I went to 5 credit unions and opened up unsecured personal lines of credit. I did it all on the same day and was able to secure 3 of them. Each at $20k.
I removed alot of bad spending habit I had with my money. Going out to eat, fast-food, retail shopping , and lowered my bills. Create another stream of income, I drove Uber for a few years, sold on Ebay and amazon to build for my 2nd rental. I no longer do these things but its good for a beginner if you are serious.
@Cassandra Sifford That also works. I been thinking of using a HELOC for a flip. Buy a run down home and use some personal money to fix it up sale it for a higher price and once sold keep the profit and pay the HELOC back. Sounds simple lol
@Ariel Hernandez ... It can be just that simple. I told my friend about it the HELoC and she just knew it was some sort of trickery LOL She used it to pay off all of her debts and her payment on the loan (interest only) is close to a quarter of what she was used to paying. She still pays the same amount that she's used to paying to pay it off sooner. It can work in a variety of ways. Just make sure to shop around and ask the same questions to all the lenders so you can compare apples to apples.
@Cory Benhardt Personally, I grind out an extra 50 hours of OT a month. Doing this puts me on track to save about $15k a year. So the plan is to partner with someone once I get the initial $ saved. Last year my OT went to travel (NYC, Destin, Seattle, & Portland), but now it's time to save!
Limit your house payment, minimize any debts, don't buy a new vehicle, and pack your lunch more lol.