All Forum Posts by: Ivan Dushchenko

No problem bro, btw, i am in ct. Where are you located in mass?

I am pretty new to this and don't have alot of money for a down payment either. But you should look into the 203k FHA loans, they have very low down payments, (as low as 3.5 percent). explore this option, for a multi family unit. defiantly better than renting

@J Eric Lybarger If you can send that questionnaire it would be great. 

@Wayne Brooks Now it makes perfect sense. Thank you, so much for taking time to clarify this for me. Now I have a better idea, on target price for the property and the area. My goal is to be able to take out, about 20-30K with a HELOC within a year after purchasing a property. I am not sure if it is achievable (It only my first buy), but that's the plan.

I am planning to get pre-approved on 203k within a month or so( I have a little tweaks I want to make to my credit ), while looking for a property. 

Again, thanks a lot. 

I appreciate your help. But I am not talking about refinancing ( unless I don't understand something ). I am just talking about simply getting a heloc, Once my dwelling is worth more, than I have borrowed. 

So will i be able to get a heloc, while having a 203K loan on it? 

Down the road, I definitely want to refinance the house to a conventional loan. But in a shorter term I just want to get a heloc, to put down payments on other property. 

Thanks 

I do understand that equity line credits are usually 80-90%. But why do you say ill be able to get 1/2 the equity ? Why not the 80% of the equity

Hello, bigger pockets community. I am starting out my real estate investing career, and I have a great plan.( or at least that's what I think). So the numbers below are raw, and they do not represent the exact values of the property, they are just to set an example. 

So If I go and buy my multifamily unit for $50000, rehab it for $30000. Now the dwelling is possible worth $100000-120000.  Because I only borrowed 80000, my equity is now about 20000-30000. Of course minus interest and everything else that goes into a loan. 

Now, is that equity mine, and would I be able to use it to get an equity line of credit ? I hope to make a deal like that, and use an equity line of credit, to get a second unit as soon as possible. 

If somebody has experience with 203k loans, and has free minute, please respond, because I cannot find an answer on the web. 

Thank you all so much, for all the inspirations and ideas. Love this forum