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First time investors - HELOC
Hi Texas Bigger Pockets Community!
My husband and I are just starting out and learning as much as we can; we are based out of San Antonio. I have been reading a lot about HELOCs to fund our first few investment homes. We are definitely looking more into the buy and hold turtle strategy. We owe nothing on our home and it will likely be worth in the 420-450 range. We have about 100k in debt, ( mothers home, loans and a 1.9% home improve loan from lowes). we also make a pretty good salary between the 2 of us ( in the low 6 figure range) and have very good credit. 2 questions, for anyone feeling charitable to newcomers; 1. Any pitfalls on using a HELOC to purchase 2-3 rental homes? 2. Any books or resources on learning more about HELOCs? To add, when we begin to look to purchase ( in 6 mos or so) we won't have too much saved..maybe 10-15k for this venture, so I am really looking at HELOCs. Much thanks for anyone who even reads this and many thanks to those who may have something in response!