Updated 3 months ago on . Most recent reply
New Young Investor!
My name is Cody, I am currently just getting into real-estate investments. I currently have a HELOC. My wonder is how bad will it hurt me if I don't get a BRRRR as my first investment, obviously I would never spend full price market price on an investment, so I would still hold some equity in said investment. Obviously my goal is to acquire a rental and then another few within a year to two. Would using my HELOC hurt me in the long run if not going straight for the BRRRR method. Of course I am open to the BRRRR method. I am currently reaching out to other investors to see what assets they have in there portfolios I may be able to acquire but if push comes to shove and I need to use a Real estate company to help search for more properties and one fits the bill where I would still make money all said and done on it and my NOI would check out would it be an alright thing to use my HELOC on.
Im in the Midwest, love to learn. Willing to learn. Bust my butt everyday right now in the trades and just trying to get money independent for my family above all and of course myself at the end of the day. I have read tons of books on this topic but of course reaching out on a forum like this has incredible value. Thank you all who took the time to read.
Most Popular Reply
Buy 1 and then re-assess. Focus on quality long term assets that you want to own 10 years from now. I have a new idea every week as well and get ahead of myself. I get that; however, slow down, don't run out of cash, think long term, and don't use a HELOC for a down payment.