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Clay Vaughn
  • Abilene, TX
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I don't know where to start!!!

Clay Vaughn
  • Abilene, TX
Posted May 29 2018, 18:12

I am very nervous about this because usually I do not post anything and just read/listen to everything however I do not know the best place to begin.  My wife and I are wanting to get started in real estate as a means to get me out of my job so we I can be around the 9 month old more! My wife is currently going through her masters to be a Neonatal Nurse Practitioner while holding a full time job as well as being a mother (ya she is a total badass), and I teach Texas History and coach football and soccer.  We are located in Abilene, Texas.  Our first dip into real estate was about a year ago we purchased a foreclosure that was actually move in ready for $210k and it appraised at $250k.  We got very lucky.  We had saved up and were able to put 20% down and get the house quickly.  My question now his how to get started financing rentals.  We have saved up around $6k that we are willing to invest and can access around $35k through a heloc.  Should we look for something cheaper to use cash and go with a conventional loan or can/should we use a heloc for a down payment / money to fix up a house. OR should we call it null and wait until my wife gets out of college (Dec. 2019).   I just finished John Schaub's book "Building wealth one house at a time" and am now reading "Rich Dad Poor Dad" again since the last time I read it was 2 years ago.  Besides the podcast (which I listen to while mowing lawns for my lawn mowing business) is there any other education items you would suggest.  

If you made it through all of that and have some advice/suggestions then thank you so very much! 

Sincerely, 

Clay Vaughn

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