IS THIS TOO MUCH DEBT?

[Michael Fellers]

Hey investors,

I'm getting ready to act on my first deal (extremely excited), but the funding is worrying me a little bit. I am looking to put an offer on a duplex in a small town outside of Lake of the Ozarks, Mo. There is a very large window factory being built just down the road from the units, and I don't think I'd have any problems renting out the units. It doesn't need much renovating, and I have a background in painting and trim. The asking price is 135k.

I am 23 years old and currently own my house and have 72k left on my mortgage and have around 35k in equity. I don't have the cash to put down any kind of down payment, so I'm going to get a HELOC for the equity in my house for the down payment and take a mortgage for the remainder.

Any tips or advice to keep me from making mistakes taking on this much debt?

Thanks in advanced

-Mike