Updated almost 6 years ago on . Most recent reply
New Investor in SLC, UT
Hey BP Community!
Joined BP a while ago and started accumlating funds with my wife over the past 18 months. My wife and I are looking to purchase our first rental property and aren't exactly sure which options are good for us. Here's our general situation:
- Both work full-time - we have weekends and evenings to hustle!
- Accumlated $100k equity in our current home, $40k of which is accessible (good option for a HELOC or other method of leverage?)
- Activley contributing to a cash savings account for the purpose of investing
- BRRR, simple Rent & Hold strategies are particularly appealing
- An ideal situation would be one where we buy another home (bigger) for ourselves and use our current as a rental
I'm re-reviewing the guides and information here on BP and could use a hand in figuring out what exactly we could afford to buy. Setting our entry price is proving to be oddly difficult. So - any advice here?
Looking forward to learning and getting that first deal in 2020!