Iam New to BP and realestate
Hey guys, Iam new to real estate investing and BP. I made the choice to focus on leaving a legacy for my kids and grand kids. Iam leaning towards buying multiple properties and renting them out in my home state of New Jersey.
I havent bought a property yet but I am thinking about taking out a home equity loan to put down as a down payment for my first deal, however my mortgage company said they do not do that. They told me if I wanted to take equity out I would have to refinance, is this normal? I do not have the financial backing to lay out $5-$10k on a down payment, any insight anyone could give me would be great.
Most Popular Reply
@Lance Marquez - Hello Lance! Welcome! What city are you based out of? Have you considered starting small with renting rooms in your home or buying a multi unit (2-4) building perhaps with an owner occupant loan?