All Forum Posts by: Hilary Karaman

Hi Rick!  

I live in Abington and I use Mid Penn Bank.  They do not have a super local branch (I think the closest branch is in Yardley), but they are very competitive with what they can offer you, you can do everything remotely, they have great customer service and they also work well if you want to keep an account at a more convenient retail bank like TD.  I got a commercial loan from them, as well, and was very impressed. I'd be happy to pass on my contact there.  I know other people also like Trumark and I know they have branches in Abington and Jenkintown.  

@George Trosley III Port Richmond, specifically east of Aramingo, has been traditionally a stable market with a strong tenant base. Rental prices are pretty standard, so predicting return/risk is relatively easy and housing stock is generally standard style row homes, so potential rehab/replacement costs, etc are also easy to manage. 

@Tanaya Fisher Thought I’d jump in since I was having a similar conversation with an agent today. Figure out who you would like to work with,  how you can provide and deliver value to them and do that consistently. 

@Samuel Levin - 

I haven't really had time to post or peruse BP in quite a while, so you can credit your llc's name for being the motivation to post.  I couldn't read this and not say something - I'm a realtor in Philadelphia, and the conversation I had today with some of my counterparts were some of the horrible business names we've seen lately.  Broker-Tov is really good, though - and such an appropriate use of pun.  

Best of luck in your ventures,

Hilary 

Hi @Saj Moradi - 

I cannot recommend Lou Lipsky enough - probably one of the best RE attorneys out there.  That being said, it seems like you may need a business lawyer and for that I'd recommend Tom Spadea.  Let me know if you'd like me to connect you.  

Best of luck, 

Hilary 

Hi @Darius Glover

IMO, there are so many better, less expensive loan products out there that are in the same vein as an FHA-203K. Are you planning on living in one of these units and renting out the other(s)? I can connect you with one of the lenders I've used for a loan similar to FHA-203K if you're interested.

Best of luck, 

Hilary 

Welcome @Patrick O'Neill , 

I've been curious lately, myself, about the benefits of a paid membership.  I'm interested to see the responses you get here.  

Best of luck, 

Hilary 

Alex,

There is a number of reasons to not use FHA if you don't need to. Lending guidelines change per location, so I can only speak to the Philadelphia-area market, but FHA standards are pretty much the same anywhere.

First, you will pay mortgage insurance for the life of your FHA loan. If you refi into a different product down the line, this may change, but that is counting on rates being lower than your rate at acquisition.

Secondly, in the Philadelphia-area, many lenders are offering conventional loan products with no PMI and 5% down. There is a very good chance that this is the case where you live, too. The difference between 3.5% and 5% down payment may not be significant to you, but the difference in paying MI and not paying MI should be.

Hope this helps,

Hilary

@Joseph Meenan 

First, I would contact a local lender.  I have a few contacts I can forward you. Quicken loans is not horrible, but using a local lender, especially for more non-traditional lending situations, just makes sense for a number of reasons. Once you have a business relationship with a lender, it is amazing what they can begin to offer you in terms of both insight and financial products. 

Second, trying to conventionally finance a property without a kitchen or bathroom without a secondary construction loan is probably not going to happen.  If you are trying to avoid hard money lenders, your best option is still a local lender who can do an acquisition rehab loan.

Best of luck,

Hilary

@Scott Freer   There is a lot of sound advice here.  I would look into setting up a relationship with a lawyer who can address estate planning in relation to real estate before moving onto brokers.   I would think they may be able to untangle some of these details first, and then the next steps may begin to become apparent.  

I am curious as to what other people think about holding real estate in revocable living trusts? I just had a client transfer all of her properties into one, and I understand the many benefits, but I'm not 100% sold on the idea, yet.