First Time Investor In Need of Advice

[Dwayne Clarke]

Good Day!! I trust all is well with everyone!! I'm a newbie investor in the middle of a deal on my first property and needs some advice.  I'll summarize the situation as much as I can

- Have $50K in Heloc, $15 K in savings

- Deal: Found Section 8 occupied deal for $53K cash, renting at $550 per month , tenant has been there 11 months | Motivated Seller that has to close before end of Dec 2021

- Also have opportunity to buy 4 additional properties for $235K, properties all have tenants with average gross rent of $655 per month

- I have a regular 9 to 5 job plus a side hustle that give me combined income barely over 6 figures and have access to $1000 expendable income.

Challenge:  If I use savings + some Heloc to buy cash deal, I won't have enough to capitalize on the 4 additional properties.  Additionally, I'm going to have to wait for a few months before I can refinance the cash deal to get additional cash for future deals....I doubt it will be in time to capitalize on the 4x property portfolio deal.

My hope is to keep all the  properties long term and maybe even pick up some additional properties.  I've heard of blank mortgages but I'm a newbie and don't even know anyone personally that has leveraged that mortgage option. I'm willing to back away from the 2nd deal but it seem pretty great opportunity...or so I think.

Anyone able to extend an olive branch to the newbie in the room please?

Thank you in advance!