All Forum Posts by: Kapil Patel

@Brent Coombs I appreciate your feedback. Say I pull out my equity (your reference to "all your deposit back"), then wouldn't the monthly mortgage go up? So renting it out would be difficult, the whole idea is to increase principle so I can break even on rental / mortgage???

Also, what about pulling cash out based on appreciation. (I assume this would be another loan, which would be pointless to borrow against your own profits, basically depreciating the appreciated profits by borrowing against it).

Hello BiggerPockets friends,

I guess I need some help in understanding the benefit and strategic advantage of cashing out appreciation on a property and using it to buy another property.

If I appraise a property, I am borrowing that against another loan to pay some of the original mortgage and/or buy second property? But what I do not understand is you still have to owe on another loan.

Also, I want to know if this strategy not only helps in buying another property. But mainly to contribute towards my first property principle to break even when I rent it out. I guess my question is is this the best strategy or are there other strategies to break even on the first property to be able to be ready financially to buy a second property and keep the first one. I guess I do not see it any other way except putting in your own cash.

Thanks,

Kapil

Hi Vaughn, thank you for sharing. I will check it out. Do you wholesale?

I’m interested in wholesaling in Jersey City, New Jersey area. Do you guys know anything about whole saling around here and if it’s legal? Are there like good known recommended meet ups to network and build my fundamentals from?

Please excuse me for my auto correct typo errors earlier comment. “I’m interested in wholesaling in Jersey City, New Jersey area. Do you guys know anything about a wholesaling around here and if it’s legal?”

I’m interested in wholesaling in Jersey City, New Jersey area. Do you guys know anything about whole saling around here and if it’s legal? Are there like good known recommended meet ups to network and build my fundamentals from?

I’m interested in wholesaling in Jersey City, New Jersey area. Do you guys know anything about a whole ceiling around here and if it’s legal?

Thank you so much Jessica. All went well and we purchased our property. It’s a residential.

We need help in reviewing financials since we are closing a deal. Anyone can recommend a good accountant in JC?

I agree with you, however depends on the location. Further you away from the city the lower your chances in condo investments going well. If condos are in disarray and there are foreclosures, what kind of area is that condo located in? What type of class of people it attracts? The rule is same home. Buying a cheap home in a low income neighborhood is the same analogy as the condo. So your comment is vague. I am wondering what your opinion is in specific to 10 Regent, in other words Liberty Harbor or Paulus Hook. Condos are best the hottest of the hottest areas or else is not worth it as you your comments would hold true.