35K F/C. Newbie in need of help!!!!! - Posted by KC (GA)

Real Estate Investing
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Posted by Greg - Syr on July 07, 2003 at 11:32:25:

Pay for what you use. Take 10k, use it, pay it back, and use it again.

Greg

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35K F/C. Newbie in need of help!!! - Posted by KC (GA)

Posted by KC (GA) on July 07, 2003 at 11:07:10:

I am a newbie and I am in need of a little advice. Please Help!!!

I own a property free and clear, appraised value 35K. I need about 20K cash so that I can start my RE investing career. I have found two properties that I want to purchase and both require 5K down. I already have HML’s in place but I need the 10K cash to do the deals. Should I take out a line of credit on the property that I own or should I get a second mortgage on it? Any information that you can provide would be very much appreciated. Thanks in advance.

The New Guy
KC

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Re: 35K F/C. Newbie in need of help!!! - Posted by KC (GA)

Posted by KC (GA) on July 07, 2003 at 21:43:37:

I would like to thank all of you that provided feedback. I will go with the line of credit.

Thanks To All,
KC

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Re: 35K F/C. Newbie in need of help!!! - Posted by RichV(FL)

Posted by RichV(FL) on July 07, 2003 at 19:15:05:

KC,

I agree with the others. I like credit lines as a source of quick cash.

They are a great way to help you purchase properties. But you must have the discipline to pay it off and then reuse it again when you need it.

I use this same concept with credit cards and it has worked very well for me.

Great Success,

RichV(FL)

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Re: 35K F/C. Newbie in need of help!!! - Posted by Jim - NE

Posted by Jim - NE on July 07, 2003 at 17:50:43:

I agree with Greg. A home equity line of credit is uaslly pretty easy to get, less paperwork than a refi, and you can pay it off then reuse it again when you need it.
Good Luck!