All Forum Posts by: Dennis Wasilewski

I think you will struggle to find any lender (besides owner financing) willing to go 100% on a first project. With a solid project & track record then to might have more success. Do you have at least 10%?

Are you accounting for vacancy, maint & PM costs? Between those & rising HOA rates I feel like you would be squeezed. I don’t really look at SFH but at that rent I would think you’d want to be closer to $65-80k on that house price.

As an FYI, Finance of America (Blackstone Group) will give you a LOC for flipping that is based on equity and cash. I was told 5x for cash, home equity & 401k.

Ever called a last employer of a candidate in the corporate world? Same types of responses. In the litigious world we live in there are only problems that occur from oversharing. I do find it surprising that they didn’t respond about rent payments being on time.

List price is not appraised value. Sounds like the owner had the property priced high. Kind of like how MSRP is meaningless for many consumer goods.

Just get a better agent. Through a text conversation my agent & I discussed terms on a property I saw then I was electronically signing the contract within minutes.

I’m barely an investor (under contract on a 6-unit) but for me I can pop on this site while cooking dinner or waiting for my kids to get ready and gather a bit of RE knowledge, lay ground work for networking, etc. There is something to be said for that FB or Instagram mentality where you are working for likes & notoriety. I don’t see a lot of vanity posts beyond some healthy gloating with their awesome deal analysis.

Have you been to Puerto Rico in the last 5-10 years? I’ve been down for business quite a few times & the economic situation seems worse every time. Brain drain is a huge issue there as many young folks take off for the continental US. Philadelphia & other east coast cities have huge Puerto Rican populations as a result. The pharma companies & other big employers have mostly pulled out after tax advantages expired. The local govt has a history of corruption & overspending. Last time I was down the Hilton Coronado had shut down its casino. Very few upsides in my opinion.

Most MF requires 25% down FYI. Also, make sure to account for closing costs across both of these purchases.

It all depends on your income... DTI is a measure of monthly obligations and income. I would recommend finding a duplex or other MF to use your FHA loan on.