Need Financing Advice - First Timer

[Raj Kissoon]

Hi Everyone,

I am new to the game, but have been studying up on everything real estate for a few months now. I need advice on how to fund my first project. Here's the situation, there is a multifamily on the market for $550k (I know I should start extremely small, but living in NY does not make that easy - for now let's use this as the example), which conservatively speaking can bring in 8% ROI. The property is basically turnkey and needs little to no rehab.

My primary home is valued at $500k. We have $390k left on the balance. Leaving $110k in equity. We also have a healthy personal savings, 401Ks, etc., but I'd rather leave those alone. The question is, should I use a HELOC/HEL, Hard Money loan, FHA loan, etc.? Subsequently, how would I go about getting another property after that? I'm having trouble applying the BRRRR strategy because there is no increase in value to cash-out refinance.

Forgive me for any lack of knowledge - that's why I'm here!