Hey There! New Member - Northern NJ

3 Replies

Hey there BiggerPockets community. My name is Alicia few things about me:

1- Wife and Mother of 2 small children

2- Decent about of Debit - $15k credit card debt about 240k in mortgage debt between my house (3BR 2Bath) and our (1BR 1Bath Condo). We break even on our condo for now.

3- Have a full time corporate job

4- Have my real estate license (in referral for now) living in our current flip - have another 2-5 years here, rehabbing while we're living in the house with any extra income we have.

My questions-

1- Where do I start? Should I get a line of credit on my current home? We owe 120k and house was bank appraised in the least year for 230k.. Do I start a partnership?

2- Where do I start, wholesaling, flipping, taxes, money, etc?

Lost and confused in NJ-

Thanks friends,


Hey @Alicia N Ragonese welcome to the community! There are lots of very smart people in the NJ market that can help you out. I'm in Jersey City so I only know that market but getting access to cash with low interest rates with a line of credit certainly helps your cause. I would go that route to see if there are some good BRRR houses where you are at or getting into flipping.

Good luck!

How much is the interest you're paying on the credit card debt? I'd probably start there if it's significant

Thank you both! We have taken some time and paid down our debt pretty significantly.

I received an approval for $75,000 HELOC at 5.6% for the first year. Now to find a house to flip! I'm afraid of using all the HELOC money to purchase, I may not have enough to flip. I do have a low interest home improvement credit card at 7% and I have up to 17k to use on that line of credit and about 5k saved.

I'm afraid I'm going to max myself out... afraid I'll buy too low and too much work will be needed... or buy too high and not have enough to finish. I'm looking at 3BR 1Bath homes.. the issues are what's hidden.. for example - wells and septic systems in my neck of the woods (although my husband install septic systems for a living)..

I feel like I've been waiting for this day forever. Should I just go with my gut, do my research and start?! Or hold off and save more money.. I have always gone with the thought process of, "If you wait to have enough time and money, you'll never have enough time or money." So you just need to go for it!!....

Any advice/success stories would be awesome to hear!!!

All for now,


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