All Forum Posts by: Jemir Martinez

Can you explain that a little further? Are you saying that the loan can only last for 12 months and not go any further? If so, how would one pay it off in 12 months? Don’t see how I could pay off $350k in 12 months. 

I’m still new to real estate but does my thought process make sense below?

All number below are a guess

Equity in the home $80K

Equity I can take out $60k

Interest rate 7%

I would be paying 7% interest on $60k + closing costs? If I’m going to use that $60k as a down payment on a multi family that nets $1k/month is there anything else to consider? 

Greetings All,

There is a multi-family (duplex) I’m looking at that’s currently rented out on both sides with Section 8. The tenants have been there for over 10 years according to the listing. 
Couple questions:

- Why would someone sell a property that’s getting guaranteed money from “good” tenants? Is this a bad sign?

- To get the funds to buy it can I use hard money even though the property doesn’t need any rehab? If so, is this the best way to purchase it knowing that I don’t have the 20-30% down for conventional loan? 

So, I have a similar question but taken a little further: I have a single family investment property that I want to take out a HELOC to buy a multi family. Context: I bought the home for $185k with an interest rate of 2.75% back in 2020. Mortgage payment is $1200. I'm about to start renting it out to a section 8 tenant for $1950/month. I probably owe somewhere around $150k on the house.

1. Is the HELOC the best course of action to buy to the next property without having any other cash that can be used for the down payment?

2. Does it matter who I do the HELOC with? I saw that Bigger Pockets has a few they recommend.

3. What do I need to look for when searching for HELOC lenders?

Thanks for the help.