BRRRR strategy for a newbie who jumped in head first

[Karam A Tascoe]

Hello everyone, 

I bid on two separate homes with Auction.com and won both bids. One home is for 22.5K and the other is for 25.5K. I've paid 2.5K EMD for each property. I am scheduled to close the 1st week of October. I plan to use my HELOC to purchase and renovate one of them and refi 6 months later. For the second home, I plan to use a personal loan from USAA to purchase and reno. The ARV for both homes is around 75K fully renovated. I will also use the BRRRR process on this one after 6 months of seasoning.

I am looking for some advice or suggestions on how to calm my nerves considering that I will have to carry the HELOC and personal loan 6 months while waiting on seasoning. I am confident I can rent them both out for 800.00 after renovated. They are both 3/2's in Columbus GA.

This is my first deal and I am shaking in my boots!

[Harjeet Bhatti]

@Karam A Tascoe You can cash out one of the property( using HELOC) before 6 month after finishing rehab but I don't see any benefit according to information you provided. If you will wait you can cash out higher equity.