All Forum Posts by: Javier Duenas

Thanks Kevin and Zach for your responses.  I didn't know you can hold the fix and flip for a year to help with the taxes. I still have a lot to learn but definitely want to start investing in 2024.  It just hard in NJ right now to find any deals on fix and flip. As a newbie, I rather do it in state where I have control of the job and able to keep an eye on the process.  Thanks again, I appreciate it. 

Hi all, I'm new to bigger pockets pro and new to investing. I have many questions and concerns as a newbie. I'll give a quick summary of my situation. I only own my primary home in New Jersey and do not have any personal cash available (unfortunately). I opened up a HELOC which is my ONLY available funds. After analyzing a few properties on my own and now utilizing the calculator on BP, it seems that nothing will work because the HELOC payment at probably 8% or 8.5% variable is destroying my numbers. The market in NJ seems too high. I was thinking possibly start with fix and flip to make some personal cash and not depend on HELOCs. I was advised not to because of the risk and the taxes that I would have to pay on capital gain. I also thought of the BRRRR method, but again, between the mortgage for that property plus paying the HELOX back doesn't work. Do you guys have any suggestion as to what I should do, or where I should look to help purchase my first investment property. Thanks.