Closing on 50K HELOC SATURDAY!

7 Replies

Anyone have recommendations on the right strategy to use it and get us going for long term growth & low risk? It’s on our primary home and we want to Invest In the Memphis or N Mississippi area. Do we need to save up cash reserves first or as we go? Do we need to find a property that already has long term tenants? Do we need to go the Section 8 route? Do we need to transfer it to an account and then use it for multiple down payments on 3-5 cash flowing properties if we can find them?

@Faith Wicks Congrats on getting the HELOC. How best to use it will depend on your goals, you need for cash flow, your risk tolerance, your overall current financial situation, and your personal strengths and interests.

All I can say at this point is keep learning here and the path forward will start to become more clear.

Hello @Faith Wicks   the answer "depends" on yourself personally etc as Ned mentioned. I good place to have this conversation is with other experienced investors who have been where you have been. and the best places to talk with other people in this setting is at the following: 

#1 Next Tuesday we are having a meet up in Memphis. 

https://www.biggerpockets.com/forums/521/topics/60...

#2 Every Wednesday morning I am at coffee and would be happy to discuss with you what I have done and am currently doing with my $50k in savings. 

https://www.biggerpockets.com/forums/521/topics/592616-coffee-with-investors-every-wednesday-morning

#3 The local REIA

https://www.memphisinvestorsgroup.com/

Best of luck on your journey!