All Forum Posts by: Joe Wall

I currently do not owe a house, but my parents have thought about doing a HELOC (home equity line of credit) to help me buy a side-by-side duplex. I am wondering about all the details for a HELOC. I was told it can only be 80% of the house's value. So like $300,000 would be $1800 plus 5% I'm told to repay back the mortgage. Then, I would be doing a cash-out refinance of the HELOC. What are the tax implications of this?

I guess my biggest goal is to figure out how much per month it would be for a $200,000 to $250,000 HELOC to put towards a duplex. How much would I need to pay back my parents per month? What are the tax implications?

2 Votes

Quote from @Will Sykes:

Quote from @Joe Wall:

I guess my biggest goal is to figure out how much per month it would be for a $200,000 to $250,000 HELOC to put towards a duplex. How much would I need to pay back my parents per month?

So I wanted to ask a question about HELOC as well. After paying off the Heloc, does your interest rate goes back to the Initial Interest rate of the loan? Or is the New Heloc rate remain the rate for the remainder of your loann?

Sorry @Joe Wall I’m no nope, I saw your forum and thought I’d jump in since it’s in the same category.

I was curious as well what interest rate it would be once you refinance.

0 Votes

I guess my biggest goal is to figure out how much per month it would be for a $200,000 to $250,000 HELOC to put towards a duplex. How much would I need to pay back my parents per month?

0 Votes

Quote from @Scott Crowley:

Quote from @Joe Wall:

My realtor and his broker recommended going off-market. I have some connections but most are not duplexes. How do I meet people/companies who have off-market deals?

Hey Joe! Are you new in the game and looking for your first deal?

This is my first deal. Looking to house hack with a duplex.

0 Votes

Quote from @Jonathan R McLaughlin:

the concept of off market deals on BP forums or on a platform is an oxymoron. By definition those places ARE markets.

I think you mean not on MLS?

Yes that is what I mean not on MLS where it is super competitive.

0 Votes

Quote from @Account Closed:

Try to connect with local wholesalers and investors. Networking with real estate agents can help particularly if they can tip you off on a deal before it gets to market. Most markets have Facebook groups which can be a helpful resource.

I have met a few online from Facebook. Many do not have duplexes though.

0 Votes

My realtor and his broker recommended going off-market. I have some connections but most are not duplexes. How do I meet people/companies who have off-market deals?

2 Votes

All Forum Posts by: Joe Wall

Joe Wall has started 3 posts and replied 7 times.

Post: HELOC vs Cash Out Refinance and Tax Ramifications

Post: HELOC and Tax Implications

Post: HELOC and Tax Implications

Post: Where can I find off-market deals or form connections?

Post: Where can I find off-market deals or form connections?

Post: Where can I find off-market deals or form connections?

Post: Where can I find off-market deals or form connections?