Hello Bigger Pockets community my name is Danny Hinkle and I am from Van Lear, KY, which is a rural area. I have been interested in REI for many years and ready to get my feet wet.
I bought my first home (which I live in) in March.. I got a great deal on the home and have roughly $50k in equity. I want to start with something small for cash flow. I am looking for any advice from the BP community on how to get my journey started.
@Danny Hinkle Why not get a LOC on your equity you have in your home and have that ready to go for your next purchase. Sounds like you did well on your own home and hope you do well with your next investment
Sorry for the last post. I tried to delete it and couldn’t figure it out. I just off the phone with the bank asking about a Line of Credit on my home. She said that it could take up to 45 days to get all the paperwork finalized but once it’s done the money will be waiting for me.. Thank you for your advice.
@Danny Hinkle I agree with @Alex Deacon that a home equity line of credit (HELOC) is a way that you can tap into some of the equity of your personal home and use it for REI. Some financial institutions even have programs with zero closing costs on HELOC's. HELOCs are great in that you have access to the money without getting charged the interest unless you use the money. There is usually a pretty long draw period as well.
Welcome to BP! There are many strategies for jumping into REI. Start learning; get on the forums, read the blogs, and listen to the podcasts to get a feel for what is out there and what fits your goals.
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