Best way to purchase first property with 50k

[Amen R.]

Hi I am looking for suggestions on how to purchase my first investment property. I currently own my own home which is a 390k loan. I am have 50k cash ready to use on a flip or a brrrr. I was wondering if it is possible to get a conventional loan or do i have to find hard money, private money, crowdfunding etc. 

What have any of you guys done when you were buying your first property?

[Ana Marie B.]

Well I have one option that worked for my husband and me. If your primary home has accrued good equity, then you may want to take out a HELOC (Home Equity Line of Credit) to help fund your first rental.

We went to credit union, which typically has better rates than larger banks, and took out a HELOC w/ a variable interest rate of about 3%. We then purchased our rental property using a combination of HELOC and savings. We then aggressively paid off the HELOC in under a year.

The rest is history.  Hope this helps.