What next step should I take to invest

What next step should I take to invest

Member since 2020 · 2 posts · 1 vote

Hello, I am looking for experience or guidance on what you all think I should do next in Eau Claire, WI. Due to being a sellers market and limited profit after mortgage and expenses, I sold my SFH and am using the equity to build a duplex. Duplex will hopefully be completed by June/July. I am going to live in one side to sell my current home to use this equity to invest into another multifamily home. My plan is to move out of the duplex in two years. My current plan is to wait until I sell my current home to use the equity to invest into another property. However, I am struggling with worrying about "missing a deal" if I wait. So, I am wondering, does it make sense to look into HELOC on my current home?? I have about 90K in equity. My hesitation is the fees associated with this, less than $500, will be thrown away if I would have waited 6 months but if I miss out on a deal, I could potentially loose much more?? Thoughts?

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Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
6y

Never worry about missing deals. Deals come and go all the time. If they didn't, there would be no more REI.

The real problem you should worry about, is to let that fear force you into making a bad deal...just because you're afraid of where that next one will come from.

Some of the best deals you'll make (hopefully) will be the ones you don't make, and the worst deals (hopefully not) would have been the ones you shouldn't have made..that you did make just because you were too focused on getting the next "property" instead of the next "deal".

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    6y

    Never worry about missing deals. Deals come and go all the time. If they didn't, there would be no more REI.

    The real problem you should worry about, is to let that fear force you into making a bad deal...just because you're afraid of where that next one will come from.

    Some of the best deals you'll make (hopefully) will be the ones you don't make, and the worst deals (hopefully not) would have been the ones you shouldn't have made..that you did make just because you were too focused on getting the next "property" instead of the next "deal".

  • Member since 2020 · 2 posts · 1 vote
    6y

    You are absolutely right Joe! Thank you for reminding me of that! I am so ready to grow my portfolio this year I was getting ahead of myself and not remaining present! Thank you! 

  • Real Estate Investor · Eau Claire, WI · Member since 2013 · 34 posts · 9 votes
    6y

    No deal is better than a bad deal, be patient. New construction vant work out well if you hold long term if you are paying retail to build it.

  • Wholesaler · Eau Claire, WI · Member since 2014 · 133 posts · 32 votes
    6y

    helocs r awesome

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