Free and Clear

[Richard Miller]

Fellow BP Members: I am looking for some good feedback. I just recently got involved in real estate investing. My first purchase was a commercial property that I own free and clear. After liquidating all of the assets, I am set to turn a nice profit once I sell the property later on this month. My second purchase is a single family property that I acquired from an estate. I rehabbed the property, and it is currently occupied. I also own this property free and clear. Here's my dilemma, I recently lost my job and I am currently on unemployment. I wanted to know if there was still a way to tap into the almost $50k-$70k of equity in the single family property using the BRRR strategy?! The plan is to utilize the equity to continue to build my real estate portfolio. Any advice would be greatly appreciated!

[JD Martin]

I am a fan of the Brrrr method, but if I were in your situation I would find another job first, even if it were slinging pizzas. That method becomes a lot riskier when you don't have another source of income and could put you at risk of losing your asset.