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Updated almost 3 years ago, 12/21/2021

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Rush Elliott
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Anyone had trouble getting their SECOND property?

Rush Elliott
Posted

Hello, newb here, and I'm trying to figure out how to get my first property so that I can be set up to get my second property, etc. I would love to BRRR a property and use the cash-out refi to get the 2nd property, but anytime something comes available that needs a little work, local investors are all over it (Birmingham, AL). As it stands right now, I will need to do a HELOC on my primary residence for a down payment, in addition to the loan for the mortgage. That would be fine if I could refinance; however, most properties available could produce a modest cash flow, but wouldn't really offer any immediate gain in equity. Then I would have 2 loans to pay off with the modest cash flow, and can't really see a way to move to a 2nd property. I know people say to "just get started", but in my head, I can't make that scenario worth it. Am I overthinking this? I'm a pretty concrete thinker, so any creative ideas would help. Thanks!

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