All Forum Posts by: Account Closed

If you want to prevent your basement from getting water on the ground or overall seepage, I have been told you need a perimeter drain with a sump pump. Are there any alternatives? What is the best way to get this done for low cost if you have to do it.

Does anyone have any experience with using rental management or online rent collecting software like Cozy.co? What do you recommend and why?

@Dennis B. great story. Welcome to BP in Philly. I have a friend who started a young professional investment group. That could be a good source / connection for you. Send me a DM and I can make an intro.

@Amin Yousef if you are trying to get an FHA loan a two-year job history is a requirement. You may want to consider working with a portfolio lender or mortgage broker that has other options. If you need help send me a DM and I can intro you to my mortgage broker. He is great.

One other option to consider. You don't have to disclose the source of funds if the transfer in the account is not within the window that you have to supply the lender with bank statements. So, in theory, you could take money out of the HELOC and put it in your account for 91 days. Then you will have 3 bank statements showing you have it in your account. This would simplify your life.

In general, my rule with the banks is to make the story simple and easy. They don't like complex things.

Curious how everything ended up. Were you able to exit your original seed capital investment?

Curious what choice you ended making to get seed capital?

@Joshua Greenberg that makes sense. I guess it would probably be easier to paint or improve the appliances to increase the rent for more working capital (wcap). I just thought wifi was such a small seed capital investment, but it sounds like more headache than it is worth.

One other thought. You may also want to consider a HELOC for seed capital or wcap financial resources if you already have properties or for future expansion.

On other thought. Depending on what you are doing for renovation you should think about options that are unsecured as well for working capital (WCAP) or seed capital. You may even be able to get a low-interest loan against your savings or stock portfolio if you have community bank.