70,000 Heloc... now what?!

[Danielle Dickens]

Hello All,

I recently closed on a 70,000 Heloc on my primary residence and I have about 15,000 in savings as well. I would use the Heloc for a down payment.

My goal is to BRRR but I'm struggling to find a deal where the numbers make sense.... making sure I can do a cash out refi after renovations to pay back some to all of the Heloc. I think my brain is stuck.

Looking for any advice! How to approach this? How would you use this money? Would you approach it differently?

Thanks in advance!

[Noah Chappell]

@Danielle Dickens I'd really get micro about what sub markets in Minneapolis or St Paul you want to focus on, those areas that have appreciated fast recently but aren't quite popular yet, think areas next to the hot spots where most don't yet recognize the growth in value. I think these will be your best BRRRR properties. Try to minimize degrees of separation between you and the seller, the more realtors, wholesalers, etc, involved the more likely someone else will recognize the opportunity and stanch it up. Don't be afraid to leave 5 or 10k in the deal, that wouldn't be considered a shortcoming but rather a great return on investment. Just take the plunge, which is the best cure for analysis paralysis.