All Forum Posts by: Will Cruz

I have a Duplex in VA generating $800 a month cashflow that i've owned since 2008. My primary residence has a mortgage of $3350 a month that has an ADU attached currently being rented out at $1950 a month at 2.25% interest. I bought it at 800k in Oahu Jan 2020 and is now worth based off comps 1.3M. I recently got approved and funded a HELOC for 170k. Navy federal is currently offering a HELOC at 95% LTV. Should I refi the HELOC for more buying power on a 2nd home investment in Tampa Florida? I work as an IT for DOD and a real estate agent. OR should I wait for the market and interest rates to cool off? I recently received a job opportunity to work remote for 120k a year and thinking of renting out the front part of my resindence 3bed/2.5 bath and move to the 2nd home in Tampa. The current rental rate for the front is 4k a month, plus ADU of $1950 and my duplex of $800 cashflow a month is $6750 - (mortgage)$3350 = $3400 profit a month in rent. I understand a lender can only use 75% of my primary including the ADU, but the $800 for my duplex is reflected in my taxes for over 2 years. That's $5950 gross. 75% of that is ($4,462) minus the mortgage. Leaves me with $1112 profit for primary PLUS $800 for the Duplex. Total usable investment income of $1912 plus my IT Job. I'm sorry I went into too much detail, however, this is the only way anyone can see if it's worth the move/investment.