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Updated over 5 years ago,

User Stats

10
Posts
4
Votes
Trent VanHorn
  • Colorado Springs
4
Votes |
10
Posts

New Investor from Colorado Springs

Trent VanHorn
  • Colorado Springs
Posted

Hi all! My name is Trent, 28 y.o. and I currently live in Colorado Springs and looking to get into real estate because of the opportunities it provides. I've been reading all the books I can get my hands on for the past month or two and absorbing all the podcasts as well. I was born and raised here, went to school in Fort Collins for a Mechanical Engineering degree, and found a job back in the springs working for Lockheed Martin. Ideally I would love to buy rentals for cash flow and get out of the rat race by the time I'm 45 or at least have the option to do that.

Now onto my current plan... I currently have a primary home valued around $310k with an outstanding mortgage of $173k. I wasn't quite sure how to best tap this equity but I believe the best way to do this is by getting a HELOC. I was going to use this as a down payment on a 4 plex or other multi family and rent it out for the cash flow and appreciation. Is this the better route to go vs a home loan or even a cash out refinance? Seems like its pretty common around here to use a HELOC as a down payment. My financial advisor suggested a cash out refi but only because he errs on the side of caution as he lost his real estate lending business back in 2008 and likes the lower risk of a fixed interest rate. Granted with a HELOC I can tap into more equity but comes with more risk of the variable rate. I would love to hear opinions or just general beginner advice! Thank guys! Looking forward to learning from everyone

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