All Forum Posts by: Jack Zheng

@Anthony Wick what do you mean when you find homes off market? Like from other wholesalers?

@Laura Hines Thank you for your response!

It helps a lot!

I have a rental home right now that is being used as collateral on a HELOC. It is currently generating 1700$ a month with PITI @ 1200$ a month.

I am living with my parents as that home is generating cash flow. I am thinking of buying a town home or a multiplex, but don't know if I would be able to take out a FHA loan on that property. If not is there another way of creative financing to get another property if I live in it?

If I am able to get a FHA loan, would I be able to move out in a year or two and rent out my unit even its still under the FHA loan and I am not living there anymore?

Just not trying to put up a bunch of cash for another investment home as the properties near me in the twin cities area are pretty expensive.

If I live with my family and have a rental home that I took a HELOC loan out while using the home as collateral. I am looking to get more investment properties. Would I be able to get a FHA loan if I were to find a town home or a multiplex even if would become my second Home that I buy? On top of that, if I take out a FHA loan on that property would I be able to rent it out at a later date without changing loan terms?

@William C.

How do you determine how much a home will net on a flip? I just applied to get my real estate license and want to prepare in case I have buyers who are home flippers. Will be a real estate agent starting in April.

Thanks for your time!

@Sergio Santos I would first look at zoning to see if the city ordinance even allow a 4 unit townhome to be built in that neighborhood. Next you should definitely consult an financial officer to see if you’re financially capable of handling such a large loan and it’s payments. Typically construction loans are short-term and they will give you more loan $$ based on progress. Be sure that you rethink this and do lots of research. If you’re not willing to lose all your money, go into massive debt, and end up with a terrible mess I would not pursue this massive project.

@Nathan Churchill If it’s an investment home you should be able to write it off. However it will be over a span of 27.5 years so you won’t see too much written off. It’s best to slowly renovate your investment homes every year so that way it stays newer, you’re able to apply tax write off, and when you decide to sell there will be less for you to do!