All Forum Posts by: Aaron Moore

@AJ Singh thanks I'll definitely look into that.

@Kristopher Hanks are there ever any instances where the HOA fee can go down?

Condo just came on the market and is being sold as is for $13,900. Needs a little TLC based on photos. Most units in the complex rent for $700. HOA fee is $125 a month but I'd pay cash for it so a mortgage payment wouldn't be an issue. Ran the numbers through the BP rental calculator and my worst case scenario cash flow is around $230 a month.

Would love to receive feedback on if it's worth investing in a condo if you own it with no mortgage.

@Thomas S.  Thanks definitely appreciaite it.

Hello Everyone,

I recently closed on a HELOC for $63k and I'm looking to purchase a multi-family property. My question is would it be better to use the LOC for a down payment or should I pay all cash if the CoCROI is high enough?

I wouldn't use the entire LOC on the purchase because I don't want to over leverage. Any comments would be great appreciated.

@Bao Huynh How did that project turn out for you?

Hello everyone,

I would like to get opinions on whether or not this property might be worth the trouble of getting approved for a fha 203k loan. I would pay the 3.5% out of pocket and could use funds from a HELOC if necessary but that's only a last resort. Any comments would be appreciated.

http://www.realtor.com/realestateandhomes-detail/407-E-Market-St_Bloomington_IL_61701_M89288-86257#photo13

@Thomas S. Definitely appreciate the advice and the main reason for him using the HELOC is to repair our family home and he would only be giving me an extremely small part to help with a down payment.

@Luis Roel   I would be living in the property but fha only allows up to 4 so I'd have to get a commercial loan unless you know of any other possible options.

@Will Gaston I will definitely look into that. Thanks. 

@Bill S. I'm currently trying to purchase my first property through a down payment assistance program. The HELOC questions was more so for properties I'd want to buy in the future.

@Reece O. Thanks I most certainly will.