Small Business Line of Credit 40K, Next Steps?

[VaShaunna Dixson]

Happy Tuesday BiggerPockets. 

I am seeking some "what would you do" information. If you were in the process of gaining your first property and were approved for a 40K business line of credit, would you buy a SFH (there are tons of under 40K homes in Memphis, TN) or use some of it as a down payment for a SFH, or maybe take a totally different direction?

Thanks in advance for your opinions. ;-) 

[Daniel Young]

@VaShaunna Dixson

Have you looked into doing BRRRR deals? If you can pay cash for your remodel and purchase you can effectively turn the same cash over and over again. The tricks are going to be finding a local community bank that will allow you to do C/O Refinances with a 75-80% LTV and buying deals where you are all in for less than 75% of ARV. If you're able to tick those two boxes you're off to the races!