I’m new to real estate investing and hope to purchase my first property within the next year.

Quote from @Jasmine Thermitus: Hello Everyone,I recently moved from Boston to North Providence and purchased my first property.

I would, If in this position, take the equity in the form of a HELOC and purchase a cash flowing asset that would not only pay for itself but pay for the cost of the money while putting cash into my bank account each month. 

Almost an impossible way to “get started” as you’re going to need full purchase price in cash on hand or a HML willing to instantly fund you. 

I am thinking about purchasing land for the intention of using it as a RV & Boat Self Storage.

Right now, I’m seeing max LTVs closer to 80% on purchases, though before COVID, we sometimes went up to 85%.Also, keep an eye out for lenders who promise amazing terms but demand large commitment fees upfront.

Thank you all for your comments.I read all comments and I appreciate the feedback.I will comment on a few of the posts in my response below.Here are a few things I'd like to mention...Patrick was a valued member of our Multi-unit Acquisition Program (MAP).As a member, we determine one's purchasing power and diligently search for deals that meet their criteria and purchasing power.In real estate, there are a lot of moving pieces.

I like to stay in the working class areas as they make enough to pay the rent and bills, but don't have the financial discipline to save enough to purchase their own home. 

But ultimately the responsibility lies in my hands.I jumped on a seesaw of risk hoping that the momentum would catapult my bank account into six figures only to find out the hard way that flipping houses isn’t as easy as I had predicted.This house was purchased for $64,000 with an expected rehab of $100k to $120k depending on how much work the dilapidated and neglected house needed.The midwest is lovely but the houses carry the weight of weather storms nearly a century old leading to more damage than a beginning investor could expect.The appraisal came in at $225k for my lender meaning our all-in cost would be around 85% of the sales price worst case.

Just keep in mind that using that emergency fund to buy your next property and having tapped a HELOC already may leave you in a bad spot if you run into a similar problem again.Also, I’m not 100% sure, but I have heard that personal loans don’t your credit more so than other types of debt so be sure you look into that if you go the personal loans route and then planned to finance your next purchase soon after.