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Updated over 2 years ago on . Most recent reply

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21
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Marquis Cobb
  • Investor
  • Las Vegas NV
4
Votes |
21
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Best Way to start investing

Marquis Cobb
  • Investor
  • Las Vegas NV
Posted

I have had a few ideas about starting my investing journey but just nervous to commit to a path. I am currently in the Columbia South Carolina area.

Initially I have started wholesaling to raise capital to use as a down payment for my first deal to flip but as I have really started to thinking about my goals and what I truly want out of real estate. I want to move to passive income as fast as possible. So I was thinking I need to get a rental property using the BRRRR strategy. So my plan was to do enough wholesale deals to build capital for a down payment for a hard money loan then refinance that loan and use the cash out for the next deal. Unfortunately I have only been able to do one wholesale deal and finding it hard to cold call and drive for dollars while working full time.

So my alternative I was thinking of is to use a HELOC on my current residence that is a new build and I have lived in for about 1.5 years and use the equity in my current home for a down payment for a hard money loan and use the BRRRR strategy.

Just looking for some advice from more experienced investors and maybe some input from those who have done a HELOC or who are wholesaling now. Thank you in advance

Most Popular Reply

User Stats

21
Posts
4
Votes
Marquis Cobb
  • Investor
  • Las Vegas NV
4
Votes |
21
Posts
Marquis Cobb
  • Investor
  • Las Vegas NV
Replied
Quote from @Andrew Syrios:

BRRRR and Helocs are great ways to invest but as far as getting started is concerned I think nothing is better than buying a property to live in with an fha loan or high ltv bank loan (I got 95% on my home through a bank which wasn't fha).

You can buy up to a fourplex with fha but even just buying your own home, the financing is so much better than for investors. (Which is all the more important in the new interest rate environment we find ourselves in). Then, when you move out, just hold your current home as a rental. Rinse and repeat.


 Yes this is my plan for the next time I have to move I plan on buying a small multi-family and renting out the other units I do not occupy but should I use a heloc from my single family home I own now to use as a down payment for my fha loan for the single family? (I plan on renting out my single family once I move)

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