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Updated over 6 years ago on . Most recent reply

Taylor Colwell's profile image
Taylor Colwell's profile image
Taylor Colwell
  • Real Estate Broker
  • from Belton, TX
  • Member since Jul 21, 2018
  • Posts 3
  • Votes 0
  • Experience 6 Yrs
  • Investments 11
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Taylor Colwell's profile image
Taylor Colwell's profile image
Taylor Colwell
  • Real Estate Broker
  • from Belton, TX
  • Member since Jul 21, 2018
  • Posts 3
  • Votes 0
  • Experience 6 Yrs
  • Investments 11
Connect
Taylor Colwell
  • Real Estate Broker
  • Belton, TX
0
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3
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Creative Real Estate Financing

Home equity questions

Taylor Colwell
  • Real Estate Broker
  • Belton, TX
Posted
The home we live in has appreciated significantly since we bought it 4 years ago. At 85% of our ltv we would have just over $80k to work with. I am actively looking for my first real estate investment opportunity but have no cash and nothing extra to be able to carry any monthly payments. Is it a good idea to leverage the equity in our home to get started? Pros and cons?
  • Taylor Colwell
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Michele B.'s profile image
Michele B.'s profile image
Michele B.
  • from Vandalia, MI
  • Member since Jun 21, 2018
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Michele B.'s profile image
Michele B.'s profile image
Michele B.
  • from Vandalia, MI
  • Member since Jun 21, 2018
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Michele B.
  • Vandalia, MI
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569
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Michele B.
  • Vandalia, MI
Replied

Hello and welcome,

It depends on your willingness to risk. Can you afford the larger mortgage payment? Are you willing to work for it. If so then get a HELOC and start owning rentals.

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