All Forum Posts by: John Paul

Just got approved for a heloc on my rental property my primary purpose for this was to use it towards real estate deals (fix-flips, str,etc) but someone suggested I use it for lending . No experience in lending never even thought of it but how do you guys feel about that

Sorry for the confusion the Brooklyn property is habitable I have 2 units both were 1 floor apts. the property actually has 4 floors including the attic so my original plan was to make it 3 stand alone apts till I found out my c/o was wrong and it’s actually a 2 family . My architects decided to make 2 duplexes out of the space so as we speak I’m in the final stages of the first duplex and the plan is to start the second in the coming months . The top floor apt does have occupants even though construction is ongoing we pulled the necessary permits to allow it

I will ask if that’s the case that’s a game changer I appreciate you 

 I appreciate your input , I was leaning towards a heloc I’m just concerned as you said with the high interest rates along with not being able to pay it off right away without being penalized 

Hey guys so I have a quick question , my friend and I have finally decided to pull the trigger and buy our first flip . To keep things short and sweet I wanted opinions and how I should fund my portion of this flip . Some background I inherited a property in downtown bk along with my brother and sister that’s worth around 3.7 a couple of years ago . I decided to turn the property into a duplex so I refinanced for 420k and the gross rent is expected to be around 10k a month for the rental ( work is still ongoing ) . My question is liquid I’m kind of strapped right now but I do have a lot of equity in this Brooklyn property , do you guys think I should see about maybe a heloc on the property to fund this deal or maybe look for a non traditional lender . Any input would be greatly appreciated

Hey guys so I have a quick question , my friend and I have finally decided to pull the trigger and buy our first flip . To keep things short and sweet I wanted opinions and how I should fund my portion of this flip . Some background I inherited a property in downtown bk along with my brother and sister that’s worth around 3.7 a couple of years ago . I decided to turn the property into a duplex so I refinanced for 420k and the gross rent is expected to be around 10k a month for the rental ( work is still ongoing ) . My question is liquid I’m kind of strapped right now but I do have a lot of equity in this Brooklyn property , do you guys think I should see about maybe a heloc on the property to fund this deal or maybe look for a non traditional lender . Any input would be greatly appreciated

I really do appreciate all of the advice I have gotten so far. I guess I have some thinking to do because the money I will be using is from the sale of  a brownstone me and my 2 other siblings inherited so I just don’t want to blow it . I’m gonna really sit down this week and think of my goals in detail . 

Buy and hold

Hi guys this is my second post and the first one I got some great advice so I’m expecting nothing less on this one. I need some advice on where my first investment should be . I read enough have done some sample analysis on properties and now I’m looking for the real thing . My problem is I live in Staten Island ny and the  house the rent ratios aren’t that good  . I’ve been looking at foreclosures and there aren’t many in good neighborhoods . I then looked into jersey but with the high taxes it comes about to the same cash flow . I have recently started to look Into philly but I’m hesiatant due to the distance . I want to buy a foreclosure as my first property and rehab but doing so from a distance is making me tbink twice . So for my first investment should I do one closer to home where I have everyday access or further from home . Any advice is appreciated 

I am brand new to all this but I am eager to get started . With that being said I live in Staten Island and have been looking to make my first investment. Problem is the numbers just aren’t working with price of homes in my area and with a 20 percent down payment . My question is I have the ability to purchase one property  all cash and that would create positive cash flow obviously. Should I go ahead with that plan or should I try a different market and if so does. Anyone have any suggestions on where to look ? Preferably driving distance maybe a couple of hours away