All Forum Posts by: Ryan Barrett

@Jonathan R. Thanks, I needed to hear some of that!

@Jonathan R. Thanks for the advice! I bought my house for $155k in Dec 2019, and it's appraised at $185k now, with minimal work done to it on my end, or at least for anything of resale value. In your opinion, how inflated is that? Just trying to figure out the risk of a potential HELOC.

@Kerry Baird thanks for the advice! I particularly like the advice of making 2 offers. To continue though, I guess my worry is if I can get $20k in a HELOC, it's enough for me to get in the game for a renter house, but probably not enough to rehab and house and refinance later to get my money back. So I'd be stuck with that first property for awhile and want to keep momentum going. And the other point, even if I can get $20k, is it smart to get the max? I'm worried if the market comes down and my house loses $20k in value.

I'm looking to buy my first rental investment property, and have thinking about using a home equity loan or a HELOC. I have approx $52k in equity on my personal residence, but my question is; how high is the market value right now? Just because I can get, say 70% of that equity in a HELOC, I'm thinking doesn't mean I should, when/if the market comes back down. I'm in Wichita KS, so would anyone have insight on what percentage we are high here, and consequently how much lower I should view my usable equity. 10%? 20%? Thanks!