Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 18 years ago,

User Stats

53
Posts
2
Votes
Deyano M.
  • Investor
  • Gardiner, NY
2
Votes |
53
Posts

Best option?

Deyano M.
  • Investor
  • Gardiner, NY
Posted

Hello all mortgage brokers, lenders, and financial gurus!

I am looking to buy an investment property in the $90-$145K range. Initial thoughts were to take a HELOC out with a family member on her home which we could get for around $150K max. Figured most could be used for the purchase, and some for the rehab.

With the softening market, a realtor friend has suggested renting the property for at least a year. The area I am searching in has rental potential. He also suggested traditional mortgages as an option, but we would never reside there- that wouldn't be possible; would it?

We could potentially invest around $10K ourselves although that would be directly out of savings- we would like to avoid that if we can. We have also tried to lean away from taking a loan on our retirement accounts (401K) and anything that would be a poor financial decision. We have several credit cards which could be used for some rehab funding, but that would only be ideal with a flip so we could pay them off with the profits quickly- not a rental situation.

If we were to get a home for $140K, what would be your approach. Any tips/hints we might be missing? We have the money and sources- just don't know what would be the best strategy. If you can provide examples, we would greatly appreciate.

Thanks all!
Deyano

Loading replies...