All Forum Posts by: Eric DeVito

@Erick Hernandez Thought so, thanks for the reply. So I might be wrong, but this is what I am thinking. I am going to use the VA Loan on say a 2 family home. I make $100,000 net profit from current SFH that I am selling. In order to avoid capital gains I have to basically roll the entire $100,000 into the 2 family home? I would really like to do 0% down via the VA Loan and use the $100,000 for renovations to the 2 family home if need be and also any left to leave in savings or use on acquiring another property. Thoughts?

Hello all, basically I am in the market to acquire a 2 family property. I will use a VA Loan to live in 1 apartment and rent the other. What upgrades should be made to the property to get it rent ready or increase the value in the property or rent itself.

@Wayne Brooks Understood. So say I want to continue and sell my current property to invest in a 2 family. What is my best course of action?

Hello all, basically I am putting my primary home on the market after I recently got it appraised and I am looking at getting a large profit. I currently have lived in this home for about 14 months and I used a VA Loan. Looking to sell this and get a multi-family using the VA Loan again or perhaps even buy another SFH home and flip it like the one I currently am in. I have a few options I can do. Anyway how do I avoid capital gains tax?

Hello all! Basically I purchased a SFH for $250,000 here in Staten Island, NY. I put $50,000 down and then another $30,000 in renovations . I haves lived in this property for 14 months now and I just got it appraised last night. The realtor and I both agree we should list at $449,000. Now if all goes well and I at least get $400,000 how much money down should I put using the VA Loan again on next property. I'm looking to get a multi family (2-family). Which will probably need repairs as well for the price range I am looking at. Just trying to get ideas how to best use my money or invest it wisely.

@Jake Thomas and @James Carlson I understand what you both are saying. So I spoke to a RE agent and he ran some comps and said the home is valued between $375-$400k. Which is great in my opinion. He is coming tonight to check out the house to get a better idea. That being said I would like to use the VA loan again and either buy a multi family home or buy another single family as I currently have now and do the same thing. Get a great deal, renovate and resell after a year. Any suggestions would be great!

Hello all! Basically I purchased a SFH for $250,000 here in Staten Island, NY. I put $50,000 down and have been making all payments for the past year. I live in this property, and I used a VA loan for it. I was thinking of getting the home appraised and then possibly selling to buy a two family home. This all varies on the value of the home when appraised. Thoughts? I've been living in the home about 14 months now.

@ Kelly 

@Kelly Byrd

Hello Kelly, I do not have any of those numbers yet. I was recommended a lender that funds these kind of homes in the price range I am looking at in regards to a conventional loan. Yes your scenario is correct. Conventional loan would be on investment property and HELOC would be on current residence which I only have owned a year thus far.

@Michael Karl

Hello Michael, I was recommended a bank who would be able to give me a conventional loan for the property price range I am looking for. I will contact that lender tomorrow. I am looking to do a buy & hold. Maybe flip eventually. One step at a time though. 

Hello all, just want some advice on which to use to finance my first investment property. A conventional loan or a HELCO? Property price I am looking at is between $30,00-50,000 for SFH.