All Forum Posts by: Ash Hegde

Thanks for the shout @Ray Hage, I agree the tap is a bad deal/expensive. With a cash of flow of $1,000 and the desire to hold, I wouldn't sell. If the HELOC doesn't work out, and they are tough to get right now on investments, I would at least run the numbers on a cash out refi. 9% is probably a good and conservative interest rate to use. If you're still cash flowing and can get enough cash out to fund the business, you should be in a good position.

Welcome Chris! A good contractor is invaluable for RE investing. 

Great news with the update Scott! Hopefully they are awesome tenants for you! 

Check with a CPA, but I believe when you inherit a property the basis will be stepped up to fair market value, meaning you won't have a taxable gain (or not much of a gain) if you sell it. If that's the case, you wouldn't need to worry about a 1031 exchange. 

The answer is likely in the circumstances that made you sell rather than hold when you went into the project intending to hold. @Dave Foster has a lot of experience with 1031 exchanges and may be able to point you in the right direction. 

Welcome Jimmy! If you're open to venture a little north into the Fort Lauderdale area, @Ray Hage is an investor and agent and would be a great resource for you. 

Great job on the first deal! I'll echo the others, a 1031 exchange is not available on a flip. 

Are you trying to get into small multifamily (1-4 units) or larger buildings? You can get into a smaller deal and house hack with an FHA loan for as little as 3.5% down, but the 5+ unit properties are commercial and require 20-30% down. If you are looking for the bigger deals, you may want to keep flipping and building up your cash.

I can help you with that, but also under the "build your team" tab at the top of the site, there is a "find a lender" tool.  

If it's in the name of your LLC, you'll want a DSCR loan as mentioned. You can get a 30 year fixed that way, rather than the 20 year offered by your credit union.

High yield savings account is probably the easiest place to keep it if you are wanting to use it within the next few years. The good side of the interest rate hikes is that these accounts are paying more as well.