All Forum Posts by: Tim Scroggins

Hello everyone! My wife and I are putting in action to get our real estate investing journey going and would greatly appreciate some advise for new investors. Our plan is to sell our current home which we have spent the last 3 years renovating here and there as a lot of it we've done ourselves. And the ROI will be greater if we were to sell vs rent in our area. I've heard a few times on the BP podcast that the market is predicted to decline in the coming months. Our property is not quite where we want it to be in terms of selling (mostly cosmetic, could be more desirable). Should we go ahead and finish what we had planned to do and hope that the market is still decent come spring or should we just button up the projects we are working on and list it while the market is up? Thanks in advance!

@Ryan Howell- This is similar to how we've been thinking about it. We only have about $31k available for a HELOC which would leave about $20k equity in our property. Which is spreading a little thin. But I will run the numbers and see where we stand on a possible return of going that route. Thanks!

@Jonathan Greene- That is a fair point. We will definitely take that into consideration especially going into our first deal. I know the best way to learn is by doing it but I also understand there is a right way and a wrong way to get started. Thanks for the advise.

@Will Fraser -Thank you for this info and advise! Currently reading How To Invest in Real Estate. Brrrr and Low (to no) Money down are next. We will evaluate if the HELOC is our best option at this time.

@Ganessan P. -Correct. We have about $50k in equity and roughly $31k that we are approved for a HELOC. Just want to make sure our money working for us and not sitting idle.

My wife and I have been in the learning and research phase of investing and are wanting to take action. We shouldn't have any issues with bank lending but funding our first rehab will be tough. Unless, we pulled from the equity on our home. We refinanced last year so we would probably just be looking for a HELOC. My only concern is if we plan to sell any time soon (might rent it out instead), there would be little to no return if we pull all of our equity out now. Thanks in advance!