All Forum Posts by: James Zhang

@Kyle J. thanks for the link.  There are a lot of useful information in there!

@Max T. Thanks for the suggestion. Univest does do LOC on investment properties and they do it up to 75% LTV. The bank actually has branches pretty close to my properties.

Thanks again!

Hi all,

I am looking to get a line of credit on three of my rental properties that I own free and clear.  I was wondering if anyone knows a bank or credit union that offers a line of credit product on investment properties.  

I did some research on the forum. It looks like PenFed offers HELOC on investment properties. However, they only lend to people who have 4 properties or less. I currently have more properties than the threshold and wont qualify. Also, I am just looking for a

line of credit at the moment.  So refinance and term loan are not ideal products for me at the moment.

Hi all,

I am looking to sell one of the properties in my portfolio.  I was wondering if anyone could recommend a good whole seller in the Lehigh Valley Area.   Also, any suggestions on sales channels are welcome. 

Hi Mary,

Welcome to BP!  I work with @Mark Gallagher for most of my investment properties in the lehigh valley area.  Mark didn't just help me find investment opportunities but also connected me with contractors and other investors that he has worked with. It was a great learning experience. 

Welcome to BP @Jason O.  This is a great community for RE investors of all levels.  I currently invest in Allentown area.  Feel free to reach out if you want to bounce ideas off of someone.

Thanks for weighing in Josh. I should have been more clear on the background. The seller currently owns the property mortgage free however there is a lien against, most likely a tax lien. 

As far as the refi goes, I was hoping to find out whether banks originate mortgages when there is a lien against the property. I am all for the title company using the mortgage proceed to pay off the liens at closing. I am just not sure if it has to be done before the time of closing or it could be done at the time of closing. 

I am in negotiation with a seller who is willing to do seller financing on a property.  However there is a lien against the property at the moment.  Not quite sure what kind of lien it is just yet.  The game plan is to renovate the property then take out a conventional loan against.  Ultimately turn it into a cash flow property.  My question is how do I structure the seller financing when there is a lien? Also, would the bank originate a mortgage when there is a lien against the property?  The seller wants to pay off the lien with the proceed.  So part of the mortgage proceed will go to the seller and part of it would pay off the lien.  Is it possible?

I agree, i think calling is the best option as well.  I guess what I am looking for is a way to introduce myself to the owner that is a little more personal than a cold call.  

Also, if anyone knows any good books/articles on how to make cold calls and willing to share, it would be much appreciated.

Recently I found a vacant property next to my rental property.  After talking to the neighbor, I learned that the place has been vacant since this past summer.  It turns out the neighbor's mom used to live there.  Apparently, the basement has sustained some kind of water damage and the owner tried to sell the property back in October but without success.  After some digging on the county's website, I was able to track down the owner's name and address.   A quick google search later, I got a phone number.  

Here is my question, what's the best approach to contact the seller?  Should I try to call the owner or send her a postcard?  I have some reservation on the the phone call route, because I hate when people cold call me, especially when they have a lot of my personal information.  It is very off putting to me.  I was wondering if anyone has any tips in situations like this.

p.s. I tried to ask the neighbor for the owner's number but the neighbor didn't feel comfortable sharing it.  The neighbor would have been a great person to introduce me to the owner.