New Investor in Denver
Hello all! Quick question for the masses as it relates to starting out in the business. I have limited cash available so my thought process is to get a HELOC or 2nd mortgage on my primary residence for the purpose of generating available cash to invest. I'm interested primarily in buy/hold investments to start out, most likely out of state turnkeys due to the current market in Denver. I have plenty of equity (about 100k) available to use that is currently not working for me at all.
I'd love to hear your thoughts on the plusses/minuses of going this route to start building up a rental portfolio. I'm interested in fix/flips as well but that would only be to generate more cash for buy/holds. Passive income is definitely the end goal. Thanks all for your help!