All Forum Posts by: Andrew Scott

Scott, 

Thank you. I was not familiar with RCD.  I keep them in mind when my portfolio starts to get beyond what the banks say is their limit.  I do like that RCD offers the 30yr financing without seasoning, even if it is a little higher rate than a bank's.  I've talked to some other HMLs like RCD but mostly 12 month terms, slightly higher rates, but no payoff penalties. 

I'll look forward to hearing your experience with them!  Good luck!

Hi everyone!  Been financing deals with personal and private money but want to step up my game.  Can anyone in the SE Pennsylvania (Philadelphia/Wilmington) area recommend which bank(s) investors are getting their loans from?  

I know HML's are out there and I've looked into a few but I'd also like to operate within my community if/when possible. Thank you for your help and let me know if you'd like to connect as well!

@Michael Campbell Looks like this is an older post but wanted to see if you dove into S8 and how it's been going for you!  Not only for myself but a connection of mine that knows some people looking for a home in Montgomery County.  I'd really like to hear about your experience in this area and if you or anyone else might be able to help me put people together.  Thanks!

Ah, ok.  My starting price point is a little more that 100x rent (room for negotiation) but he and I have alternating schedules so it'll still be a week or so before we can really discuss purchase options.  Just wanted to get have a back up plan or two.  Thank you!

@ Jorge De Jesus,  Sorry for the confusion.  I can sell it to him out-right and he can mortgage with 20% down but with my [limited] understanding of lease options I thought I might be able to approach him saying he could buy the option with 10% down and work out the other terms.

As Brendon mentioned, it sounds like it might just be more hassle than it's worth and I don't want to put him off trying to force the L/O. It's not an expensive property but I don't know his finances. Just rolling around ideas. Hope that clarifies.

@ Jorge De Jesus, Yes.  I currently have a tenant that wants to stay.  This would give my neighbor immediate cash flow and without having to pay the added expenses of property management and contractors, he'll be raking it in.  

Just trying to find the most appealing way to get the property over to him.

@ Brendon Woirhaye Thank you.  I'm leaning the same way but really wanted a second opinion.  I don't know what I don't know but very interested in finding creative solutions so everyone wins.  Looks like this is a just a matter of keeping it simple and unloading a non-performer.  

Hello BP and thank you for any replies. I've researched the forums but couldn't find a solution to my particular situation. I'm also new to REI so Lease Options and other strategies are still a bit foreign.

Situation:  First time home buyer in 2015 and mortgaged about $80k (paid retail...didn't know better).  I still owe about $70k and est. value around $95k (remodeled kitchen/dining room).  Lost job and had to move across state in 2016 for work but rented it out; currently rent is $975.  My neighbor recently messaged me asking if I would be interested in selling.

Additional info:  My mortgage is about $650 w/taxes.  Since I'm across state I needed property management (10%).  Do do maintenance and repairs I've only been able to break even if not some loss.  $975 is on the  high end for the area.  Advantages to neighbor:  No management company/fees, can do maintenance/repairs himself.

Question: Am I better off selling the property or trying to structure a lease option to nurse some sort of cash flow?  Any other strategies you might suggest?  I know it's an emotional response but my neighbor is a good guy and I want this to be a good deal for both of us.

Thank you BP!

 @Yuriy Skripnichenko I'm more interested in buy and hold properties but want to be flexible enough to do quick turn deals life fix not flips too. I'm getting a few more ducks in a row and then pulling the trigger as soon as I find make the right deal! I'll definitely reach out in the future!

 @Dave Shellenberger I want to own rentals but not really be a landlord.  I'm willing to use a management company until I acquire enough properties to form my own.  Thank you