All Forum Posts by: Account Closed

@Marcus Auerbach About the rental there was a misunderstanding. When I rent it out of course it’s gonna be legal, with lease agreements and everything. And I know that having a rental property has so many advantages , tax detections etc and passive income.But now it’s my primary because I’m working on it. I’m a big fan of Morris invest I want to build passive income over the years by buying inexpensive houses and rent them out.

@Marcus Auerbach

Thanks very much for the useful information. I’m a newbie that’s why I’m asking all of these questions before I mess it up. About the 30 year Loan you mentioned can I withdraw as much as I want and pay the interest ??? Is that Loan against the house? For instance if the appraisal of the house is $80000 and the bank gives that money can I withdraw just how much I need at the time ??? Let’s say $50000 or I have to withdraw the whole amount that I agreed with the bank and pay the whole loan ???

The reason I’m asking is because I don’t know how much the next property will cost and ideally I don’t want to take more money than I need, unless there is another way.

Thank you very much

Hello everybody I’m new to this and I would want some help any advices are welcome.

I recently bought a house as a primary ( for tax reasons) even though I'm staying at my wife's house. I'm remodeling -renovating the house so I can rent it when it's ready. (I'm a contractor) My plan is to get a HELOC using the house I just bought ( it's paid off) put it under an LLC after, rent it and use the HELOC money to purchase the next one.

Does it sound logical ?

Am I gonna have issues if I get a HELOC and then rent it out ?

What would you advise me?

Thanks in advance