New to Real Estate

[Chris McPherson]

Hello,

I wanted to introduce myself to this forum and invite any constructive feedback.

My wife and I have access to $150k in our Heloc and would like to invest in real estate for cash flow initially. We've been looking in Miami at multi family property in the $500k price point however the cash flow doesn't seem doable after we factor in our Heloc payments. We've been advised to look at Orlando and Tampa as possible markets at a lower price point. 

If anyone has any feedback on entering the market with a cashflow strategy using a Heloc I'd love to connect.  Considering we look at cheaper properties and renovate within our Heloc total then refinance. 

I'm in the restaurant industry and my wife is in interior design and we're based in Westchester NY. 

Thank you and nice to be a part of this community. 

[Mike Paolucci]

Quote from @Chris McPherson:

Hello,

I wanted to introduce myself to this forum and invite any constructive feedback.

My wife and I have access to $150k in our Heloc and would like to invest in real estate for cash flow initially. We've been looking in Miami at multi family property in the $500k price point however the cash flow doesn't seem doable after we factor in our Heloc payments. We've been advised to look at Orlando and Tampa as possible markets at a lower price point. 

If anyone has any feedback on entering the market with a cashflow strategy using a Heloc I'd love to connect.  Considering we look at cheaper properties and renovate within our Heloc total then refinance. 

I'm in the restaurant industry and my wife is in interior design and we're based in Westchester NY. 

Thank you and nice to be a part of this community. 

 Hi @Chris McPherson. Welcome to BP! I'd recommend looking at the midwest. I've got multiple clients using their HELOC's to buy cashflowing properties that are doing pretty well in cities like Cleveland and Dayton. Food for thought.

Good luck with your investing.