How do I finance my first rental?

[Allen Smith]

Well.....after running the numbers on this HELOC by myself, I feel like it's not enough. I owe $147,523 on our home that I purchased for $169,000 6 or 7 years ago. I did invest some money into it but it is only 1700 sqft in a neighborhood where properties rarely sell over $100 a sqft. Even if it appraised at $175,000.00 that leaves me with $27,476 in equity of which I can only draw 90% of. So that's $24,728. So estimating a $10,000 down payment on a fixer upper, that would only leave me $15,000 for repairs. That's not even figuring in closing cost and realtor fees. I'm starting to feel defeated with all of this, but I'm trying to find a way. Any help would be appreciated.

[Courtney Jones]

@Allen Smith  Your question poses other questions. 1. Where are you wanting to invest? What state? What type of Property? Some people say"if you cant afford to invest in your own back yard,then you are not ready" I am NOT one of those people. My situation was similar to yours. I took the money I had to invest and used $8,000 of it as my 20% down pymt for a $40,000 turn key home in Ohio,that rents for $800.00 a month. My mortgage is $360.00 per month with taxes and insurance and a 30 year mortgage. out of state property management $80.00 per month. Anything is possible. Life is but a dream.