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Updated over 3 years ago on . Most recent reply

User Stats

5
Posts
1
Votes
Lady Stephanie Vasquez
  • Homeowner
  • Buckeye Lake, OH
1
Votes |
5
Posts

Using HELOC to pay off debt and downpayment

Lady Stephanie Vasquez
  • Homeowner
  • Buckeye Lake, OH
Posted

HI BP. I am very new to this community. I have listened to podcasts and read on other groups about real estate investing. I currently have one primary residence SFH, looking for it to be rented out once I get my two years in. How do I even get started with credit card debt which I'm currently trying to use HELOC to pay for it. Is it possible to do both? Lender said I can get up to 25k in HELOC. I have 17k in debt. I feel it seems impossible for me to even move forward with the debt I'm having. I want to get a duplex right now and start house hacking it, and move from there to buying more properties each year or two. Any advice on what I can do. Should I sell my house, pay off my credit card debt and use the rest for downpayment for a duplex or use HELOC, rent out my house and pay back the HELOC and save for a downpayment for a duplex? Thank you in advance..... Really want to start in real estate journey. Goal is to have at least 3 units in 5 years. Is that even possible?

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