All Forum Posts by: Jay Sechowicz

Hello all,

I am looking to find my second property and am thinking about the possibility of going with a hard money lender. I just don't know much about how it works. I've read articles and what not but have not really actually talked to people that know what they're doing about it. It seems like it could potentially be pretty risky. Also, do hard money lenders have certain criteria The property must meet?  What are usually the loan terms? Are there better situations than other to use/not use this strategy?  I'll take all the advice and insight I can get.

Thanks a lot,

Jay 

Hello all,

I recently purchased a my first multi which I am currently house hacking. I didn't go after the best deal since this is my first purchase and other factors go into it as well since I plan to live there myself. Mainly wanted to make the initial splash to get my feet wet. Anyway, I am getting ready to look for another property and this time I want one with a little more risk/reward opportunity. My overall plan is to buy and hold/rent and I want to try out the BRRRR strategy this time. So my question is about 203K loans. What are the rules/qualifications of these types of loans (especially since this will be an investment property and not my residence)? Are there certain requirements I need to meet? Are there differences in interest rates and/or down payments? And if everything goes as planned, is there anything holding me back from refinancing once all the renovations are completed?

If anyone has any insight to any or all of my questions it would be greatly appreciated.  Looking forward to your responses.

Thanks,

Jay

@Harshil Kakadia i can give you contractors if you need

@Kevin Harrison @Joshua D.

When I say 2+2 I mean both have 2 bedrooms/1 bath. The 2+1 means the top is 2 bedroom/1bath and the bottom is 

1 bedroom/1bath. I do plan to keep the duplex long term after I move out and once I'm out both will cash flow right around the same. The main difference I see between them is that the down payment will obviously be lower for the cheaper house which will help me have as little of my own money in there as possible. And if I do pay a little extra on my mortgage each month equity will grow faster in the healer house.

Thanks for the feed back guys 

I am on the verge of my first real estate deal. I am buying a duplex and plan to live in one rent the other etc... My question is that I found two that I like, both need a similar amount of work (mostly cosmetic). Both in pretty good neighborhoods, except one has a small yard and basement/garage while the other has only a very small side yard. Bigger house is a 2+2 home and the smaller one is a 2+1. The rent income/mortgage payment ratio would almost be exactly the same. The big difference is about a $40,000 price difference. I am leaning towards the cheaper of the two. I plan on living there for 2-3 years before moving on. What are the pros/cons of buying the cheaper or more expensive house? Any input greatly appreciated, thanks!

Yes pmi seems to be a topic that not a lot of people have definite answers on. Especially with multi family properties @Zachary Paul @Amy C.

Thanks @Jessica F.. I'm hoping I can get a sellers assist as well since the closing costs can get pricy. We have a family friend who is an agent that also has 2 rental properties so he is very familiar w our situation. It sounds like your situation is very close to ours as well. Do you pay a lot in pmi? Also is it true that pmi goes away once you reach 20% equity?

Thanks for the help. We're in the very beginning stages of looking now so we're just looking at everything out there right now so we know a good deal when one pops up. I have a lot of questions too pertaining to choosing the right kind of mortgage. What kind of financing did you use?

Hello everyone, I joined a while ago expecting to be on the verge of buying but things happen and it got derailed for about 6 months or so.  My plan is to house hack in northeast Philadelphia area to start. This is my first investment and first time being a land lord so I am looking for something w minimal risk. I want something in a nicer area such as parkwood or fox chase that doesn't need a ton of work but still nice since me and my girlfriend will be living there for 2-3 years. I know the cash flow won't be there at first since I'll probably be paying over $200k for the property. I plan to keep expanding in real estate and down the line look for properties in other areas of the city that need more work or more "risk". 

If anyone could offer any advice or opinions at all it would be greatly appreciated. I am new, but motivated and very eager to learn as much as i can. 

Thanks, Jay 

Guys thanks again for all the tips and help. I just listened to my first podcast last night and plan to keep doing so.  Always looking for more reading material too so the book sugestions help too. I'll looks into DIG as well!

Jay