Buying via Subject to

[Lawrence Sarpong]

Hi all,

I have a motivated seller that is open to having me assume the mortgage on a 3bd/2bth home for the difference owed. The current mortgage is $168k and the amount owed is $164k, so basically I would assume the mortgage for $4k. The home is currently occupied, however the tenant will be leaving in March 2014. If I assumed the mortgage I have 2 questions.

1. Could I get a HELOC on the property which would allow me to invest in other properties?

2. If yes, how long would I have to wait prior to doing so?

My plan is to sell the property for $170k as soon as the market allows but until then, I would like hold onto the property and use it for the positive cash flow until it sells. Any advice would be awesome. Thank you.

Cheers.