All Forum Posts by: Edy Lagares

Hey everyone I got a question,

I'm looking to buy my first property, a duplex to house hack using a FHA loan and my goal is to use this first property to launch my investing journey using the equity on the house to get a HELOC and start investing using the BRRRR strategy.

Now my question is, can you get a HELOC on a property that has a FHA loan in place or will I have to cash out refinance it into a conventional loan in order to do that?

Has anyone in here done this before?

Any insight I can on this will be very much appreciated,

Thanks

@Robert Damato

Man thanks for sharing, this is stuff you don’t hear about anywhere when you’re learning about investing, let me know what was the decision and outcome of this situation

How many lenders have you tried to refinance with?

If you have exhausted all your options a 4.5% is not bad I think, you can pay your original investor and you own the property. Can you take out a HELOC after? I guess that depends on how much equity is left after you take out this refi.

I think on the Next one you might have to set up the refinance before you start the process so you know exactly what your refinance is gonna look like.

I hope it all works out for you.

@Jeffrey Masessa

As the words of Robert kyosaki on rich dad poor dad say going to school and getting a degree won’t help you learn about investing or getting wealthy. Well maybe he didn’t say it like that but you get the point if not than go read rich dad poor dad immediately. Investing is a skill that can be learned by anyone but they won’t teach you that in school, they will teach you how to be an employee.

I think you got the right goals, being an agent will give you the education you need to learn about real estate. Make a decision and go hard at whatever you choose.

@NaTarrio Jones

Wow that’s a big difference, is that the norm or it’s that specific lender?

Are rates usually higher for commercial loans?

@Hadley Hartford Hornig

No problem.

While we’re here tell me more about your lending business?

What type of investments do you guys lend on?

Do you lend outside of your local market?

@NaTarrio Jones

Congratulations!!

Quick question, what was the difference in the financing between the LLC and your personal name?

@Hadley Hartford Hornig

Hey Hadley,

I don’t know much about how to find developers but to find flippers in a area you can just go to the regular home buying and selling sites like Zillow and start searching for recently sold homes, you want to find the ones that were renovated and most of the time flippers stage their homes so if the pictures look nice and the home looks staged most likely it was a flipper. From there You can contact the agent that sold the home and ask for the information on the seller and they should be able to help you out.

I hope this helps

@Asia Jones

I’d definitely go after the PM company if they made the mistake, they have to fix it and fix it fast cuz February is around the corner.

Maybe you can talk to his parents and explain the situation and hopefully they can help convince your cousin to move out?

I hope you get this figured out .

@Avtandil G. That’s dope.

What’s your major strategy? Buy and hold fix and flip wholesale?