All Forum Posts by: Jessica Frasier

Hello BP, I am under contract for a 4-unit, turnkey property right outside of Philadelphia, PA. I thought I did everything right. I was pre-approved before I shopped around and I was in regular contact with my lender. I was initially approved for 15% down payment for a 2-4 unit, so I had a higher budget thanks to that. When I contacted my lender today, she informed me that now I would need to put down 25% due to the property being in another county. I don't have the cash for 25% down. What other options do I have? I know hard money loans may be the way to go, but I am considered about the refinancing process. My biggest concern is not being able to refinance. This would be my first deal so I don't know how hard it is to refinance. Any advice?

Hello BP, I am under contract for a 4-unit, turnkey property right outside of Philadelphia, PA. I thought I did everything right. I was pre-approved before I shopped around and I was in regular contact with my lender. I was initially approved for 15% down payment for a 2-4 unit, so I had a higher budget thanks to that. When I contacted my lender today, she informed me that now I would need to put down 25% due to the property being in another county. I don't have the cash for 25% down. What other options do I have? I know hard money loans may be the way to go, but I am considered about the refinancing process. My biggest concern is not being able to refinance. This would be my first deal so I don't know how hard it is to refinance. Any advice?

Hi! 

I've been looking for a construction company to build a 4-unit apartment in Philadelphia. I have the zoning information and the lot came with initial blueprints (though I'm open to changing it). 

Can anyone recommend a local company that I can reach out? 

I've tried contacting a few with no luck.

Thanks!

@Dominique Littleton I wish you the best!

@Dominique Littleton BP has been really helpful and the podcasts are great. I only found this website a couple months ago. My husband and I are planning to purchase our first rental property in Fredericksburg. Ideally, we'd like to purchase 2-10 units whether it's SFHs, townhomes, or an apartment complex. We're saving up for a down payment and should have enough very soon!

Welcome! I'm a new investor myself. BP is a great place for advice and learning more about the wonderful world of investing. Maybe one day we will have the opportunity to work together!

@Jennifer Robinette thanks for breaking it down! It definitely makes a lot of sense and gives me a better idea of how to find properties in the area. That portion about how to analyze a potential rental is really helpful. I just started to look into the formulas. All the responses so far have been amazing and I appreciate everyone's advice! 

Thanks for the information @Account Closed

This gave me a lot of information and really validated some things I was originally planning. I think I have enough information to move forward. I'm hoping to have a down payment by this fall! I really appreciate your advice!

Hi @Christian Givens! I'm glad you made this post. I am looking to purchase my first investment property later this year in Lynchburg, VA. I have a lot of friends who live there and I'm familiar with the Roanoke area. Any chance I am PM you and ask about investing in Lynchburg? I already found a few properties I'm interested in but I haven't had a chance to talk to an investor yet!

@Carson Sweezy Thanks you for the advice.

All of the responses have been so helpful. I was able to narrow it down to a location in southern Virginia where I went to school. I think it's an easier start and I am already familiar with the area. I'm looking forward to purchasing my first investment property. I still have a lot of research to do before I get to that point but I'm getting closer! Thanks BP community!