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All Forum Posts by: Chris Wilson

Chris Wilson has started 1 posts and replied 2 times.

Post: HELOC (not in my name) financing investment property

Chris WilsonPosted
  • West Harrison, NY
  • Posts 2
  • Votes 0

Thanks for your input. To further clarify, the investment property will be purchased with100% cash that was obtained from the HELOC so there would be no loan applications at the time of initial purchase.

Post: HELOC (not in my name) financing investment property

Chris WilsonPosted
  • West Harrison, NY
  • Posts 2
  • Votes 0

Is it possible to purchase an investment property (duplex) in my personal name with funds from a HELOC that is on someone else's property (ie. parents / friends / investors)? Logistically, I assume I cash the check from HELOC in my personal account prior to closing than proceed to close with cash.

Will this method of financing affect a delayed financing refi in my name after the property has been rehabbed? (less than 6 months seasoning)

What are the tax implications? Can the person who takes out the HELOC write-off the interest from their taxes even though the funds are being used to purchase an investment property in someone else's name?