How to fund investment property in Detroit

[Shantel Wimbush]

Hi everyone,

I am a new member to BiggerPockets and very new to real estate but I’m looking to start investing in Detroit. I bought my house about 4 years ago for about $57,000 and according to estimates from Zillow, Re/Max, and Chase, it’s current value is $85,000, $77,000, or $72,000, respectively. My question is does it make sense to try to get a home equity loan or line of credit or cash out refinance on my own home in order to fund an investment property? Should I wait until I’ve saved more cash? Or look into hard money lending? I am working with very little money to start but I am eager to get started. 

[Shantel Wimbush]

@Jamiel Strickland

Thanks for your response! I would love help with the process as I am unsure how and where to start. I have been trying to educate myself by listening to podcasts and reading some of the blogs on here but I know it would be especially helpful speaking to someone who is knowledgeable of the process. Are there any REI meetups that you would recommend? I am attending a networking event this evening on how to fix and flip in Detroit.