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Updated almost 7 years ago,
Starting out with HELOC
Working on getting approx. 75K in HELOC money. I have a full time job. I'm in the Kansas City market. Interested in duplexes, 3s or 4s in my area, in a way I can use BRRRR to develop cash flow, and acquire 10-20 properties over the next 3-5 years. Considering house-hacking as well. Can I get financing since I'll have a primary mortgage and a HELOC already? Will my debt to Income ratio be too high? Or will these be cash deals or private or hard money to get the first property? No problem living in the property, even though the rest of my family lives in our primary residence? Is this a reasonable starting (and scalable) strategy, or should I shift my thinking? Does anyone have any other creative suggestions? Any pitfalls I'm not considering?
Thank you.