All Forum Posts by: David Vitarelli

@John Matthews you are correct. I spoke with Dennis, we are currently working out the details but it looks like the Equity LOC will work. I have talked with 13 banks over the past month...PFCU is the only one that seems to be willing/able to offer this type of financing. Thanks John!

@John Matthews Thank you for your reply. As of today I have started a dialogue with 7 banks regarding my interests. One of these seven banks is PFCU. My contact there is Kelly, I don't know her last name, she is a rep in the residential loan division. Kelly told me that she could not help me and that she thinks I need to talk to the commercial lending division of PFCU. She was going to pass my information along to them... I have not received that phone call yet. I would like to talk to your contact...perhaps he would be more receptive. Thanks again. 

I am an investor in the Philadelphia, PA metropolitan area, I am looking to expand my relationship base with reputable wholesalers. Please comment on this thread with your contact information or PM me. Thanks and I look forward to talking with you! 

Hello All! I am the proud owner of 3 rental units in Philadelphia, PA. I am looking at ways to generate capital, to reinvest in real estate, from the equity I already have in my primary residence. I am not certain of the cost of my next real estate investment so, naturally, a HELOC appeals to me. The issue that I am having is that my present primary residence is a multi unit property. I live on the 2nd and 3rd floors and I rent out the 1st floor to a home health care business. Now here is where my situation gets tricky, this house is zoned 20% commercial 65% residential 10% Multi Family and 5% other. Its specific zoning classification is "C2". Most lenders that do strictly residential say that they cant help and lenders that lend commercial say that it is not a commercial loan due to the small percentage of commercial zoning. Is there any one other there that can help me accomplish a HELOC on this property in Philadelphia, PA? I would like to get any and all input on this topic!

Hello BP! My name is David Vitarelli. I live in Philadelphia, PA. and I am 32 years old. Everyone my whole life has told me to save save save....then buy real estate. So that is exactly what I did! I started my own building maintenance company and saved all of my money and when I was 29 I bought my first house for $210,000 (it is nice not having a mortgage : ) . It is a duplex and I rent out the 1st floor for $1,000 per month. Back then, I thought I was doing big business but since then I have learned that there is a lot more I could have done with $210K cash! Just a few months ago, I purchased my second rental for $152K (this time I got a mortgage!) but I am still able to get $500 in positive cash flow out of the property per month. Since my first purchase 2.5 years ago, I have known that I have a passion and interest for real estate investing and this was reaffirmed again with my second purchase just recently. The debacle I am finding myself in is....what is the next step? I want to unleash my inner real estate investing renegade but I do not know how to go about it. I am very handy person and am very willing to do many renovations personally. So naturally, I am drawn to the fix and flip investing strategy. I would appreciate any and all input on this topic. By the way, this is my first post on this forum! I am looking forward to starting a dialogue with many of you!   

Hello Tom, the type of contractors I will need will vary from property to property. For example, the particular property I am looking at presently may have some structural issues and will most likely require an entire gut job...in this case I would want to put the work to a GC who can sub out individual tasks or self perform. But in other cases, a property may need considerably less work, thereby allowing me to act as GC to then sub out specialized services i.e. HVAC, Electric, carpentry, etc... Any information you can provide is helpful, thank you.

Hello All, I have dabbled in real estate for some time now. Personally, I only own two units but I have been active in helping my father "fix and flip" and "fix and rent" about 15 properties over the past 10 years. My personal REI strategy is the fix and rent strategy but I am faced with the sad truth of limited contracting skills so fixing up properties properly is a challenge for me. I am looking to form relationships with local contractors that I can work with on rehabbing investment properties in Philadelphia, PA and surrounding towns. I was hoping there may be a "best practice" or helpful guide that I can follow as I try to find a contractor. Thanks all!

Hello Group, my name is David Vitarelli. By trade I own a building services company in South Jersey, but my passion is real estate. My wife and I own 2 rental units and are looking to acquire more. I am interested in meeting people that can help me "see" an opportunity that may otherwise be overlooked. I know that I am a novice in the world of real estate investing but I am 32 (and she is 29) and I have a long road ahead of me....so time is in my corner. I am easy to talk to, please reach out and start a conversation!