All Forum Posts by: Kingsley Ogwuegbu

@Marco Bario Thank you so much! I definitely will take all your tips into consideration! This is very helpful!

Thank you very much @Marc Rice

Hey All,

I am purchasing a friends property in Cleveland, OH with a wraparound mortgage (my first time doing this) and I was wondering if anyone can refer a lawyer/title company that can assist with this please.

Also please feel free to share ang tips and pitfalls to look out for.

Thank you!!!

@Rico Nasol Thank you very much for your advice Rico. It is nice to get different opinions as to how I can go about with this deal. 

@Alex Heidenreich Sure will! Thanks a lot! 

@Alex Heidenreich Thanks for the reply. I am open to living in this property for the year and then maybe selling or keeping it as a rental. My question really boils down to if I should use little or no money to get in through an FHA, fix it up overtime as opposed to depleting the HELOC. Another question about my HELOC, If I was to use go the FHA route, can the bank pull my current HELOC given that this new property will now be my primary resident? Not too sure how that works

Hello Biggerpockets Members,

I am currently sitting on about $120K HELOC funds. Currently looking at a house that's being sold as is for $115k(ARV is 140k), Needs about 10-15k. I am looking to get into the deal anywhere between $85-$90K.

My questions is should I:

1) Use and FHA to get this property

2) Pay cash and BRRRR or flip?

Thanks for the advice.

Hello Biggerpockets Members, 

I am currently sitting on about $120K HELOC funds. Currently looking at a house that's being sold as is for $115k(ARV is 140k), Needs about 10-15k. I am looking to get into the deal anywhere between $85-$90K.

My questions is should I:

1) Use and FHA to get this property

2) Pay cash and BRRRR or flip?

Thanks for the advice. 

Hey BiggerPockets members,

I am currently sitting on a $120K HELOC. My contractor recently approached me with house that's being sold for $115K (needs about 10K of rehab work to it nothing too serious). I am trying to get the house for $85-$90K, potential ARV is $130K.

My question is:

1) Should I use an FHA on it

2) or pay cash and BRRRR?

@Jassem A. Okay will do that. Thanks a lot. From the impression I got from the current tenants, they plan on staying for a while. The property itself looks to be in good shape. No major work is needed at the moment.