All Forum Posts by: Justin Petrides

I own a house outright which is valued at $100-120k . What would be the maximum HELOC I could receive? If I used the HELOC money as a down payment on an investment property would I still be able to get a loan to mortgage the rest of my payments? I’m trying to find the easiest way to use none of my money to purchase a rental property (mumti family) valued between $300-400k that I plan on living in and also keeping what is currently my primary residence.

@Nate Sanow i have thought about this. My only concern is having a rental so far away and the area I’m currently in is not a good place to rent .

@Nicholas Aiola thanks , I’ll definitely be in touch as soon as I have this house up for sale .

@Nicholas Aiola I’ll be looking into getting them before I make any purchase. Being new at this I don’t want to get into anything I can’t handle . Thanks again !

@Nicholas Aiola being new to investing , besides using a CPA would a real estate attorney be a gokd source of information also ?

@Nicholas Aiola thanks I appreciate all your help. I figured the $1 was considered a gift but wasn’t sure . I guess I have a situation I have to research further . I’ll contact an accountant , luckily I have a few months to prepare.

@Nicholas Aiola I’ve Lived in the house for 17 1/2 yrs unfortunately it was owned by my parents and sold to me for a $1 a year ago. I shouldn’t have a problem getting a loan credit is very good and so is DTI . Would it be easier to invest more money into a down payment on one property than on multiple properties?

@Curt Smith thanks l planned on posting this in more then one forum. Wasn’t sure where the question would be best answered

@Nicholas Aiola . The PA property is my current residence . This property is owned outright. Looking to use them money from the sale for REI. As far as using this money for multi properties, how easy is it to get more then one loan ?

@Kevin Phu I’ve been in the construction business over 20 yrs . The A/C will definitely add value and being it’s your primary residence it will make you happier especially if you spend a lot of time indoors.