All Forum Posts by: Peter Bussey

@Jeremy Pace 

I'm in Pittsburgh.  I did some checking with local banks last year on doing a cash-out refi with less than 6 months seasoning.  In the process, I found some banks that will do HELOCs on investment properties, some local some not:

ESB Bank

Fifth Third Bank

Huntingdon Bamk

TD Bank 

Wells Fargo

Also Dollar Bank and S&T Bank were very willing to do a refi on investment property and saavy on it, so I'd be surprised if they wouldn't do a HELOC on it.

Note:  I only read first 2 posts, so am not influenced except by 10 word rule.  

Here's mine:

"Where real estate investors come to network, learn and prosper"

Let me know if the 10 word rule is not in effect, then I'll come up with something more verbose.  

Same here. Score in upper 700s before REI. In last 2 years, two mortgages in investment properties, refinanced primary residence. No impact on score...even with quite a few hard inquiries and a couple credit cards near maxed out for rehabs, then paid off. If your baseline score is good, I don't think you have to worry about taking a hit from REI.

@Dave Visaya 

Thanks for the welcome Dave.  I guess I'm a newbie with experience.  I picked up an awful lot of very useful, practical info by searching and reading here on the forums, and I intend to share my experiences to try to help others. 

@Jeremy T.  

Steelers could very well win this weekend, just depends on which team shows up to play...the one that beat Colts and Ravens while scoring 12 passing TDs, or one that lost to Jets and Saints.   At least we got Bell and Brown, not to mention Ben.

@Jeremy T.

So far in 15202 (Bellevue /Avalon/ Emsworth / Ben Avon / Ross area)  and Mt Washington in the City.  I'm a little concerned about the quality of the Northgate School District (seems to ranked average to below average,  like #65 out of 108 districts in Western PA by Pittsburgh Business Times), and the associated quality of the tenant pool.  So far I've been able to secure good reliable tenants by offering a better quality product and good screening , but I wonder if it would be an easier process in better school districts. (then again, harder to get a deal where the numbers work).   Mt Washington is really variable but seems to be attractive to 20 something roomate groups with good jobs.  

All my deals have some from MLS. One Freddie Mac REO, one GMAC/Ocwen REO, one VA REO, and one estate sale.

What areas does your research show as sweet spots for buy and hold rentals? 

@Brett Synicky 

Thought about your question some more.  better cash on cash returns is big part of why I'm using leverage.  Also, since I'm not a spring chicken any more, I am motivated to get the portfolio in place while I'm still employed and energetic, and to help prepare for retirement from my job.  If you are younger, you might not feel that sense of urgency I do!

@Jeff S.  

Thanks Jeff.  Only reason I'm a "Pro" so soon is I wanted to have access to the BP investment calculators and reporting to analyze deals.   Glad I got started with posting, and hope to contribute to the community based on my experience so far. 

thanks Brett.  Short answer is by using leverage, I get better cash on cash returns, and can build  my portfolio and cumulative  cash flow faster.  And without  taking undue risks.  

After reading and researching on BP for past year and a half, finally checking in with an intro! During that time, I've bought and rehabbed 4 SFRs in the Pittsburgh area, and rented 3 of them out. The reason why i put "old timer" in the subject is that I'm in my 50s, which seems a fairly ripe old age to get started in REI. (Actually bought a duplex in my 20s and lived in half, but sold it about 20 years ago, and am just jumping back in after all this time).

Our (wife's and my) objective is cash flow to supplement retirement income, and to be able to pass these income-producing assets on to our sons. Strategy is buy distressed properties for cash (3 REOs and 1 estate sale so far) in "good" neighborhoods. Not great, and not low-income...more middle of road where price to rent ratios are attractive. Then rehab, rent, and do cash out re-fi with 30 yr fixed conventional mortgages. So far have re-fied 2, and getting ready for 3rd. With the 2 I've re-fied, have been able to recover almost all cash invested in purchase and rehab. Considering closing costs, holding costs, have about $10K into each SFR that are renting for $1225 and $1150.

I work a full-time W2 professional job.  For the rehabs, have acted as my on GC, contracting directly with specialists for plumbing,  Elec, HVAC, and general construction.  Also am self managing so far.  Challenging as far as time management, but doable.  

So far haven't been to any of the local REIA meetings because I'm too busy between job, managing the REI projects, and extracurriculars like being in a band. But do hope to attend some of these meetings in the future to meet local BP members in person.

As far as networking, my main interests are:  finding (good) wholesale deals and GC's for rehabs.  

So far BP has really helped educate me and helped me to get started in the game fairly smoothly...much appreciated!