All Forum Posts by: Account Closed

I guess we all need to make sure the properties are inspected ones or better yet twice a year. And put it in the contract with PM or find time to visit ourselves.

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Thank you for your update. When everyone was giving you an advice on eviction, I kinda knew the outcome. Make sure your PM company still sends a desposition of deposit letter to your rental property address. Even though they didn't provide an address, they can still sue you for security deposit. They then need to pick the letter up from the house and keep it in there office unopened. Unless of course the tenants arrange redirection of their mail at the post office .

Your PM company probably knows what to do, but the way they've been treating you is just unacceptable.

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You forgot to give two words of caution " Highly Addictive" :-)

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Originally posted by @Carlos N.:

@Chris K. Much appreciates for your professional valuable comments

1) Lesson learned, I probably will get a better property or commercial one if I am going to invest in Philly again.

2) I would contact HAPCO and see what they can offer later on. Thanks for the detail info

3) Thanks for the info about the commission... would check it out.

4) I have an impression that the Real Estate Management company is acting as a Property Manager as they collect certain % of the rent. and they cut and mail me the check after the fees

5) thanks for the PM info again!

Hello there, Carlos. Any updates ? Did you get your keys back?

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Originally posted by @Elijah Barrad:

What's up BP!

I am an aspiring real estate investor, currently working in construction project management in the Baltimore area. I grew up just outside Philadelphia, studied Civil & Environmental Engineering at the University of Pittsburgh, and have been working in Baltimore ever since.

I am new to the BP forums, but have been listening to the podcasts and doing some preliminary research for the last year or so. My current real estate interests include flipping and buy & hold / house hacking, and I hope to jump into my first deal in the next 1-2 years.

I'm super excited to join the BP community and can't wait to take advantage of all the great information and connections it has to offer!

You are in the right place. I've joined the BP a few months ago and already given so many good advices from other members. I post any question I have and get immediate responses. So ask away, read other people's post and feel the energy !!!

Svetlana

1 Vote

Originally posted by @Account Closed:

One other option to consider. You don't have to disclose the source of funds if the transfer in the account is not within the window that you have to supply the lender with bank statements. So, in theory, you could take money out of the HELOC and put it in your account for 91 days. Then you will have 3 bank statements showing you have it in your account. This would simplify your life.

In general, my rule with the banks is to make the story simple and easy. They don't like complex things.

In that scenario, which type of HELOC woud you take: fixed, floating or internet only?

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Good point ! Thank you .

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Originally posted by @Jenny Ph:

how about spend 2-3 months to save all money in your checking account for down payment? Use Heloc to pay all bills.

We are, for now, only interesteded in duplexes in NE Philadelphia wich require about 60k for down payment. That's a lot of months of savings. Besides I want the money to be available fast in case a good deal comes my way. There are very few deals there and they are being snached by cach buyers or FHA borrowers , who don't mind offering way over asking price , since they only have to put like 3% down.

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Originally posted by @Chris Mason:

Originally posted by @Account Closed:

I have heard so much about people successfully using HELOC as a down payment for investment property. Decided to do the same. We owe 95K on our primary residence, wich is valued around 200k. Went to the bank today, the same one which we have our mortgage with. Before applying I decided to ask if I could use the HELOC for down payment on an investment property. Here was the answer " Technicaly, if you were to disclose to us that you are going to use HELOC for investment purposes our rules are that you can't use HELOC for that"

So here is my questions. How do you interpret that answer?

Article: How overlays prevent mortgages.

There is some serious stuff in that article. Putting it on my newbie reading shelf.

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Originally posted by @Brent Coombs:

@Account Closed, afaik, the same Lender would be fine if you told them you wanted to take out a maximum HELOC so you could "invest" it at the casinos during in Las Vegas. Sheesh...

Seems like they don't like the idea that you might make more money out of your HELOC than them?

They issue Credit Cards without requiring to know how you'll spend on it. HELOCs are SUPPOSED to be similar!

[You'll already have proved that your income is sufficient, and your home has ample additional equity, right?]

I have not provided them with any documents. As soon as they answerd my question, I just thanked them and left. But yes I should qualify for the HELOC, as far as my income, DTI and equity go.

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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 137 times.

Post: Need advice: evict tenant in Philadelphia

Post: Need advice: evict tenant in Philadelphia

Post: New Member Intro - Baltimore, MD

Post: Need advice: evict tenant in Philadelphia

Post: New Member Intro - Baltimore, MD

Post: Bank stated that HELOC CAN NOT BE USED AS DOWN PAYMENT

Post: Bank stated that HELOC CAN NOT BE USED AS DOWN PAYMENT

Post: Bank stated that HELOC CAN NOT BE USED AS DOWN PAYMENT

Post: Bank stated that HELOC CAN NOT BE USED AS DOWN PAYMENT

Post: Bank stated that HELOC CAN NOT BE USED AS DOWN PAYMENT