All Forum Posts by: Marcelle Thong

Hi Andrew!

kindly share the details with me. I'm interested!

Hi Everyone!

Kindly suggest me a third party that can help me as I'm structuring my deals. Working with a lawyer that is knowledgeable and experienced with seller financing will be helpful. if anyone has a good recommendation, it would be greatly appreciated.

Thanks in advance.

Marcelle

I agree!! A zoom call would be great.

Hi Vince! Kindly count me in.

I'm interested in!

Each option has its pros and cons, and the decision ultimately depends on your financial goals, risk tolerance, and lifestyle preferences. Here's a breakdown of the considerations for each option:

Option 1: Use HELOC for down payment on Multi-Family

Pros:

Retain the low-interest rate on your current single-family home.

Benefit from the 3% down payment option for the multifamily property.

Potential rental income from your current home.

Cons:

Need to move at least 50 miles away, impacting your current location.

Reduced pre-approval amount due to existing mortgage and HELOC.

Option 2: Sell Single Family. Use house sale as down payment on Multi-Family.

Pros:

Eliminate the need to move 50 miles away.

Higher pre-approval amount, potentially allowing for a more substantial investment.

Potential funds left over to pay off other debts.

Cons:

Give up the low-interest rate on your current single-family home.

Lose potential rental income from the single-family property.

Option 3: Keep Single Family and continue living in it. Use $64K HELOC as 25% down payment on Multi-family.

Pros:

Retain the low-interest rate on your current single-family home.

Use HELOC for a down payment on a multifamily property.

Cons:

Limited down payment with HELOC, potentially restricting the investment options.

Potential need for additional financing for renovations.

Considerations:

Interest Rate: The low-interest rate on your current home is a valuable asset. Losing it may impact your overall financial situation.

Cash Flow: Assess the potential cash flow from renting out your current home versus selling it. This can affect your monthly income and long-term investment strategy.

Location: Moving 50 miles away may impact your lifestyle and convenience. Consider the trade-off between location and investment potential.

Financial Goals: Define your short-term and long-term financial goals. Option 2 seems to offer the highest immediate liquidity, but it's crucial to align your decision with your overall financial objectives. I personally, prefer option 3.

Hello my name is Marcelle and I live in Maryland. I'm new in Real Estate investing and I'd like to connect with local investors. Thanks!