All Forum Posts by: Account Closed

Do people recommend using Home Owners Equity Line of Credit for a down payment on their next rental property If they don’t have the money for another down payment?

My dilemma is that I found a potential commercial real estate property on the market that probably has good cash flow (still waiting for financials to confirm this) and I don’t know if I can get it.

My current situation since I am still new to Real Estate is that I don’t have much saved up for a down payment (3% of the property value) and I have a preapproved quote for about half of that property price. So I understand there is the possibility of me being owner occupied (which I am open to do) but I am only preapproved for half of the asking price.

What advice do people have for me about this situation I am in since I wanna have the ability to buy commercial residencies?

Thank you in advance!

@James Wise Thank you! Happy to be here and learn to be a successful investor.

@Matthew Dennehy Hey Matt, do you think it is smarter to buy and rehab a property that is at a cheaper rate currently before renting it out? Or buy one that has been updated recently and that is easier to rent, but a little more expensive? Thanks!

@Jessica Stevenson thank you Jessica! Do you recommend having a real estate agent doing research for you to find the right deal or doing all research by myself? Thanks!

@Matthew Dennehy thanks. How do you find these kind of deals? I have been using Zillow, but not sure if that is the best way.

@Matthew Dennehy thank you very much for the help there! What advice do you have (besides saving up from my current job) so get enough for a down payment? I have enough currently to be owner occupied, but is that the best way to do this?

Brand new to Real Estate investing and looking to get financial freedom and not work a conventional 9-5 job every day until retirement. If someone could help me as a mentor for Real Estate investing, I would really appreciate it!

Thank you!