New to Real Estate · VA · Member since 2018 · 3 posts · 1 vote
Hey everyone, I'm new to real estate investing and currently have a house that has doubled in value since I bought it. my current goal is to buy 5 houses after I get back from deployment and I was thinking about taking a HELOC on that house to pay for down payments on the houses. Is this a good plan or is it half baked?
I also am looking at buying these from out of state.
We're pretty much in the same boat at the moment (AD Air Force here). That's my exact plan and it hasn't been shot down by any of the other investors I know. Just be sure to build a solid Core Four network out there. Also, using OPM (Other Peoples Money) can get you some serious traction if you can convince a group of people to go in with you. Check out:
The Ultimate Guide to Grading Cleveland Neighborhoods
and James Wise who made the map if you haven't gotten around to it already.
Give me a shout if you're interested in any investments in the Florida Panhandle as well. Currently stationed here and prices are through the roof but could be very profitable if you have the capital to break in.
New to Real Estate · VA · Member since 2018 · 3 posts · 1 vote
5y
@Devin Collins
Thanks. Since then I've only purchased one new property in Cleveland and my original house has tripled in value. I'm currently looking into selling that one for a down payment on an apartment complex.