All Forum Posts by: Christian Bors

@James Allen How can you house hack in a different state? House hacking requires you to live in the property. FHA loans requires owner occupancy. I doubt a lender will give you an OO loan outside the state unless you are close to a boarding state. I believe FHA has 50 mile rule or something, but I am not a lender so I could be wrong. You will need a strong explanation to convince an underwriter.

@Josh Keeney I work in downtown york.  I might be interested in getting lunch or a drink after work.  PM me.

@Karen Polis transfer tax is part of the closing costs. In the state of pa, all transactions have a 2% transfer tax. Typically the buyer pays 1% and the seller pays 1%. However, in most auctions and bank owned properties the buyer usually pays the full 2%. So to answer your question, you will have to bring an additional $200 for transfer tax in addition to whatever other fees are associated with the auction.

My contractor wants to put a 80% efficiency furnace in the attic due to cold temperatures in the winter.  He is concerned with 95% can freeze.  I am assuming he's talking about the condensation?  As far a price, he said the difference is like 100$ so he doesn't care which unit to use.  The property is located in PA and sometimes are winters can be harsh.  What would you suggest?  Also, the unit has to go in the attic.

Thanks,

CB

@Patrick Liska while I agree with your argument, I'm not a fan of more regulation. First it's sources of income, but what's next? Occupations? 

@JoQuisha McGraw You should listen to the latest podcast.  Its very difficult to start with no money.  Is it impossible? No.  Is it difficult? Extremely.  The money has to come from somewhere, i.e. venture partner, private or hard money lender, equity etc...

I have borrowed funds from private investors, then refinanced properties using bank loans.  In that case it was zero money down. I've also borrowed 96.5% from the bank which was almost zero down.  The last flip I sold was to a retail buyer who financed 106% of the deal and that was using a local bank!

Link to an article about source of income now a protected class.

13 states currently have this in effect: California, Connecticut, the District of Columbia, Maine, Massachusetts, Minnesota, New Jersey, North Dakota, Oklahoma, Oregon, Utah, Vermont, and Wisconsin

http://www.realtoractioncenter.com/docs/for-associ...

@Steve Martushev You do not need a license to flip a house. If you are pulling permits, licenses are requried. You can act as your own general contractor and manage sub contractors that can do the work. Bank financing is always the cheapest, but usually the most difficult to obtain. HML (hard money lenders) are a great resource as well, however they will charge points and high interest rates. Like most of the questions on this site, the answer is "it depends."

@Atwan Kwan Here's a place for you to start

http://get.biggerpockets.com/taxbook/

Read this book or read other forums before asking a question so vague.  

@Amit G. I personally am not interested in the Avenues or any city properties at all. There are some decent sections near the fair grounds since its West York and not the city, but you are still dealing with 100+ year old townhomes. If I were to invest in the city, I would try to go on the high end. Royal square and other developers are trying to revitalize the city. They are adding luxury apartments that rent from 1200 and up. With that being said, I would still choose other areas to invest. If you are interested in the city and lower end rentals, I know there are several people in the York REIA that own close to 100 units. They can be a lot more helpful.