All Forum Posts by: Jacob Wint

I've done several flips to build capital. I like to stay away from hard money. I have enough saved up but not enough to do what I want in the market I am in. I know you can say I can grind away etc and get the capital but I would like to either assume a mortgage or suggest seller financing. I could also find a credit union that would just allow me to purchase with less down. No, I do not want to do an FHA on this property. I also have a HELOC available up to 230k as cash to use but I like to use this for renos - cash out and pay it back.

Anyone have any thoughts 

Purchase Price -835k

2 Units- roll in 2800 and 3000 respectively

Closing Costs - 12500

Loan that is on the current property - 375k

My HELOC - up to 250k at 3.5% and interest only for 10 years...

Cash on hand - 75k

With 20 percent down and a conventional note- I am looking at 

$4,560.43 a month at 5 percent which is not the national number.  So I am around $5,595.52

Any ideas would be amazing, just an idea to see what I can do. I know I can buy something cheaper. 

Hey all,

I was presented with an opportunity to purchase a property that has an income restriction on it. Due to Covid I have made under that amount for 2020 and 2021. I do however own two other homes, one I split with a cash purchase (hard money) and the other I have a mortgage on. Would this effect my ability to purchase the home as a residence? Could I make it my residence but rent it out? How could I go about this? Anyone have experience on a 1031 on a property that may have income restriction. I know the property will hold the income restrictions when I go to sell at a later date but the community is all 800k-1.2 Million properties so it is desirable  so I am not so much worried about that aspect of it.

thank you