Newbie wanting to get started!

[Gabe Fernos]

Hey everyone! 

My wife and I are very interested in getting started into REI. We both work full time with two kids and dream of having rentals generating passive income for us.

We currently have a great house on the north side of town. We're not sure if we should do a HELOC, continue saving and wait or what.

Just want to introduce myself and get started on this journey. 

[Tanya Gruell]

Hi Gabe!  Welcome to BP!  My hubby and I are much in the same situation as you. We are starting out, spending a lot of time looking for our first rental or buy and hold.   We did do a heloc, but for us, it was more of a set back. It took us a few years to pay it off.. spent more money paying it back then we did saving toward the investment fund.  Right now, you’ve probably noticed that housing inventory is low, but seems like it starting to increase with the nicer weather.   I think making the heloc work, would happen if you had a property to get into right away so you could focus on using that passive income toward paying the heloc and the new mortgage back... it’s definitely an option, but I think it might be better to have your investment savings.    

Have you gone to any REI meetings? There some on Thursday evenings. We haven't be able go attend one yet, need to do some rescheduling of kid activities to make it happen, so we're working on that. But definitely looking forward to going soon and networking. Keep in touch... we love expanding our network and sharing in our journey! Good luck! Tanya and Adam