All Forum Posts by: Cory Iannacone

@David Oechslein Thanks for the comment.  Fortunately, my cash flow has not been significantly impacted by the pandemic.  I did significant upgrades to my properties when I purchased them and really took the time screening tenants to find people who would be a good fit.  Every tenant I placed myself had stable employment and is still working (most from home), and paying rent in full and on time.  I have only had 2 tenants (inherited - one bar tender and one mechanic) out of 21 total tenants who told me they could only make a partial rental payment for May, but also promised to make it up once they got back on their feet.  So, I am currently short $515.  All things considered, I think that is very good.  One of my banks mentioned yesterday that they are seeing a lot of landlords (who cater to lower income tenants) get hammered with nonpaying tenants.  The last 3 years everyone was telling me not to put so much money into fixing up the apartments so nice (contractors, other investors, RE agents, etc.).  I am glad I didn't listen to their advice.  I will definitely be continuing to follow this business model.  I actually just closed on another property last month and just made an other offer on a larger apartment building this week.  

@David Flores invited me to be a guest on his No Money Down Real Estate Investing Podcast to talk about my journey from 2 to 18 units ($1M in Real Estate) in 12 months Using OPM.  Dave really focused on my no money down deals using seller financing, private money, and even hard money.  I had a blast doing the podcast.  Want to hear us talk about this article?  Check it out at:

https://podcasts.apple.com/us/podcast/no-money-down-real-estate-investing/id1492933244?i=1000461631801 

Thanks, Dave!  Great Podcast!

@Deborah Hoffman hi deborah. I have a great PM company in Harrisburg if you’re interested. Great service and you can’t beat the price. PM me and give me the details on location and I can connect you.

@Rick Sanchez - I actually made my own mailers and personalized them (so it wasn’t “we buy houses for cash”). Basically just said I was committed to helping the local area and wanted to invest here, let me know if you’d like to sell your property. I did a couple hundred mailers and got probably about 10 - 15 people respond. Out of those 10 - 15, I got 6 properties from 2 different people.

Thanks!

@Tony Lee yes—seller would want a mortgage on the property as part of the seller financing.

@Shane Dempsey I used S&T Bank.  If you are investing in PA and would like me to make an introduction, just let me know.

@Heshel Mangel No--I do not think you would be able to do HML and bank financing at the same time. Both would most likely want a first position on the mortgage on the property. I could be wrong, but I just don't believe it to be the norm.

@Daniel Umstead I didn't have any difficulty getting the Business LOC with my bank. All of my deals were with the same bank so I had a track record. I only had my LLC for 1 1/2 years before getting the LOC. Also--it was secured by a property.

@John Kim I qualified for the loans based upon the income from my job.  It wasn't until my last deal that the bank really started looking at the rental income from my properties.  I believe this is because all purchases were 2 - 4 unit properties.  Once you go to commercial (5+ units), then the bank focuses on the property's performance. 

@Darren Nardo Thanks. If you're making a cash offer--I think the buyer only cares that you have the funds and there is no delay in getting funds. The HML and private money were basically treated the same as my own cash from the buyer's perspective. I was able to close within a week. If the HML and private money backed out, then yes--I would have had an issue.