All Forum Posts by: Daniel A richiez

Thanks!!! Yea I'm speaking with a few banks and definitely looking into DSCR Loans. I'm Lenders getting more difficult with their requirements

Hey Danny here I'm a fairly new New York investor. I own a coop in new york which is my primary residence. And I bought a 2 unit rental property back in 2020 in Allentown. Looking to continue building my portfolio. Currently don't have w'2 income due to injury back in September of 2021. I'm better now planning to go back to work soon. But looking to make moves ASAP. I do have around 150k in cash reserve due to a refinance of the rental in Allentown and over 200k in equity between both properties. Looking to start buying homes cash and BRRR-ing them with a close friend due to the inability to secure a loan on my own. I tried getting loans few times but couldn't due to no w'2 income. I much rather use my equity in my properties rather than the cash. We want keep our cash as a security blanket. Been considering Helocs or basically any loan aslong as the numbers work. Does any one have any advice for some newbies trying to scale ?Any creative financing ideas or banks that works with investors? Any advice will be greatly appreciated.

Just about finished with a BRRR deal in PA. Waiting to refinance to pull out my cash.In the meanwhile I'm looking and have been research on Florida and have narrowed down in a few cities in Florida. (Kissimmee, Orlando ,Davenport) Can anyone offer any guidance as to what parts of these cities I could invest in a buy and hold property and make decent cash flow ?

Going through My first BRRR in Allentown. I bought it cash.Its taken me alot longer than expected. City of allentown held up with permits and inpectors being able to get out to the properties. Have got alot of traffic for potential tenants already. When i get it rented out would love to take my property to a bank and see if i can pull out my 80k rehab money out of my deal any advice?

Awesome man I'm Glad I could Help a fellow investor. Find a good available GC right now is difficult. And Leilah who runs the project is a sweet heart and easy to work with.

The've been excellent so far with their communications and prompt with pulling permits. Sends me pictures of the progress and keeps me updated. Electricians and Plumbers just got in.These guys will be working through the holidays.These guys are the real deal! Would recommend 100%

Thanks man West Walnut st

Mitribrothers based out of allentown. I hired them to renovate my multi fam full reno. have ye to start the work but i'm impressed with their communication and professionalism. So far excellent.

Thanks Marlen!

Investment Info:

Large multi-family (5+ units) buy & hold investment in Allentown.

Purchase price: $72,600
Cash invested: $150,000

Story coming soon. My first Multi Family Property in allentown Pa. I surely have my hands full with this one, but after its updated it should cash flow nicely. Here are a few pics

What made you interested in investing in this type of deal?

Always wanted to be a landlord and try my hand at managing multiple units.

How did you find this deal and how did you negotiate it?

Well long story short, the house was becoming a headache for my grandmother. She was getting too old to dealing with the everyday maintenance and expenses. Finally the boiler went and lets just say that was "the straw that broke the camel's back". I was the one who they always called when expenses came up lol. We have tried to get her to sell that house plenty of times before but she wouldn't sell it. But I got to thinking why don't I just buy it off her? She loved the Idea. Both came out winnin

How did you finance this deal?

I had savings saved up. I purchased cash.

What was the outcome?

Fresh deal, still wanting to start Full Renovation soon. Just know updating the oh so old KNOB AND TUBING ELECTRIC  and all the plumbing.

Lessons learned? Challenges?

Do your Due Diligence on your contractor. Don't rush just cause you want to flip the property as fast as possible or to BRRR it. In the end, a bad contractor is going to end up costing you more. I almost made a huge mistake signing a contract and sending money with this contractor that just totally disappeared after he had issues sending the contract through emails. Something in me said move on and i did. Went through 6 more contractors until i met the very last contractor was the one i hired.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

This was a cash deal. I just figured it out and did on my own. I just used google and I called my mothers friend whos a real estate agent. I told her I had this property under contract what do I do next ? She said find yourself a title company. I googled title company with the best ratings gave them a call and the rest was smooth sailing. But Im really looking forward to work with any bigger pocket real estate agent/or investors.By the end of this project I could Cash out Refi and will definitely be looking for future partnerships and opportunities.