Updated about 10 hours ago on . Most recent reply
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I'm starting my investing career and have a question for the group. I want to do a BRRRR and am curious on if it's best for me to take a HELOC on my primary residence and pay cash for my 1st property/rehab or try to go another route. Thanks in advance for your thoughts
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Caleb Brown
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Caleb Brown
#2 Buying & Selling Real Estate Contributor
Agent
#2 Buying & Selling Real Estate Contributor
- Real Estate Agent
- Kansas City
It is doable to do that. I would have reserves outside of it though to help keep things afloat. When you use a HELOC you want it not to drag out timeline wise. The longer it goes the less it makes sense. Another option you could use is a hard money loan and use your HELOC as a reserve line. Keep in mind you are putting your personal residence at risk when you pull a HELOC.
- Caleb Brown