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Updated almost 4 years ago,

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6
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Lance Marquez
  • NJ
0
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6
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Iam New to BP and realestate

Lance Marquez
  • NJ
Posted

Hey guys, Iam new to real estate investing and BP. I made the choice to focus on leaving a legacy for my kids and grand kids. Iam leaning towards buying multiple properties and renting them out in my home state of New Jersey.

I havent bought a property yet but I am thinking about taking out a home equity loan to put down as a down payment for my first deal, however my mortgage company said they do not do that. They told me if I wanted to take equity out I would have to refinance, is this normal? I do not have the financial backing to lay out $5-$10k on a down payment, any insight anyone could give me would be great. 

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