Answer

Thank you so much. If I am successful with my BRRRR it will be much quicker than 12 months.

Nathan Gesner · Answer

You can apply for a line of credit against the equity. A bank can qualify you for up to 80% of the equity. It's essentially like a credit card in that you can spend it on anything you want and you only pay interest on the amount borrowed. I personally only use a line of credit when I need a large chunk of cash quickly and can pay it back in less than 12 months.

I have over 200K in equity! How do I put that $$$ to work???

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