All Forum Posts by: Emmanuel Oyana

 Thanks, I'll reach out and see if there are any deals that he and I can work on. I see a few of these type of deals in my market, I may just need to look closer to get the exact numbers right as one reply said earlier or plan to leave a little cash behind. I'm expecting if the deal cash flows it will all work out in the end. 

Thank you, this gives me a better idea of where I should be. I was beginning to get the impression that I needed to pick a higher price point with the same percentage spread and maybe then I would get a working response from a HML. I'll continue to be on the lookout for deals closer to those numbers.

 This is not a deal I have under contract. I'm currently looking for funding on deals similar to this one. 

Good Evening BP, 

As the title says I am a little lost with this what my next steps would be here, a little back story, I have been looking to get into long term rental properties and the financing has always been the issue. My market in Philadelphia brings properties like the one below, which I believe would be a no brainer. (ex small to sometimes no work to get to rent ready, and per section 8 rent would be around 1600 in the areas I'm looking) the issue I run into is how do I locate the financing. I have access to 30k in a HELOC, but have been unsuccessful in finding financing which makes me believe I'm looking in the wrong places. Banks won't lend without a higher all in amount, and hard money often says the project is too small? is there something I'm doing wrong, or is there a different way I should be pitching this type of project. Pointing me in the right direction would be all I need. Thanks in advance.

https://www.redfin.com/PA/Phil...

The example property is listed at 120k, with fully rehabbed properties going for around 150-160k, 

would need maybe 20-30k of work, 

and would rent for 1600 a month.

property taxes are around 1500

@Mitesh Kapadia

I ended up not using them because of what the other poster mentioned, they wanted 2% upfront then promised to send me the funds quickly. It sounded too good to be true, I send you x and you cut me a check for multiple times what I sent you?? Also, the people I spoke to on the phone weren't able to explain how the funding process would work. This is an example where speaking to and communicating with multiple lenders helped me recognize this was weird.

@Cassidy Burns

Does anyone know if this is applicable to the philadelphia market? Not sure if this question works here or should be separate.

Has anyone worked with Allen Financial Services? I came across them in Facebook and they appear to have great terms, but I'm unable to find any reviews about them online which is strange in this day and age. Just wondering if anyone had any insight to provide. Thanks for responding in advance

@Jeff Laniado

I just closed on an Investment property in Philadelphia, PA and they required me to put down 25% as well, just curious did you use a lender from New Jersey, or from somewhere else?

Thanks @Steve Babiak, I'll look into that and try that out.

So I'm pretty new to the driving for dollars process and I understand it is different in different cities, so I figured I'd explain what I've done and where I'm confused. I've been driving and looking at a few houses in Philadelphia, Pa that show potential to be fixer uppers (example, no one puts out trash on trash day), but when I search using the tax tool (https://property.phila.gov/?p=351207900) it shows the owner lives at the listed property. I'm unsure what the next step is to try and contact the actual owner of the property, assuming the owner no longer lives at the listed property and has moved somewhere else. My main thing here is to learn what the steps are even if it means losing this particular deal to another investor. Is there someone who can help me with what the next step is in this process. Thanks in advance.