All Forum Posts by: Julio Cruz

I am a local Real estate agent and a full time police officer and I have been wanting to buy my first property. I own my current home I have owned it for 10+ years and I have about $180k in equity. I would like to get your thoughts on selling my home or refinancing it and keeping it as a rental property. I am also a vet so I paid no money down on my home. I'd like to use my current home as a rental property and use a HELOC to use the equity to purchase another property do you think this is a good idea

@Abel Curiel @Scott Wolf

So my biggest thing is that no it’s a three unit property written in the area is going between to 1820 500 a month if I could renovate and have all three units rented that would yield me between 5600 and say 6500 a month in rent I’m just wondering what finance options I would have in order to help my parents do bothOr should I have them stay in the bottom unit and just rip rip the up to upstairs two units.

@Abel Curiel

I will be purchasing the property as an investment property not as a primary residence the property is a three unit property

My siblings and I would like to purchase my parents house so they could retire. The house is in Brooklyn New York. And it’s worth about $700,000 and they owe about $230,000. I don’t have the cash the purchase it out right l. But I am looking for different ways to purchase with different financing. Or maybe private money. I would like to give them a lump sum of money while having money to fix up the property so they have a good amount of money to retire. How would you do this? Or do you think I should just let them sell it.

@Whitney Hutten

I’m thinking if they keep it and renovate they can get good money for rent and not have to worry about a mortgage. Cause they could refinance the cost of renovation into the mortgage and the rent would cover the mortgage

@Whitney Hutten

Do you think it would make sense to renovate the house completely and continue to rent it out or sell it and by several other properties

@Tony Angelos

How would you recommend them doing that?

@Whitney Hutten

Thank you Whitney that is something to consider

@Tony Angelos

The property is located in New York City

@Tony Angelos

I’m getting comps and if renovated it would be worth closer to $850k