All Forum Posts by: Shashy B.

@Joe MartellaThanks for the suggestion. I attended one of their events pre-covid. I will join the group. Do they have a forum where I can ask questions (vs. waiting until there's a meet-up)?

Hi! I'm a landlord looking to expand into Gloucester City from neighboring towns. I'd love to hear fellow landlords' experiences re: investing there as I may close on a property there in the coming weeks. I was surprised to see the police chief's notice/warning in the rental registration packet, and I've heard that the town can be tough to work with. Thanks in advance for experiences and advice shared!

I'm seeking feedback from landlords who have rented to Volunteers of America. I have a lot of experience renting to section 8 voucher recipients but no experience w/ VOA. I'm considering purchasing properties rented to VOA. Is there anything that I should consider? Would you advise (against) renting to VOA? Do you know how rental amounts are approved? I'm waiting for details on how the leases are currently set up so I don't have much background info to share. Thanks in advance for your help!

@James R aduna, a good source for potential lenders may be your local REIA. Often investor-friendly lenders/bankers who offer non-conventional loans will advertise on REIAs' websites and attend meetings.

I've also used personal unsecured loans. Lenders like Lightstream and Sofi will often approve and fund loans within a couple days. I think unsecured loans are much better than hard money; assuming you have good credit, they're less expensive and quicker to access than hard money. However, as Anthony noted, refinancing terms have become tighter. If you were considering refinancing w/ an "alternative lender" (eg. non-bank/credit union), many have paused their SFR programs. Another thing to be mindful of is the take out lender's seasoning requirements. For example, if you only planned to have the unsecured loan for a month or two, but the seasoning requirement is 6 months, you'll want to budget for the higher interest/payments for those additional months.

@Anatole Doak, do you mind sharing what banks had the best terms? I'm also looking to do a cashout mortgage on NJ properties through LLCs.

Hi all,

I recently ventured into SFR investing after dabbling in apartments/townhouses. I'll be onboarding new tenants for my renovated properties in the coming weeks. A couple of them don't have experience living in a house, and I'd like to find an easy way to educate them on the systems while also encouraging proper maintenance of the HVAC, wood laminate floors, countertops, etc. I'll probably put together a guide and checklist that I'll review w/ them during quarterly inspections. I'd love to see what you give/review with your tenants as well as hear some of your best practices.

As always, thanks in advance!

Shahidah

@Sarah Hooff, have you scheduled your next NYC meet up yet? 

Thankfully my agent was able to get the resale package from the HOA so we we're able to move forward last week.

@Tom Gimer, great suggestion. Will keep it mind in the future.

@Lynn McGeein, Fannie Mae ended up paying $1k of the $5k owed by the previous owner. Should I have the same problem in the future, I'll inquire about a statute of limitations and request that funds be held in escrow.

Thanks all for your tips!