Hi my name is Eva and I am newbie  to BP and I am currently  on the process for my second home as a primary residence.I wanted to ask if is it advisable to take a HELOC on my current primary residence now before closing in 2mos (brand new townhome) to my next property as a primary residence.Any input and sincere advised will be much appreciated.Thank you,Eva

I do have a Commercial Fix and Flip Program that will provide cash for the acquisition and to Rehab the property.Once it's stabilize we can secure Permanent Financing and take out the bridge loan.Multifamily has, by far, the most interest in CRE Financing world, if it's a good enough deal we can get you the financing but I refuse to make bogus promises about what is and is not possible.If you DO NOT have the cash to put down on the property there a few creative financing avenues which may be possible if you have a motivated seller that is willing to work with you on terms.The 68% occupied property would be most fit for creative financing because there is clearly something going on there with the current owner.You can look at a master lease with an option to buy or doing a wrap combined with a seller second... the only thing is that the seller is highly unlikely to accept those scenarios.Now... there is one "highly unlikely to happen" scenario where you could technically get 100% financing but, again, the seller would have to be out of his mind to say yes.It entails a Hard Money FIRST MORTGAGE of less than 50% of the "Quick Sale" value as determine by a BPO... this would serve as your down payment.

I cash out refinanced my primary in 2019 right at the start of lockdowns with the idea of buying a new home and rent my current.

Angela, refinancing your property at the current lower rate (Today's 15yr fixed purchase rate: 6.8% APR) can fund a down payment for another property, enhancing your portfolio. 

The test I would use (if I were inclined to consider turnkey) would be to ask that I be put in touch with a former/current client who made money over some meaningful period of time using the system and was willing to be transparent om sharing the numbers with me. 

Hi Jeff,I currently invest in Lancaster but due to super low inventory, Reading definitely looks like a viable option.

Currently on the lookout for reputable wholesalers specializing in single-family homes within the Cleveland, Ohio market.

This may be an expense the current owner cannot afford.The auction company charges a Buyer's Premium (typically 10% of the high bid) and it is paid by the buyer.

Is it really possible with current prices and mortgage rates?

Is the property currently in a trust?