I currently have a HELOC with Wells Fargo for an investment property I own in Brooklyn, NY, which the draw period will be expiring.

The biggest challenge I can see for this is that I hear it's a pain in the *** for the seller to go through a local community bank and confirm their income for their approval for a mortgage, and there are local/community banks that will approve 95-100% LTV loans based on how profitable the deal is.

As it says in the title, I am new to real estate.

Hello, BP Community:Thank you for your help in advance.

If you are spending 325K on buying and 200K on rehab all in you are at 525K, you'd ideally need the ARV into the 600/700K range to give cushion and room since I would assume you would do a refi at the end.

@Rolando DeLeon Are your rentals based in WI or somewhere else? 

We haven't booked yet, will most likely come in a day or two early.

I am looking to connect and partner with investors in the DMV area!

I am currently looking at a multi-family foreclosure that needs about 60K in repairs, the numbers look good in the rental estimate calculator.

A cost segregation study was performed on this residential condo in Jupiter, FL purchased in 2022 with a depreciable cost basis of $672,870.