All Forum Posts by: Nicholas Colella

Thanks guys. Being patient and figuring out my next move here in the next 6-8 months. Real estate is gold here. Appreciate all your perspectives. 

Thanks guys. The issue with State College is there are no run down or below market rehabs. I shouldn't say there are no, but the ones that are, you get them for 150-200K. My plan I think is to pay down the HELOC as quick as possible, then if we build something bigger for ourselves use the current house as our next rental. Love the investment group idea, need to educate myself more on that side of things because I know people with some money that are already in the game a little.

Hi all,

I bought my first house in 2018 and fixed it up top to bottom. My fiance and I currently live in it and this past year took out a 40K HELOC to purchase our first rental home right down the street. We bought it for 200K and rent it for $1,400 a month. The rent covers both mortgage and HELOC payment. Did some small cosmetic stuff to add value. Our area is State College, PA extremely strong and good market because of the University around us. Where I'm having trouble is figuring out where I can get another downpayment to purchase another place. How long until I can leverage the rental? Sorry I'm just starting out and trying to figure out how to get more houses to build my real estate portfolio.