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Updated over 4 years ago on .

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Charles Walters
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4
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Its Go time for Me!!

Charles Walters
Posted

So about 4 weeks ago I really started to listen to real estate books and found bigger pockets!! About 2 weeks after that I had an accepted offer on my first property!! It was well under market value and I won by paying a little more than the others did to get the deal done! I then went to work figuring out the financing on the house. Between my business partner and I we have a decent chunk of money saved but I figured I would use the banks money instead of my own if it would free up the option of buying more properties. Found a local bank that would finance the deal on a 15 year loan. Needless to say I have caught the bug!! I want to repeat the process again of putting a small amount of our money in to do the down payment and holding the property for rentals in the long run! It will need considerable work but has a great location and a ton of up side!! 

I have a few questions for some of the more experienced real estate professionals on here thought: 

- What would be the best way to finance the rehab on the property. Look at HELOC on my house? Use our own funds? Take our a personal loan short term? I really would like to continue building the portfolio so we can get to our goal of 20 properties as quickly as possible. Is there such a thing as growing to fast?

Generally looking for some advice on what my next steps should be! I'm a jump first and figure out type person. However I have learned that advice from those that have done it is invaluable before you take that jump!