Newbie learning about Turnkey

[Kelsey Outram]

Hello All,

New member here and I am looking to invest in turnkey properties based on the comfort of a more hands off approach but I am also trying to understand the logistics of being able to take out a home equity loan or HELOC after closing the deal on the property, whether that be right after or in a couple years. Are there extra obstacles in doing this with the property coming from a TKP? How quick is the turnaround for getting a home equity loan completed in order to get cash out and put it towards another investment property? Is this a risk that is taken depending on the investor's tolerance or is this just never a wise decision? Thanks for any advice and glad to be a part of this amazing community.

[James Wise]

Originally posted by @Kelsey Outram:

Hello All,

New member here and I am looking to invest in turnkey properties based on the comfort of a more hands off approach but I am also trying to understand the logistics of being able to take out a home equity loan or HELOC after closing the deal on the property, whether that be right after or in a couple years. Are there extra obstacles in doing this with the property coming from a TKP? How quick is the turnaround for getting a home equity loan completed in order to get cash out and put it towards another investment property? Is this a risk that is taken depending on the investor's tolerance or is this just never a wise decision? Thanks for any advice and glad to be a part of this amazing community.

 Welcome to the site Kelsey. When you're buying non owner occupied properties you're going to have to put 25% down on the properties. No way outta that one. If that isn't feasible for you yet you need to focus on saving up the cash until it is.