First time BRRRR'ing- Input about your initial payment method

[Daniel Zierk]

Hi Team BP- As a newbie looking to jump into the BRRRR game for the Illinois market (North/West Suburbs of Chicago), I was interested in hearing how you financed your first deal & in hindsight, if you would have changed the method. Now as I know this is a redundant topic covered on BP, take it easy on me, simply looking to have tailored responses from similar situations from those once in my shoes from the market. My current situation is such that my primary residence has enough equity built to allow for a HELOC or home equity loan that would cover in full the investment, hence why I am considering either avenue. Feedback on your thoughts here or referral on 'who' I should be connecting with to weigh out the options & terms for both courses of actions?

Thanks in advance!

[John Warren]

@Daniel Zierk the HELOC is probably my favorite way to finance a BRRR deal. I have a large HELOC open on my primary and I used it last year as the down payment on an off market six unit. I used hard money for the other 80% of the acquisition and then paid for the work out of pocket. I am also in the process of doing a 22 unit deal now in Cicero where we will use a construction loan through a local bank. I will let you know how that goes in about 6 weeks!