All Forum Posts by: Riley Hoffman

I am not sure this is the best place to put this discussion, but here we go. My question is would it be better to pay down my home loan on my personal home or save that money for real estate investing? The plan would be to use the equity I built into my home and take a out a HELOC to then invest in real estate with said HELOC. Is there any advantage to doing it this way? Or would it be better to just save that money and then invest using the money I saved?

Any thoughts would be greatly appreciated!
 

Hello BP! My name is Riley Hoffman and I am looking to invest in St. Louis, MO. I recently purchased my first home, but am looking to purchase my first investment property in 2023. My plan is to learn as much as I can over the next 3-4 months and then buy a single family home to flip. I am also planning on getting involved in the local REIA here in St. Louis. I look forward to connecting with the BP community!

@Sam Shueh What other stores out there carry the same thing, but with 30-40% off? I might be a little confused on your comment though. Any clarification would be great! Thanks!

@Joseph ODonovan that is plan. I have heard that having a scope of work for each part of the house is the best way to go so the contractor knows what is wanted in each room. Thanks for the reply!

@Manolo D. I actually just ordered J Scotts book on estimating rehab costs and the book on flipping houses. Thanks for the reply!

@Ramesh M. I will have to try out those websites. Thanks for the info!

@Shawn Ward thanks for the reply!

@Bryan Blankenship that will come in quite handy. Thanks for the Info!

@Jan H. that all makes sense. Getting a contractor and running through a house with him/her seems to be one of the main tips people give for estimating the repairs/material costs. Thanks for the info!