New to Investing, advice?
Hi Everyone!
I am new to bigger pockets and new to investing as well. I have been extremely interested in RE investing for a little while now and I am now starting to take action to get moving into the right direction. I have been reading a ton throughout the forum and also started to listen to the podcasts (6 episodes so far), so i have become extremely anxious in the last week.
Currently I own a home in West Palm Beach, FL and have about 95K in equity, so i would be able to get a HELOC for about 50K (Pending approval). I also have 22K in my stock portfolio and 65k in 401K that I am skeptical about using to finance a deal, but not completely against it as I am 32 and have a strong career ahead of me.
Looking to invest in a small property to get my feet wet, around 150K and in a lower income neighborhood as our local market is quite expensive at the moment. This would get me around $1500 in rent monthly (already found a properly that has a renter for this amount), based on the research I have been doing, and should show some cash flow based on calculations.
Looking for some advice, which route would you go? HELOC or taking from portfolio investments? Having a HELOC will lower my cash flow, and I am unsure if it will affect getting a loan.
I plan on talking to the mortgage broker that has helped me finance my last two house purchases , but would love to know what the BP community thinks about my situation.
Thanks!
Mike.