All Forum Posts by: Nicole Chang

I currently own my home in Alameda, CA and owe 531k on my loan. The home was purchased for 834K two years ago and I’m considering using a HELOC to help with my down payment for an investment property that I would like to purchase. Is it best to try to find something to rehab and flip? Or is it best to use a different strategy to help with the down payment and not used a HELOC? Any advice would be appreciated!

@Mark Pedroza thanks! I’ve added myself to the group and will definitely join next time!

I’m looking to buy my second property but problem is that I have very little cash as I made the mistake to put more than 20% down in a home that I bought for 834K. I know to buy an investment property you must put down more than 20% usually. What options do I have than to save forever? Prices are high in the Bay Area so 20% down isn’t a chunk of change. Any ideas?

Hi Mindy,

I have a question for you and the rest of the bigger pockets community.I own my home and placed a hefty down payment to qualify for the loan on my own. It was my first time purchase but I’m thinking about renting out a room to save on my mortgage and also would like to buy a smaller property (condo or single family) to rent out. What is your advice on taking out a loan knowing that banks typically require more down payment for a second property than if I were to live in it as a primary residence?