All Forum Posts by: Krystof Pilisiewicz

Hi Guys,
Hope you are making a killing out there, and 2017 is already awesome for you.

I wanted to run three scenarios by you, and see which one you think I should go with.

Here we go: I`m thinking of buying my second property by mid-2017. In order to finance it, I thought of these three options/scenarios that I can use:

Scenario one:
• Take out HELOC (line of credit) out of my first house and use that as a down payment for the new property.
• If later in a year or 2018, I want to buy another house I would apply for FHA mortgage, and try to finance it that way.

Scenario two:
• Go with the FHA
• Later when I decide I want to buy a third house I would apply for HELOC loan and use that as a down payment.
• Downside of this situation is that I think since I would have two loans on my name I might have a problem with getting an HELOC loan because of my income.

Scenario three:
• Take out HELOC (line of credit) out of my first house now
• Buy my second property with an FHA loan
• And keep HELOC ready for any renovation and possible use as a down payment for my third house.

What do you think? Let me know. Your feedback is appreciated it!

Big thanks!

Awesome! Good luck to you.

Hi, Just hearing what some of the users in the community are saying, it doesn't make sense to buy and hold properties in NYC. I find this hard to believe. This is the market that houses go up 50k a year for a single family houses. Can we hear an encouraging note from someone who is successfully buying and holding houses in NYC?

Jeff, you rock! Everything is on this site. I am sure you will know the answers to your questions. Good luck to you!

Originally posted by @David Llanos:

Czesc Krystof! Best of luck and welcome. 

Czesc David!

Awesome! thanks so much.

Hi,

I wonder if I need to be a real estate agent or a broker if I want to access the MLS. I want to start reviewing the listings, but I don`t know if I can, since I`m not a professional with a certificate.

Also, if I can, do you know what is the URL to access MLS for Queens, NY?

Thanks!

Hi, I wonder if only real estate brokers/agents can review MLS listing. Can I review them on my own? Also, what is the URL for the MLS queens website? I would like to start looking at the listings and start getting familiar with the market. Thanks a lot for you help!

Originally posted by @Juan Reyes:

Absolutley any time. As you said I am just throwing things out there, I am a mortgage broker myself and I know it's always best to know all your options however, it very well may be that. HELOC is your best option. Where do you plan on buying ? Have you spotted anything good yet? I am looking to purchase something myself.

Considering maybe a rental.

I want to buy something in Queens, but I`m open to suggestions. I don`t have anything in mind. I am working on my finances and numbers before I start looking for a house.

Take care!

Originally posted by @Mark Nolan:

@Krystof Pilisiewicz

Welcome to Bigger Pockets. Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Hi Mark, I am reading a  book called " Rental Property Investing". It was written by Brandon Turner. I will go to your book next! Thanks so much for the tip!