Leveraging personal residence to start investing?
Hello,
I am wanting to start investing in real estate through buy and hold and possibly brrrr. My issue is not having the initial capital in cash. I'm thinking of leveraging my equity in my personal residence to use as a down payment. I owe roughly 103k on my home and value is right around 150k. My neighbors house just closed last week and is a direct comp to my home except my home and lot are both slightly larger (they sold at 148.5k). If I can get a 80% ltv heloc that will give me around 17k for a down payment. If I can find a bank to go 90% ltv the. I'd be able to get out about 32k. Not sure if I'll be able to find a bank to go that high. My question is that is this a good route to go to get started or should I try to exercise any other options? I'm looking at multi family particularly. I'm also open to flipping as well but would like to start slow. Any input would be appreciated!