All Forum Posts by: Mike Joesph

What would happen to my open HELOC on my current primary property if I decided to keep it and just rent it out , the buy another primary elsewere?

lets say I buy a property for 150k... then I put 20k in to rehab.. so I am 170 all in...  then I sell it for 210k.. so that is 40k profit.. however now I have to pay capital gains taxes correct?  so what are creative ways to minimize that tax hit..  what I was asking is can I deduct my 20k expenses?

I have a two investment properties that are almost paid off, Is it possible to get a heloc on both from two different banks to leverage this equity? I have good credit and income as well.. thx

If I purchase and rehab an investment property, can I then deduct all my costs and expenses to wipe out most of the capital gains taxes after I sell?

ahh ok good point, however this is a good idea overall right?  Also if I rehab I can deduct the costs which can almost eliminate most of the capital gains taxes when I sell right?

Lastly is it possible to have 2 heloc's open on two of my invesntment properties, they are both almost paid off, I make great income and good credit?

Thx so much

Is it a good potential idea to take out 120k from my HELOC buy an investment property in cash, light rehab.. rent it out for great positive cash flow for two years, then sell after two years to avoid capital gains taxes and make a profit?

Is it a good idea to lets say take 100k from my heloc buy an investment in cash rehab it rent it out for two years then sell it after 2 years to avoid capital gains taxes.. then repay the heloc.. accoding to my calculations I would get large posotve rental cash flow for two years, then profits from selling?

hi Andrew, I'm not looking to sell anything .. just thought I could take some cash from heloc to (transfer) pay off on of my properties so I can enjoy the full rental income .. does that make sense ?

Hi!  This is my second question what is the best way to leverage my 300k heloc .. I don't know if the flipping market is that good but the buy hold and investment rental market is amazing in chicago.. is it bad to let money sit in a positive cash flow property or should I refi in 2 years .. any thoughts would be great !

Hello! I just got a heloc for 300k.. I figured I have a lot of equity in my primary why not put it to good use .. so my question is should I take some of this and pay off another one of my investment condos.. if I take out 100k (amount I still owe on investment condo)from heloc and pay it off it would only cost me $400.00 a month.. however then I would be able to enjoy the full $2500.00 rental income finally!!? Opposed to waiting 8 more years until it's actually paid off..any advice?