All Forum Posts by: Carla Moore

Hello Carla, restating some of what others said, you can use a HELOC on your home or cash out refi it. Depending on how you are going to handle that money, and how fast you can pay back will determine what the best option is for you.

I'd also really reflect and see how well of an understanding you have on rehabbing and managing a rehab before going full BRRRR with all your savings.

Before going out and using a dime of your money, I really think you should find an investor locally who does what you are trying to do. Get talking to someone who does BRRR or at the least has flipped many houses. Get them to be your mentor, finding the right mentor is going to help you tremendously. It'll help save you from disastrous mistakes and losing all your hard earned money. $20,000 will go right out the window faster than you think with the wrong deal or mistake. Not to say you don't have the opportunity with your situation to succeed, but you need the right plan too because you won't be able to bounce back as easily as someone with say, $300,000 who can make a mistake or two and keep going.

Wish you the best! You can do this! Good luck!

Thanks for the encouragement! It's just frustrating, finding a mentor that doesn't mind walking through your first deal.. understandably, nothing is guaranteed but I am doing this alone and I'm afraid to FAIL!!.. so many tricks, and foolishness... i'm just an honest Joe but it doesn't seem like that's how to get ahead on this...

no worries, if not NOW then WHEN? I've been saying this for YEARS!!

0 Votes

Columbus, Ohio

Quote from @Elias Osborne:

Hey Carla, in order to use a FHA loan, it has to be your primary residence. Since you own your home free and clear, that would be the best source of funds for your investment money. You can cash out refinance and make the money work for you or open a line of credit from your home and can use that for the down payment for the MFH. Then from there depending on your numbers and investment strategy, you can choose to fix and flip or BRRR. Don't let the casino rob you.

Thanks Elias,

I'm not sure if I want to take a Heloc loan on my house.... if I am being honest... I want someone to hold my hand... and assure me getting into this is the right move. I've always wanted to get into real estate. the gurus make it seem so easy... but i just keep running into obstacles...

1 Vote

Columbus, Ohio

thanks for the encouragement Taylor... its like some of these lenders just talk the talk... pull my info and ZAP... Carla you if you want a multi you need to put 25% down conventional, for a single family 15% because it will be non owner occupied... investment....

0 Votes

Columbus, Ohio

Hello, I am a little frustrated..... I want to get into real estate, I own free in the clear a home.... I would like to buy a multi.... I have $20k to invest and that doesn't seem enough in my market. I've talked to quite a few lenders and the option for FHA 3.5% is not an option because I own a home? I thought $20k was a good amount to start.... should I fix & flip?, BRRR, go to the casino?

what suggestions do you have out there?

6 Votes

Columbus, Ohio

Welcome Josh, look forward to meeting you at some local REIA meetings and other networking events!!

0 Votes

Welcome Grant!

I'm in the Reynoldsburg area.... sounds like your off to a great start! I'm sorta a newbie myself... I'm jumping back in... starting off fresh... trying to work this as a business and not a hobby... can't wait to see what your up to... maybe I will see you at a local REI meeting OR on March 7th with the BP local network event... take a surf I can't remember his name but it's on March 7th in Dublin I think...

0 Votes

I'm a part-time investor just getting started. I'd love to come and network. I thought your first post for Fridays was for only full time investors.... so I take it this one is for all! AWSOME!

0 Votes

can't wait to hear the numbers and process! Congrats!

0 Votes

@james

I've had an LLC before I just was wondering if you had to do anything "special" since it's a real estate company.

Thanks James !!

I'm loving all this advice!

0 Votes

I'm all for making money !! I may not want to spend $1,200 for someone to set it up for me I'm sure I could do it for cheaper. I already know I want to do this! I've been thinking about this for some time. It's just the starting and doing it smarter not harder.

The first rental was some training ground I learned a lot of what NOT to do. This time I want protection I just wanted to get some opinions on that!!

The money will come I know! I just don't want goofy trying to sue me and take me for all I got. Period. It's better to be safe then sorry later my dad taught me that

0 Votes

All Forum Posts by: Carla Moore

Carla Moore has started 4 posts and replied 18 times.

Post: $20k to invest, want to buy multi... suggestions on best options for real estate

Post: $20k to invest, want to buy multi... suggestions on best options for real estate

Post: $20k to invest, want to buy multi... suggestions on best options for real estate

Post: $20k to invest, want to buy multi... suggestions on best options for real estate

Post: New BP Member from Columbus, Ohio!

Post: Newish to BP Investor from Columbus Ohio

Post: Saturday morning edition of ..... THE Columbus Ohio Meetup

Post: First take down

Post: LLC setup by Nevada Corporate Headquarters

Post: LLC setup by Nevada Corporate Headquarters