Updated over 19 years ago on . Most recent reply
Fear of Starting
Hi, I am new to this website. I would like a little advice. I have studied real estate for the pass 5 years. But that's just it, I fear getting my feet wet. That's all I find myself doing is researching. My Dad just starting real estate as his full time job (he just dove right in). Well I told myself once he closes a deal it might give me the confidence to do it myself. OK let me get to the point. I am currently living in a house with a lease option. The house was bought at 79,000 we will buy it for 88,000 but the county last appraised to for 121,000. That would mean I would have instant equity in the house when I buy it right? I want to invest in a rehab should I take out a home equity line of credit, or go through a hard money lender for the loan. BY the way I am fixing my credit so I can buy the house I'm currently in. When I buy it will it hurt my credit to buy another property right off hand? Can I pull equity out of my house as soon as a buy it? PLease help.