All Forum Posts by: Angel Gracia

I've used 4 Helocs to purchase property. Everything@Joe Impagliazzo said, but also that you can refi out after paying cash for a property - depending on the amount. Purchasing with cash gives you much more flexibility and speed in purchasing. And with a Heloc, you can pay it back and then that money is available again.

Yes, be careful with the exit strategies. Most of ours are interest only for 10 years, at about 5.5%. But there are no closing costs, other than maybe a $100 application fee and $50 a year maintenance fee.

This is all great information! Do you have to go with the current mortgage lender for a HELOC, or can you shop around? If one can shop around, what bank have you gone with?

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Originally posted by @Bill Clark:

Unless your flipping banks will set you up for failure.

Why do you say this?

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Originally posted by @Account Closed:

Information overload is common. I love BP but you could easily get overwhelmed here :). Pick one niche of investing and get knowledgeable and get going! I focus solely on affordable homes in the $55,000 range, no rentals. Staying focused is very important I think esp for new investors.

Joe, so are you wheeling and dealing your way down to $55k or is that your starting point?

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@Steve Vaughan Nice! Thanks for the correction! I do own a rental in Guam and my primary residence I intend on selling in the near future. Would that change your opinion?

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Originally posted by @Steve Vaughan:

@Angel Gracia way to go! If you have occupied your primary residence for at least 24 months consecutively, gains are tax-free up to (don't quote me on this) $250k if single, $500k if married filing jointly. Don't think you have to exchange into anything. Great news, right? If you have occupied less than 24 months, the tax-free gain is a percentage of the 24 months you've been there.

Awesome news! I've been living in the house for four years!!! So no capital gains tax, but I would have to claim it as income correct, even if I reinvest?

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Great discussion! I would like to join! I currently have an FHA home loan on my primary residence with a 3.75% interest rate. I was thinking of refinancing conventional to get rid of the PMI, but at a higher rate, around 5%. My thought would be to take what I save in the difference of PMI and a higher rate and throw that right back into the loan to pay down the principal. What do you think?

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Hello BP,

I am planning on selling my primary residence in the near future which has plenty of equity built in. I understand that, as I plan on reinvesting the money, I need to use a 121 exchange to dodge the taxes. My dilemma is I don't just want to buy one property at an equal or greater value. I would like to buy multiple properties and not have to set aside a large portion of my earnings for the man. Is the only way out by purchasing a multi family unit? What do you suggest?

v/r,

Manuel

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Hello BP,

I am new to REI and would like to know when would it be prudent to establish a business, encorporate. Should I even be thinking about this at this point? I haven't made any purchases, sales, transactions. I am in the process of generating leads.

v/r,

Manuel

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HOORAH @Chaz Reid

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All Forum Posts by: Angel Gracia

Angel Gracia has started 6 posts and replied 21 times.

Post: HELOC

Post: HELOC

Post: What happens when my portfolio lender says, "No more loans."

Post: Why Do Most Investors Fail To Buy A single Property?

Post: Encorporating

Post: Sell and Buy Rental Properties

Post: Anyone doing FHA Streamline Refinance?

Post: Sell and Buy Rental Properties

Post: Encorporating

Post: Want to be SUCCESSFUL!