Using home equity loan to buy foreclosures

[Alan F.]

Hello, I am interested in investment properties and I found this community through my brother. I currently have about 350 to 400k in equity in my personal residence and would like to use it as leverage to buy a multi family rental property. My goal is to take out a home equity loan and use the funds to buy a foreclosed property. I would then do rehab on the home and rent out the units. My question is would I need to take out a loan first then sit on the cash until I find something or is there another solution? I wanted to see if anyone has experience with this. Thanks in advance! Alan

[Alan F.]

@Debbie White I'll start there. Thanks!