All Forum Posts by: Eric DeVito

@Basit Siddiqi thanks for the options on payments. I feel like direct deposit to my checking would be best. My only issue with those options is what if the tenant tries to play games? They say they sent the money and its not their fault I did not get the money. Stuff like that is what concerns me. 

@Basit Siddiqi Thanks for the tips. Yes it is a little nerve racking because I've never done any of those things you mentioned before. I am just afraid that I wont be able to find a tenant myself and that I will dig myself into a hole paying off that monthly payment with no tenant in place. 

That being said any recommendations on method of payment? Also where to get the background/credit check done? 

@Brian Adzadi Lehigh Valley area. Allentown, Bethlhelm & Easton. Looking in those areas. Mainly 2-4 unit family. Using a HELOC for downpayment.

Hello all, I know the basics already that I need to secure financing, get pre-approved for a loan, do my analysis on some properties I am interested in and of course find a realtor and just check out some homes. Now say that I do find a property that I close on, what inital steps should I take as a landlord/investor. Btw I will be investing about 1 hour away from my home. I live in NYC, but I am going to invest in Pennsylvania. What is the admin side of things that I should keep in regards to records/documents? Also what documents should I be giving to tenants whether they are already there or I have to find new ones?

@Jason Sullivan

I already have a HELOC open with Santandar Bank, 5.5 variable rate I believe. At the time it was the best rate after speaking to several banks. I have to go over my documents though. I have not used the HELOC at all yet. Is it possible to get another HELOC if I find a better deal for instance with PenFed. I know if I close my HELOC prior to 3 years with Santandar Bank their is like a $2000 penalty. (Closing cost fee and a early termination fee)

@Corby Goade I see, makes sense. Hard for me to do locally but def an hour away I can find good rental properties. Probably won't be a BRRRR but the idea is very interesting. Would like something not to difficult just to get my feet wet.

@Corby Goade I gotcha. The basement doesn't have to be done right now. More of a luxury to have it finished I suppose. That being said I like the idea of using a HELOC to get rental property. Now it seems like you use the BRRRR method if I'm not mistaken?

Idk if I want to go that route on my first deal. I would feel more

Comfortable getting a multi-family property that doesn’t really need work and is cash flowing already. Where do you like to invest? 

@Corby Goade Thanks. So should I start trying to find a investment rental property with the HELOC first and worry about finishing my basement for a later date? I'm in Staten Island, NY so pretty capped out. Lehigh valley, PA is hour away from me perhaps I should look there? Thoughts?

@Corby Goade I see, I understand. I was looking into a mixed use property. As for my basement renovation is my personal home I meant I won't be able to pay that off in 6 months if I use the HELOC for that. Thoughts on that?

I bought my house for $255,000 I’m 2015, valued now around $450,000.

@Corby Goade I see. That is pretty good you pay off HELOC in 6 months. No way I can do that. I wouldn't even have enough money to do that. It would take me a while with monthly payments.