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All Forum Posts by: Brad Lieberman

Brad Lieberman has started 2 posts and replied 2 times.

Hi everyone, I have a question on the deal that I'm working on. I have an opportunity to purchase a four Plex that needs some additional work and is a deal that has a FHA loan that I can assume at a fantastic interest rate. I am trying to figure out if I am able to use HELOC funds to provide the additional payment to the seller of the property for the accumulated equity. I'm an interested in understanding if a lender would typically disallow that payment structure or permit it as an FHA assumption does not require the purchaser to invest any money as per the FHA handbook.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $763,000
Cash invested: $130,000
Sale price: $956,000

Bought undervalued 2 family home and completed renovation top to bottom with systems upgrades including windows and HVAC systems flooring 7 bathrooms and reconfiguration of space to provide improved use of structure including adding additional bedroom space.