All Forum Posts by: Amit Parekh

Hi,

I am looking for a custom home builder in Charlotte suburbs. I will be buying land separately if required. I have no knowledge on any custom home builder in Charlotte area. I have been to Taylor Morrison, classica Homes,  and I like the build quality but I really don't like the lot sizes and how cookie cutter it can get. Without a custom home builder pricing, I am unable to decide if I should even buy a land. Any recommendations would be appreciated.

 Pfizer and Tesla in Tampa Bay?

i will be interested to learn more. I am looking for short term rental type investment.

I have two rental properties and a primary residence. I have enough equity on two rentals. I called Thirdfederal Savings& loan for HELOC. They said I can get HELOC loan on primary residence only. I cannot get it on rental properties and they doubt if anyone can do it. Here is my plan which I would like to execute.

Rental $300k value, loan left 100k.

My assumption was if I get HELOC on it, it would be 70% of equity i.e $140k in this case.

Following is what I would like to do.

1. I plan to use $120k as $80(house cost)+$40k of rehab and flip it for $200-220k.

2. If house doesn't sell I can rent it for $1400/month. Get amortization mortgage on it and free up HELOC and buy another one plus I will have equity on the home because if would appraise for ~$220.

M I missing something here? These throws me away when bank tells that they don't do HELOC on rentals. Suggestions?

@Joe Hughis- Thank you for the reply. What you explained it does make sense that you need to put your own money down. But is it still possible to put just 5% or 10% down while buying investment property while living in your primary residence?

As far as I understand, private lenders loan you money like bank so won't there be a problem if I use private lender for down payment and financed rest from bank. Eg: for $200k property, I put $15k, get $35k from private lender and finance remaining $150k. In such case, will i still be able to get loan from bank of $150k?

Hey Guys,

My name is Amit and I live in NJ. I started listening to biggerpockets since past month. Before listening to biggerpockets my mind set was investing in houses with 15year mortgage and make no or little return on investment and make money after 15yrs when I retire. So far I own 2 rental properties(1singlefamily,2012 & 1 condo, 2014) and 1 house(2017) where I live. I used all the properties as primary residence when I started and then rented them. I have a full time job and looking forward to invest in multifamily after listening to podcast that how multifamily pays more money on your investment.

I shortlisted the area where I would like to buy multifamily. a typical multifamily with 2 units would cost $200k +$20k repairs; taxes $5500. Each unit can rent for $1300x2=$2600. With 30years mortgage in mind, my monthly mortgage with taxes would be ~$1800(also includes PMI) with $15k down. We are talking $800 of cash flow a month i.e $9600/year and if I think about maintenance cost of $2000 a year its still $7600/year profit. I checked with some banks and found that you need minimum of 25% down as I won't be using any units as my primary residence. Is there any way to buy investment property with no or little down. Getting in a partner is one approach but is there any other way to get it?

Most of the podcast I heard I learned that people use one of the units as primary residence, but here I am looking to rent both. Can someone suggest what would be the best way to approach this situation?

Thanks for the help.

Amit