All Forum Posts by: Katie Bader

Our primary home is paid off after 2 years of pouring every penny we could into it. The market value is about $300k. We bought it as fixer upper for $188k, renovated and now plan to lease it out. 

We (my husband and i) are driving ourselves nuts trying to agree on the best way to fund our first flip. 

*The reason we have decided on a flip as our first investment, is because we need the quick cash to build up our reserves to eventually buy rental properties. Our end goal, to grow a profitable portfolio of rentals that will support our growing family. 

Since we burned through most of our cash paying off our current house, we are researching a HELOC or Home Equity Loan as a way to get started without waiting a few years to save our reserves back up.

Does anyone have advice on this? 

Smart or dumb? Why? 

What should we watch out for?

Is there a better option? 

Sincerely - "Motivated & Lost"