All Forum Posts by: Eric DeVito

@Christopher Blanco

No I have not

@Joe Colasuonno

Pm me details Joe.

Hello all, so I narrowed in on an area I want to invest in which is Allentown, PA. Looking to get a SFH. My question is I can use a Traditional loan but the property price will be lower due to the amount of savings I have which is around $10,000 or I can try to get a HELCO from equity I have on my primary residence which I should be able to get a line of credit around $50,000 from various banks I have spoke to thus far. This will able me to purchase a better property perhaps or at least I could pay off a property in full because the area I am looking in I could get a SFH below $50,000. Need advice please!

PS: I already have a VA Loan out for my primary residence which I purchased last year and it is a SFH.

@Emanuel Bloomfield-Jones

Hi Emanuel, just saw this post. Yes Mike DeVito is my cousin in New Jersey. Not sure if we are talking about same one, it is common name. You can PM me.

@JD Martin

Great response. So ideally that is what I am thinking about as well. How can I keep using the Helco to repeat the process so I can acquire more homes? My DTI is already cutting it close. As I mentioned I would pay this investment property outright via the Helco due to the purchase price only being around $35,000. I would assume I could repeat the process again then but I would have to make Helco payments.Thoughts/advice?

@ Kate 

@Kate Weinberg

Yes Kate, that is what I am going to look into. Going to just leave my existing mortgage as is on my primary home. So as I mentioned the property I'm looking into is only around $35,000 so I would just act as a cash buyer using the Helco and buy it out right. Then using rental income to payback Helco payment 

@ Ryan 

@Ryan Scott Isacksen

It's a SFH. Some I am interested in are tenant occupied. Other properties my RE Agent is sending me that do not have tenants but he believes are good investment properties. Just trying to secure the financial side of things before I take a drive to the area to check out some homes and the neighborhood.

@Loren Clive

Great tips Loren. So just to clarify. When I apply for a HELOC, do not mention it is for a "investment propoerty". Just say its for renovations for my current house basically. Correct?

@Ryan Scott Isacksen

Well how I look at in my case is this. I will still make my regular mortgage payments on my primary home. 

The rental property home I am looking to purchase is around $35,000 which I plan to act as a "cash buyer" by using the HELCO. So I will just use the rental income to payback the Helco each month.

@Franklin Romine and @Jay Hinrichs

I suppose everyone has their own ways of investing. Guess it is up to me then. Thanks for the help.