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Updated almost 10 years ago on . Most recent reply

User Stats

57
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3
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Marcus Mccluster
  • Investor
  • Pinellas Park, FL
3
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57
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How to invest into another property

Marcus Mccluster
  • Investor
  • Pinellas Park, FL
Posted

I'm in a situation where I have one property that is paid off.This is my only rental I have.Im trying to start wholesaling to build my capital so I can invest into another property.Is there anyway way I can get an HELOC or refinance it so I can invest into another.By the way my credit is not so good either.Someone please help me out here

Most Popular Reply

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6,408
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2,655
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Brent Coombs
  • Investor
  • Cleveland, OH
2,655
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6,408
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Brent Coombs
  • Investor
  • Cleveland, OH
Replied

@Joe Villeneuve It seems to me that when it comes to borrowing capacity, having 100% ownership of an income producing property should trump an otherwise poor credit rating(?) If he can't borrow ANYTHING against it, there must be something else going on that has been left out of the equation so far visible to us. 

Regardless, many newbie Wholesalers are in that bad-credit boat, and SOME of them, undeterred, actually get started wholesaling (in the manner I laid out above). Go for it...

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