All Forum Posts by: Jeffrey De Los Santos

@Rafael Martinez yeah I was able yo rent the place out within 1 week. I had no hard time renting it. I even rented it at the price I was looking for and had enough applicants. I guess because I listed it in as many places I could.

@Rachel Toubin right now I invest in single family homes, but I'm working my way to multifamily.

@Rachel Toubin ive lived in the Lehigh Valley for over 15 years and i also invest here. My focus is mainly Easton, but I also am interested in the Bethlehem area. For multi-family homes, I would say Bethlehem is the best place to invest in. If you're from the Lehigh valley, you know that Bethlehem is the place not only invest, but also to live in. There are many job opportunities in the area and great bars, restaurants and shopping centers. Bethlehem is also a huge college town as it has 2 of the best colleges in the Lehigh Valley.

@Nathan G. But my concern it, should I have the management company and my personal rental properties under 1 LLC or should I have a separate LLC for both?

@Cameron Tope well, I'm going to acquire more properties in the future. I just thought it would be good to start putting them in an LLC from the start. Also, I'm trying to go with a portfolio loan when I refinance on my first property.

Hi Everyone! I have a rental property that im planning on transferring to an LLC. Im planning to grow my portfolio and have more properties under my belt, so I want to put them all under this one LLC. However, I also agreed to work with someone to manage their properties (19 units), so i would like to create an LLC to make this a business and possibly manage other peoples properties as well. Would it be smart to create an LLC for the management company and just add my properties to the LLC, or should I create a separate LLC for the management company and my portfolio?

@Alex Deacon yeah I know. I realized that after I purchased the property. I'm a new investor and k8nd of jumped into this. Everything turned out fine except for this. I'm sure I'll find a bank but man has it been a struggle.

@Scott Beal yeah its been a struggle trying to get a bank to give me a loan. But the HML is a 12 month term and they hold the renovation loan as well.

@bob holland yes, I tried some credit unions but some didnt want to lend below 70k.  I'll keep trying others.

I have a buy and hold investment property in Easton, PA (Lehigh Valley), which I purchased with a hard money loan and am now looking to refinance. This home is now rented and as of May 1st it will be occupied. Ive tried calling and visiting multiple banks to refinance, but to no avail. Banks seem to not want to lend to me and I have observed that it is due to the following 3 reasons:

- Loan amount is too small for this home. Alot of banks don't lend less than 100k around this time.

- Dont make W2 income. Only 1099K income since July 2019.

- My tax returns show a profit and loss statement for the past 2 years from a side business, but with losses.

Another bank told me that I would have to wait until I make 6 payments on my current loan to even be eligible to apply for a loan. I get I need some seasoning, but I would like to at least know that in my situation, I can refinance or at least take out a HELOC. May someone who is educated on loans please help me on what I should do in this situation and guide me towards the right direction, as I am unsure if I could even refinance. Below are some details about the property and my situation.

property purchase price: $35,600

Renovation Loan: $13,500

HML loan: $41,980

ARV: $70,000

Renovation Status: Completed

Purchased date: Jan 16 2020

Rented date: May 1st 2020

Credit Score: 711