Using HELOC to purchase at Sherriff's Sale then RE-FI

[Lance Marshall]

I'm considering using HELOC on personal residence to purchase discounted properties at Sherriff sale using BRRRR strategy. Any major concerns with this strategy? Would like to buy at a discount so I could qualify for mortgage, reload the HELOC and move on to the next. Thanks.

[Josh July]

https://www.biggerpockets.com/renewsblog/2015/04/2... first if you haven't already watch Brandon's video on HELOC

Also, I found this resource online for you and it features upcoming Sherriff sales in your county.

http://www.franklincounty.in.gov/wp-content/upload...

before you buy do your homework, cash flow is NOT the rent-morgage=cashflow it is rent-expences-capital expenditures-vacancies..ect.- the mortgage=cash flow

1. don't buy just because it cheap
2. have money set aside to fix it up, so that you can rent it out
3. if you want to scale don't do the work yourself because it takes longer and frankly a perfectional most likely would do it a much better job
4. the longer you spend time rehabbing it, the more money you throw away because you are losing potential rent