All Forum Posts by: Kyle Thompson

@Landon Bleau I’m not going to sell, I live in a great location next to campus and hospital. Looking for best solution to build my portfolio with another property this year.

New pro member here! My name is Kyle, I'm 27 and from Cape Girardeau MO. Growing up I've always been interested in Real Estate but never knew where to start or what to do to get started. I came across BP the beginning of this year and fell in love with all the knowledge they gave and have been studying and listening to podcasts everyday since.

So here's my housing situation, and would love to hear everyone's opinion. My year end GOAL is to purchase another rental investment, I've also been looking into the FHA 203k to purchase a 4 unit.

I purchased my home 4 years ago for 76k, I currently owe 56k on it. When I purchased my home I took out a HELOC worth 7,500. Today my home appraises for 100-105k. My question is.

1.) Do I pay off my remaining equity balance and take out another HELOC for down payment towards another property?

2.) Apply for a business loan, considering I own a LLC. Put that towards my remaining equity balance or down payment on property?

If anyone has any other options or recommendations I would love to hear them! 

Thank you.

I appreciate the comments, I am a newb but have been interested in gaining more real estate and grow my wealth/financial freedom.

I would love to put 10-15k into my current resident, and take the rest and put it towards another property to build my portfolio. @Dave Spooner

I'm interested in using the HELOC method, I owe roughly 55k. House is valued around 100k. Should i take that line of credit and rehab, rent my house. Or put it as a down payment on a new brrr project?