All Forum Posts by: Andrey Pak

Hello, 

I am in Philadelphia area and wonder 

1. what are the options/programs are out there to get mortgage financing for investment properties in non-livable condition. I was told that traditional mortgage can not be issued on a property in non-livable condition. The property can range in condition from shell to incomplete rehab. I would be looking for a mortgage to cover the purchase and then finance some of the remaining rehabbing. Willing to put some equity as well.

2. I was told that 203k are only for first property that will be owner-occupied? Is that so, or are there ways around it? Like if I will be ok to move into that investment property for a year while rehabbing - would that satisfy the requirements for that program?

3. I understand that there are also private money, but as it is my first investment property, there are a lot of risks, I am not comfortable taking with hard money lenders on the first transaction. 

So, overall, has anyone heard of any banks/credit unions in Philadelphia area that have mortgage programs for investor properties in unlivable condition?  Or am I missing any of the other pieces/ wrong in some assumptions?

Would appreciate any tips. Thanks, 

Andrey

Hello, I am in Philadelphia area, and wonder if there are people who make it their strategy to JV with the sellers for the flips, where they would provide funding for rehab. I read in previous posts that a way to go about it is to request a seller financing to have an interest in the property before starting to fund the rehab. Are there any other aspects?

If there are investors who have done it a few times, would it be possible to have a conversation?

@Jerry Kisasonak, Jerry, can I also ask for a copy, please? 

Thanks, 

Andrey

@Russell Brazil, 100% agree with you - that does not make mistakes who does not do anything :)))

Thanks, @Kyle Niemann, will watch this. @Russell Brazil

I would like to find out more about why your previous real estate investment businesses have failed in buy and hold (rent) - whether it is not enough reserves, over leveraging, etc. 

In case of the reserves - is 5-10% of annual rent enough for vacation allowance?

What is the safe amount of reserves for maintenance?

Any other reserves I am missing?  

Thanks in advance, 

Andrey