How My House Hack is Opening Doors for Me [Part 2]

[Spencer Cornelia]

Here's my Part 1 post in case you missed it.

Due to the appreciation of Las Vegas, NV over the past 2 years, I have witnessed my condo appreciate from a purchase price of $120k to ~$160k in just under 2 years.

I have recently found out about a strategy of using a HELOC to buy a cash flowing investment property. Because of the competition and low cap rates experienced in Las Vegas at the moment, myself and my business parter have begun looking into other markets.

I have applied for a HELOC through Wells Fargo and have been approved for a HELOC of ~$37k. The condo still needs to get an official appraisal. Luckily for me, a comp down the street just sold for $180k which could mean my condo appraises for more than $160k which would increase my HELOC.

At the moment, I am currently in Cincinnati, OH looking at potential investment opportunities.  I count this as a success story because the appreciation of my condo has allowed me the opportunity to begin looking at multi families and could really jumpstart my investing career.

I now have ~$25k cash and ~$37k HELOC to invest and believe I am close to finding a multi family that will fit my investing criteria.

My business partner and I are looking to BRRR a multi family and I finally have the opportunity/capital to do so.