New Investor in the Philadelphia Area

[Ron J.]

After finding the bigger pockets forum I have been reading and trying to gather as much info as I possibly can. It has already been a great help. My name is Ron, I'm 26, and currently have 1 investment property located in Philadelphia that has been rented through section 8 for the past 8 months. I close on my second property on May 28th also in Philadelphia and also will be rented out through section 8. Any advice from others who have successfully rented section 8 would be greatly appreciated. I currently have a full time job so only get to work on my properties on the weekends which slows down progress tremendously. My plan is to go full time at real estate investing when my rental income can match the salary that I am living off of at my current job. I pay cash for the properties and after it is ready to be rented I refinance for only the amount that was put into the house to keep the mortgage low and monthy profits as high as possibly all while retaining enough funds to be able to get another property. My major concern is that after 4 refinances I was told the borrowing restrictions get a lot harder. My question is after my 4th property how hard will it be for me to refinance again? Or should I be looking into some other types of loans? Any Info would be greatly appreciated! Thanks!

[Rafael Floresta]

Ron, there are several places that refinance with a commercial loan on rental properties. The rates are higher, and sometimes the terms are shorter.

I am looking to refi a rental (just finish rehab, tenants moved in last week). The bank will mortgage it for 5.25% 30y. All based on the rental income, and they dont look at my debt to income ratio. 

I buy mostly in Delaware County, PA, and I am fairly confident the bank would lend in your area. PM me if you want the contact of the mortage person.