$90k loan on house, $130k bank appraisal, $10k in bank. How would I use this equity to purchase a rental or would it be a mistake?

Northern Indiana. My background is construction management. I am capable of home improvement and know the right subcontractors in town. I am 28 and would like to get into real estate investing. I actively track weekly the properties for sale in the area. Before I actively start learning about real estate investment I want to know how I would leverage the $40,000 of equity in my house or the $10,000 in the bank to make the purchase? Would it be possible to have this available for the purchase of a foreclosure? I had a HELOC on it before.

Thanks for the advice

More real estate tips at Program Realty Wix site


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s