New, Hopeful Investor
Hi All, I am new to investing but I have been a contractor in Connecticut for 26 years now. I am determined to close on my first deal this year. I am leaning for a fix and flip since I am very comfortable with the construction side of things. I do not have a ton of capital so I would have to use a hard money lender, (who I have already met with). I am considering using a HELOC to cover my skin in the game. I would prefer to find a partner/investor, but I have not been unsuccessful so far. I feel like this is the best option available right now. Any thoughts or suggestions to doing this?
Most Popular Reply
Benjamin Aaker
Professional Services
Pro Member
- Rental Property Investor
- Brandon, SD
- 1,211
- Votes |
- 1,856
- Posts
Hi Kayenta and welcome to the forums.
Partners can help but often have different needs/motivations than you. If you can use your HELOC and avoid partnering, that might be preferable. Just make sure that the new property can cover the HELOC payments as well as its own mortgage.
Partners can help but often have different needs/motivations than you. If you can use your HELOC and avoid partnering, that might be preferable. Just make sure that the new property can cover the HELOC payments as well as its own mortgage.