All Forum Posts by: Adam Eckhoff

@Andrew Bordwell HELOC sounds like the right path to go down; however, it makes me nervous since you are borrowing against the available equity in your home. I'm on the same step as you... the "how" part. HOW do i get the money to invest; HOW do i find contacts; HOW do i know if this is a good deal (maybe ROI is >5.0%)... etc.. I'm really fascinated with the BRRRR method; buy rehab rent refi and repeat.

I'm 30 years old and my goal is also to achieve financial freedom by the time i reach 50. I would like to start with a single-family dwelling or a duplex. The main problem is, and like you said before, how do i FUND my first investment property. I hear all these stories about how people have under $5,000 and then a few years later have 100 units. Unfortunately, i did not apply for a FHA Loan (3.5% down payment), and i do not plan on renting out my first house.

My goal as of now is save some money ($20-30k); learn everything there is; and then delve into my first property. Also, you could look for a partner to go in with (something im considering). 

Hi Andrew,

I'm on the same boat as you (minus the kids). I just purchased my first house, and then i realized how easy it was. After listing to a few Bigger Pockets podcasts later, I've became addicted! As far as funding goes, maybe a HELOC would work. I'm assuming you have some equity in your primary residence. You could leverage your house... Like me, i'm also stuck on the "how do i fund" my first rental property. You could look for a hard money lender...

Personally, i'm looking to save $20-30k + utilize a HELOC for my first investment property. It will take a few years but that's my plan as of now.

I'm analyzing atleast 2-4 properties a weak just so i can understand the math to it's entirety. Additionally, i'm also trying to build connections through bigger pockets (this seems like the biggest hurdle). 

Best of luck,

Adam.
 

Good Afternoon,

My name is Adam and i'm currently a commercial real estate appraiser trainee. I've been delving into real estate for the past few years and really enjoy it. I'm happily engaged (COVID-19 pushed back my wedding); have a stable job; purchased my first house; and have a decent amount of money saved up.

My question is; and based on the above, if you were in this situation i'm currently in, how would you start real estate investing? Do i... just... save my money.. take out a HELOC.. For my first property, i would like to purchase a single-family dwelling or duplex.

Any advice will great.

Thanks,

Adam.