All Forum Posts by: Timothy Yen

@Carol C. thanks a lot!!

Originally posted by @Harjeet Bhatti:

Yes, you can use HELOC for down payment on investment property but make sure your DTI is good with HELOC.

 Thanks Harjeet!

Is rental income (anticipated/actual rental income) included in that calculation? Or just income from other sources (ie W2)

Originally posted by @Brian Pulaski:

If you are paying below average already, I would be careful. I would double check and make certain whether they can increase your taxes if you grieve and they find you are paying below average. I assume if you are able to, you applied for the STAR tax reduction?

 Brian - we had STAR when we lived in our Co-op and think previous owners had it too. I’ll have to check!

Wife and I (+ our 2 girls) just bought our first house last year, Jan 2017.  We purchased it from an older couple who had previously grieved the taxes for 2017 and was awarded some grievances.

Question is, should we grieve it ourselves for 2018 or let an attorney do it on our behalf?  Is it even worth it as we are paying below average taxes on our property?  

Hi BP community!

My mortgage banker suggests that apply for a HELOC on my private house and use those funds for a down payment on a rental property (2-4 units) my goal is cash flow of 10% and appreciation with the rehab/fixes I put into the property. I have $200-300k equity depending on appraisal & am looking in the Long Island area for now with the intention of expanding to other markets (Durham NC).

I'm also looking to switch my old 401k and ira's into a SDIRA, which should get me $150k. 

I want to get my finances in line so I can really start taking my analysis of properties seriously and make a move!

Any suggestions? Am I missing something? I feel that HML's as a newbie is not realistic since no one would want to lend to me.

Thanks so much!

Brgds, Tim

I’m in your camp buddy! Newbie looking for guidance from mentor - but in the meantime going to continue to work my way thru getting a deal done with or without one! (Can’t depend on someone else at the end of the day!) Went to Long Island BP meeting last night which was good - mostly newbies, but a couple who have or are in middle of closing their first deal!! PM me if you want more details on the next one. Also, PM me if you just want to bounce ideas.

I’m asking as a question. But couldn’t you get a quote to see if possible to get tax value and if not then wait for ARV?

Congratulations! Very inspiring.

Thanks Jonathan The purchase price was 697,000 - just had a realtor walk thru who said she could sell it in the high 800k. The comps have quite a range - from 800k up to 1.3m... it’s in a very desirable area in an already very desirable town.

My wife & I purchased our first home on January 31, 2017... After listening to BP and reading the forums, I've found myself obsessed with the desire to own cash flow rentals.  My parents have done some flips in the past and hold an apartment and duplex with positive cash flow (in fact my father is not semi-retired and doing well with it while my mom still owns her own small business) 

I'd like to see about refi my own house to try and lower my monthly's or get some cash back from the closing to invest in RE.  

We got a conventional 30 year fixed, $522,750 loan - paying around $3610 total (includes $14k annual NY property taxes)  My intention was to lower my monthlies & now realized i could have used that money for a deal!!  oh well.   The balance on the loan is $514,000.

Any tips/suggestions/advice?! PS - i'm very new to RE and will be attending my local REIA on January 4 and I'm bringing my parents so that they can hopefully learn something and network as well.

Cheers,

Tim