Before you buy a rental property, you’ll need to decide where to invest. Some rookies feel more comfortable investing in their own backyards, while others prefer to handpick a market that will give them enough cash flow or appreciation to reach their long-term goals. But which one will give YOU an advantage?
Welcome to another Rookie Reply! Today, Ashley and Tony are tackling more questions from the BiggerPockets Forums. First, they weigh the pros and cons of investing out of state before debating whether you should get a home equity line of credit (HELOC) on your primary residence to help fund an investment property.
Planning to do a BRRRR (buy, rehab, rent, refinance, repeat)? Then you’ll need to have your financing lined up ahead of time. Should you use a single loan to cover the purchase and rehab, or is it better to fund them separately? We’ll break down all your options. Do you need a property manager? Stick around for some crucial tips and interview questions that will help you make the right choice!
In This Episode We Cover
Whether you should invest locally or out of state for your first real estate deal
The best ways to fund a BRRRR (buy, rehab, rent, refinance, repeat)
Using a home equity line of credit (HELOC) for a down payment
How to find a reliable property manager for your rental property
“Overlooked” property management fees that could kill your cash flow
And So Much More!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-646
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