All Forum Posts by: Jennifer Fernéz

Michele Fischer how does one tenant proof the unit? I'm looking at low income units too

I'm curious in hearing everyone's criteria when selecting buy and hold properties. Is it purely a mathematical equation? How do you know what neighborhoods are good? What do you look for specifically in the properties? Do you lean towards older homes that need fixing up? How much renovating do you do? Just trying to get started and get a feel what types of properties people lean to. Thanks

Also as mentioned in previous post you definitely already want to have a contractor lined up and an estimate in your hand of the cost of all the repairs before you apply for the loan. The bank will probably need to see copies of all the estimates from the GC.

Also as mentioned in previous post you definitely already want to have a contractor lined up and an estimate in your hand of the cost of all the repairs before you apply for the loan.

We are in the process of a 203k loan. Closing takes anywhere from 45 to 60 days. If you and everyone are diligent it could take as few as 30 days. The bank is going to look at your credit and require formal letters of anything that looks out of the ordinary. They will need bank statements and statements of liquid funds along with tax information and w2s. We already owned our home and took out a loan for adding a major addition so the case is a little different. Your mortgage loan officer will walk you through the process.

where is the best place to find a partner?

The market in our city, Reading, PA, is great to buy a 'great deal'.   There is an abundant properties available for cheap, and the rent is high.   The school district isn't so great and neither is the neighborhood.   Some streets are better than others.   Does anyone have experience renting in a not so good neighborhood and have any tips or advice?

Hi, I'm trying to find out information for buying a small multi unit property.   I have a savings account with about 5k in it, which is not enough to pay for 25% down plus repairs.   I'm looking at properties in the $40,000-$100,000 range.   What is a good way to go about buying properties if you do not have a lot of money?   Is it possible to get a hard money loan to use as a down payment for a traditional 30 year loan?   Also, what is the best way to go about renovations with very little money?

Any suggestions would be greatly appreciated.    Thanks!

Hi Michael!   I'm from Wyomissing.   What type of investing are you looking to do?

Hi there,

I'm thinking about becoming a landlord and one thing I dread is the possibility of bathroom mold in the bathrooms.   I'm worried that if I buy an investment property that is outdated I may need to refinish the bathrooms, how could I do that on a budget, and can I do it myself with no experience?    I'm also worried that the tenants won't clean the bathrooms and mold will grow.   Is there any way to prevent this?   Also, if I buy a place that already has mold, how can I fix the problem?   Would the entire bathroom need to be gutted?   Can I keep a renter's deposit for mold?

Thanks,

Jennifer