All Forum Posts by: Joshua Bueno

I have a on market property under contract that was meant to be a fix and flip but after the inspection, I decided it was too much work for a first time project.

In the contract with the seller I am allowed to assign the contract. My question is, will my realtor agent still get their commission fee if I assign contract? And I put a EMD of $1k in escrow with title company, will I get the $1k back or does that go to the end buyer?

Thank you

@Howard Herrington

Hey Howard!

Thank you for the advice. Yes we have compared taking the other routes and it seems like a HELOC is the best approach since with a HELOC she won't be paying immediately. She will only be paying once shes take out the funds. Which gives us time to find a investment property. As in a home equity loan, she would receive a lump sum and would be paying immediately. The bank we inquired the HELOC loan with has a feature that you can lock in the rate for a fee. But yes it is a variable interest rate.

Hello everyone!

My name is Josh, I’m 21 years old and currently living in Florida.

I am trying to help my mom invest into real estate as she is getting close to the age of retiring and I want her to be financially stable. She owns her primary residence free and clear. I came up with the idea of her getting a HELOC on the residence and invest that money into either a rental property or a flip.

I know it’s risky since this is her primary residence and she will be putting her residence as collateral, but she needs to invest.

I myself am new to real estate but I do know a little. I obviously know that RE is a better investment for her compared to stocks, 401k, etc.

What advice can you guys give me? Is this a good idea? What strategy should she take?

Thank you