All Forum Posts by: Bob Mastroianni

What you are doing has the potential to make a great impact on your financial situation. Congrats on take the step. My biggest piece of advice is to make sure that you do a good check on your tenants. Create your own standard for who you want as a tenant & don't break your own rules. If someone doesn't qualify, the right person will come along. I use a service through TransUnion called "SmartMove" to do all of my tenant screenings. There are a few sites similar to this. Find one that you like & utilize their systems to help you find the best tenant for you unit.

Good Luck

Hi William,

Welcome to BP & best of luck in the Philadelphia market. I am also a member of DIG, hopefully we'll meet up at one of the networking events. It's a great organization with a lot of helpful members. 

Bob

Hey Zack,

Welcome aboard. This is a great place to make connections & learn a lot about the business. I have a few investment properties in the area's that you are looking at (Fishtown, Port Richmond & South Philly). If there's anything I can help out, please let me know. 

Welcome @Jonas DeVita . Best of luck growing your business. This place is a great resource.

Thanks for the recommendation James, I'll look into their services. 

I'm looking for recommendations for an Inspector in South Jersey, Specifically in Gloucester County. In the past I have used House Masters. I like the way they present their reports, everything is don't electronically & the emailed reports are very detailed. The inspector who I used in the past is not with them any longer. So, I'm just looking for recommendations of another company who also has a great reporting system, is knowledgeable & reliable in my area. Someone who has experience with Multi-Family would be helpful since I will be looking at more Multi's in the future. Any help would be great.

Thanks

Bob

Thanks @Colleen F. I appreciate the feedback. I will do some research on my end to find out Insurance requirements in the area. I haven't really considered that the insurance company may look at my risk a little different based on having Students as tenants. 

Wow @Kelly N. That's a lot of great information. Thanks for taking the time to share all of that, you've been very helpful.

@Upen Patel @James Masotti and @Chris Mason Thanks for the advice and feedback. You all gave me great info to to consider. I really appreciate it. Knowing that we have options helps to make the decision a little process easier.

So here's a scenario that I could use a little bit of advice with. My wife and I are currently looking at a duplex in South Jersey. If we were to make an offer, we would purchase the duplex as our primary residence, living in the larger unit & potentially renting out the 2nd unit (the famous House Hack). We currently have 4 mortgages (primary & 3 investment properties). Our plan would be to rent out our current primary home and then move into the duplex. Although we currently have 4 mortgages we do not have an FHA Loan. So my questions are these:

1) How much difficulty will we have obtaining a 4th mortgage?

2) What type of reserves or Debt-to-income will we need for the 4th mortgage?

3) Will we be able to obtain an FHA Loan, since it would be our 5th mortgage?

The reason I ask is because I hear so many people mention how difficult it is to get more than 4 mortgages through conventional financing. Any help would be great. Thanks!