Just Applied for my first HELOC to put towards BRRRR

[Andy Rousch]

As I have been living in my first property which is a live in flip I have built a good amount of equity. Just applied for my first HELOC so I can hopefully purchase my first rental property. I live in NJ and have been checking into the allentown, and easton pa market, greenville, NC market, and Morris County NJ market. Not sure where I am going yet but if my HELOC doesn't get me enough to purchase a rental what is the best second form of cash? hard money lenders, adding a partner, etc??

Thanks! 

I am super nervous about using a HELOC to do my first BRRRR but I guess that is normal

[Shawn Mcenteer]

Hi @Andy Rousch I was in a similar position as you. I was not sure where to buy, I saw North Jersey market as an intimidating place. I did a good amount of research into properties in PA and NC but ultimately my wife and I decided to sell our single family, qualify to buy Multi and bought property in Union County. We currently live in one half and rent the other. For me the best decision we made was selling our single family and buying a MFR.