All Forum Posts by: Steve Walczak

Hi @Krystof Pilisiewicz

Welcome @ BP!
@Juan Reyes might have a point - new mortgage for the 2nd house will offer: 1) fix rate 2) lower rate [most probably].
There are few factors you need to consider while thinking about the new purchase: 1) your income 2) amount you have for down payment 3) your equity 4) your appetite = what is you max budget for the purchase. For now we don't have much info about your situation to give you specific sugestions.

In case you have any questions regarding HELOC, I'd be happy to help you.

Good luck with your investment plans!

Hi Andy,

To calculate how much you can get using HELOC you will have to disclose what is the current value of the property, and your mortgage balance. For the conventional lenders the max CLTV is usually 80%. The advantage of the HELOC is that there is no closing cost for you. If you take new mortgage for 4-family house, the closing cost is not insignificant.

Please, let me know if you have any questions in particular. 

Anthony Perez you might be right, as far as the appreciation is concern. Problem with your strategy is that FHA loans are for primary residence only, and East New York is not a place you would like to move in. Buying it and renting 100% sounds OK but then with different financing model than FHA loan.

Hi @Daniel C. please, let me know if you need help with the HELOC for your existing property.

You can find a case study here: https://www.biggerpockets.com/forums/92/topics/361...

Good luck!