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Hi all,
I’m a novice investor just looking to get started and was hoping to get some advice. I’m currently reading Brandon’s book on creative financing and am interested in exploring the possibility of obtaining a home equity loan. As someone with little capital to invest at this moment, I’m wondering if this is a reasonable (and relatively safe, depending on the deal) option to pursue even if I’m not clearing much in the way of cash flow to start. Seller financing seems like a viable option, but how do I go about finding these kinds of opportunities? Thank you!
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should you use a HELOC to invest? you need to be more specific. a HELOC is expensive. so it needs to be for something short term. if you don't know what you'd use it for, then no.
how do you find a seller financing deal? it's tough. you either need to connect with a seller directly, or find a wholesaler with one to wholesale. but the one from the wholesaler might have a pretty hefty wholesale fee... which defeats the purpose.
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Thanks for the reply. I'm looking to start with a long term buy and hold deal - your concern about HELOC is what I was worried about. Seems like safest play is be patient and safe for down payment, but curious how others got started if they weren't able to do this. Thanks again.
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Hi Steve,
The Dave Ramsey way of doing things is to write out a new budget every month, sell off anything you don't need or use, get yourself a small emergency fund. Then, if you have any debt, start paying it off quickly. Once your debt is paid down, start saving for a larger emergency fund THEN start investing. He's a stock market guy but the practice works just as ell for RE.
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Thanks Marshall!