Real Estate Investing with Coach Carson #362: How a Couple Used a HELOC to Buy their 4th Rental Property
Sep 23, 2024
Kelli, a savvy real estate investor, shares how she and her husband transformed a distressed property into a profitable rental, leveraging a $223K HELOC. They discuss innovative budgeting strategies, overcoming challenges like mold and water damage, and successfully executing the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method. Kelli highlights the importance of hands-on skills and effective negotiation tactics in navigating the competitive property market, providing valuable insights for aspiring investors.
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Kelli's Real Estate Journey
- Kelli, a stay-at-home mom, sought a second income due to her children's special needs.
- Inspired by Coach Carson's book, she ventured into real estate, focusing on long-term rentals.
HELOC Acquisition
- Kelli and her husband secured a HELOC on their primary residence, which had appreciated significantly.
- The increased HELOC provided them with $223,000 to invest.
Finding the Right Deal
- Look for the worst house in the best neighborhood.
- This allows for value-add opportunities through renovations.