All Forum Posts by: Danielle Dickens

@Noah Chappell thanks! Super helpful! I have determined I am ok leaving some cash in it as well as it’s an investment for the future! I’m also starting to realize I need to build up my own savings more to help move things along better!

@Noah Chappell thank you for the tips! I she a few markets Specific areas that I am looking at that I am comfortable with. I am re-reading the brrr book now as well thanks to previous advice. I am questioning now of how I should exactly use my heloc. It’s not enough to buy outright and rehab. Should I be using it for the down payment and rehab budget? And then do a traditional loan to buy it right away and cash out refi after rehab? Any thoughts on this?

Thanks again for all the advice. It is greatly appreciated.

@Phil T. I know this is an old post but I’m in the same exact predicament! What did you end up doing or finding out?!

@Santi A. Thank you! Yes totally being patient and not in a rush. I still have a lot to learn and will keep on picking away.

Following! Interesting thread.

@Joseph Firmin Thank you for the response! I do have a few markets/areas in the Minneapolis and St. Paul area of MN.

Is it common when you BRRR that you leave a decent amount of the down payment in the property? The goal was to pull as much out to pay the HELOC off but I feel like this first property I may have to leave more in it to just get started!

I have thought about house hacking but it’s not ideal unless it’s in the same school district my daughter goes to school.... which is tough.

Thoughts?

Hello All,

I recently closed on a 70,000 Heloc on my primary residence and I have about 15,000 in savings as well. I would use the Heloc for a down payment.

My goal is to BRRR but I'm struggling to find a deal where the numbers make sense.... making sure I can do a cash out refi after renovations to pay back some to all of the Heloc. I think my brain is stuck.

Looking for any advice! How to approach this? How would you use this money? Would you approach it differently?

Thanks in advance!

@Justin Sheppard following! This is where I’m stuck too and want to make sure I’m not underestimating the costs.

@Daniel Anshus I believe I requested to be in that group as well!

@Adam Tafel thanks for the advice! Will be looking into that today.