All Forum Posts by: Nicholas Anderson

Thank you for this.

Maybe my research is wrong, but wouldn't a HELOC force me to change my interest rate from the 2.5 I locked in to a 7-8% which is common now?

 I renovated and finished May 2021. Rented out both units until August 2023 and moved in then. Thanks for the info, I will try this route. Definitely looking for some mentorship as well.

Quick context for me: I'm 28 and purchased my first home (multifamily) in early 2021. The rehab of one unit was very costly, but I've ended up with a homerun with my interest rate and my current equity value. Since then i've kind of stalled and haven't been able to make a move on another property. In essex county NJ there is low inventory and higher interest rates have made it difficult to get back in the game. Also my skin(cash on hand) is relatively low. I can't use a HELOC with my low interest rate, so I was wondering how do I get started with private lending? My credit score is great and I'm driving home a large salary, but I can't seem to save as fast as I was able to last time. Additionally, a lot of the research I've done regardless of my financial situation, has me wanting to go the private lending route if I want to do a BRRR method or something similar to what I've already done. Any advice appreciated!