All Forum Posts by: Bob Asad

If my primary residence has $500k HELOC, could I use it to purchase a 2nd primary residence and rent out the first one?

And if so, as I'm paying down the original primary residence HELOC, in the future, can I use it again to purchase a rental investment? (Given that my new primary residence also has the equity from first residence HELOC)

In other words, when your original primary residence becomes a rental, can you still do a HELOC?

Let me know if this makes sense. Thanks

 Thanks, sent you a request.

Anyone recommend any heloc providers that work in west palm beach area?

 Yes, exactly, was thinking the same thing. I see many people complaining about needing private or hard money lenders because of the difficulty with renovation loans or bank approvals, etc. But the local bank seems to be very easy to work with.

 Thanks for your reply, but doing your own comp takes a while and may not be accurate. Any way to automate this?

If I'm understanding correctly, for a cash refinance...

If you buy an investment property, fix/repair it, and get a higher appraisal, you can then take the $ difference and put a down payment on another investment, etc.

If so, are there tax implications with a cash refinance? Does it get considered income?

Any recommendations on what to do with a cash refinance? (Ex. do you recommend that it's $100k+ before doing this and putting a down payment on another property?)

What are the pros and cons based on your experience? (not just a general list of what Google says, but based on peoples' actual experiences)

The local bank allows me to purchase 2-4 investment units with a 30 year conventional loan + renovation loan for all fixes with 20% down 

The renovation loan is kept in an escrow and paid to the contractors as the work gets done.

Anyone buying 2-4 units and doing it this way? (Instead of complicated private money or hard lenders)

Anyone use a good, easy, and accurate tool to get comparable sales or rents in a location?

For example, you want to buy a duplex for $400k and after spending $25k in renovation, what would be an estimated but accurate ARV? Or rent?

Is there a tool or software that can do this?

Is there a way to assume a mortgage with an interest of less than 4% from a seller with a conventional loan?

Anyone able to have success with this?

The issues with assumable mortgages is that they are for FHA, VA, and USDA. You also need to live there, so it cannot be an investment.

Is this possible for conventional loans, and if so, how?

Not sure what type of properties you've bought that have gone up that much in taxes. I've bought a few SFH and in Florida and they only up several hundred (a thousand max) in a year.

Also, I don't think there's any way for a SFH or Duplex to make $5k per month cash flow, so are you referring to 8+ unit apartments?