All Forum Posts by: Eric DeVito

@Bryan O. I understand what your saying. I like he is eager though and hardworking. I've dealt with agents who act like I don't exist or they just disappear and do not keep me updated. This RE Agent does property management also he says. 

I did check Craigslist and rentometer and the rents seem to be around the number he gave me. More so around $2100-$2500. My current mortgage is $1250. That being said VA cash out refinance or Helco? Also say I did rent out my current home within next few months and wanted to sell in say 6 years I would still get hit with capital gains tax correct? Technically I would have not lived in for 2 years primarily still.

@Aaron Abraham That is another option. So which is better Helco or cash out refinance? If I go this route, I was thinking of just renting my current home 

@Ryan E. Okay, I understand exactly what your saying. So what steps should I then take to go this route. It seems like a pretty good idea. Let me RE Agent know or contact a few credit unions and apply for a HELCO? Most important is me finding a good deal on that 2nd house.

@Ryan E. I apologize Ryan. So I am somewhat new to this type of situation. I am saying I have 60k equity in regards to the original purchase price of the property which was $255,000. I put $50,000 down payment and now have made at least 15 months of payments which my monthly payment is about $1,250. I still have around $190,000 left to pay off. I have not gotten an official appraisal just whatever comps the RE Agent ran for me.  So basically your saying my equity will increase due to the current appraisal value of my home? If so, than that gives me a lot more to work with. I just am worried because I would have to pay off the home I am in now, the next home I get with the HELCO funds and I would have to pay the Helco back to the bank/credit union. Correct me if I am making a mistake anywhere please.

Also a duplex would be great. If I can use the VA Loan on it, I would do owner occupy for sure. It is just very important I get that rent range of $2500-$2800 on my primary home like me RE Agent says I can get.

@Ryan E. Yes so I mean we were going to list it at $449,000. Still a nice difference profit wise. So I am thinking what to do. Like I said my realtor says he can 100% find me a renter no problem. I do live in a nice area. He says he is confident he can get me between $2500-$2800. I checked rentometer it says average is $2100, but can go as high as $2800. 

My thing is that it is hard to get another deal like this one I got on my home now. What type of property would I get with a HELOC? I only have about $60,000 in equity and I am looking in Staten Island, New York. I could get a two-family, but it wont be in a nice part of town. Staten Island does not have homes for $60,000 like other states lol. Probably C class neighborhood. I could use the VA loan again if I want to stick it out in that type area which I would, I don't care to be honest. I am just a bit nervous because it all sounds good profit wise, but I feel might be to good to be true at the same time. My RE Agent says he knows a mortgage company who would work with me to get me a HELCO. Should I at least talk to them?

So Mark what small things or things in general can I do to make the house "show ready" when the time comes. Like adding flowers to the garden? I was thinking of putting new fencing around the front yard of the house. It is not that big of an area. 

@Ross Greene Yea so I found out is quite new at his job. He said he has only been doing this for over a year. I think I know more then him being on this forum for over a year lol. I had to advise him on why I should wait and about the taxes that will be taken from my profit if I sell to soon. 

Another update -- Need opinions. So my RE agent and I were speaking and thinking of a different scenario. He is saying why don't I just rent out my home I am living in now and take out either a home equity loan or line of credit to get another property. My current mortgage is $1250 a month and he is saying he can get a rental rate between $2500-$2800 for my SFH in my area. Thoughts?

Spoke to my brother and the realtor. I will hold off the listing until April/May and the 2 year mark is in September.  I should be good that way to avoid the taxes. Thank you all.

@Andres Blandon great post. Yes similar situations. You brought up an interesting option with the va refinance. Not sure if that is possible or perhaps getting a heloc might work