All Forum Posts by: Hyacinth Dolor

Thank you Mr Patel. I did not mention that I am also a licensed realtor but service only to friends and family due to availability and need. Would it be easier to take a home equity on single family to buy 3 family? Then take home equity on 3 family for the $100k cash I need. The rent from 3 family should cover most of both loans (when rent goes up to $3200 next year) right? Reason rent will go up this high is I'm currently renting 3 family low to help two single moms. I was raised poor so I commit one property to helping others.

I need your opinion on this issue.

Goals: 1. Become financially independent in flipping and keeping.

  2. I need $100k to purchase another flip for 2017.

I am a contractor. I do all renovations and manage two properties. They are my 2 family and my brother ‘s 3 family. I own my current residence (single family) with no mortgage worth $160k prior to kitchen upgrade. My brother would like to get ride of his 3 family and it is appraised at $250k. He owes $130K on mortgage. He does not care of profit and just wants to move out of state to start his young life. He will sell it to me at $130k + closing cost fees.

This is the 3 family.

The 2 family has lower cash flow ($300) and don’t want to touch.

What would you say is the most financially sound way to tackle these two goals with the assets mentioned above. 

thank you

Intersted in learning others experiences in ways to lowering overhead cost on property maintenance.