All Forum Posts by: Forrest Hayashi

My DSCR loan refinance 2 months ago was 4.5% fixed at 30 yr and the rates jumped to 5.75% just 2 weeks ago for my 2 other property in the middle of getting loans approved. Unfortunately, my lender can't lock down the rates until appraisals were back so I just missed the original 4.5% rate.

@Andrew Freed I would love to know more about other loan options. Please PM me if you can. Thanks!

I was literally in the same situation! but i wasn't going to accept 5.8%!

0 Votes

Philadelphia, Pennsylvania

Quote from @Andrew Freed:

@Forrest Hayashi - Try Convoy Home Loans. They offer 40 year loan products to investors, first 10 years interest only remaining 30 years fixed. I'm getting quotes for 4.375 and the loan products work for buildings up to 29 units. I'm happy to do a warm introduction if that interests you.

Yes, please if you can!

Thank you!

0 Votes

Philadelphia, Pennsylvania

Hi,

I just spoke to a local lender and was told that a 30 year fixed rate for a mixed use property is now at a whooping 5.80% for a $500K property.

Does anyone have this quote as well or know any good Commercial lenders around Philly? I feel like to jump a whole point from 4.80% (quoted 2 weeks ago) within weeks time is insanity right now, unfortunately there aren't many commercial lenders available.

Thank you!

1 Vote

Philadelphia, Pennsylvania

Originally posted by @Cyrus Shaw:

If you are near UPenn you should have no problem finding groups of six that want to rent for the whole year. Mid year not really. Temple will be a lot more difficult to find groups of 6, however there will be a lot of students that will just want to rent for a semester and are open to living with people they didn’t know.

Hi Cyrus!
Oh Thank you, that's a very reassuring comment! Do you know any good property managers in Philly that specialize/have a lot of experience in student housing?

0 Votes

Philadelphia, Pennsylvania

Originally posted by @John Harvey:

Only by special exception.

https://www.phila.gov/media/20...

I have seen so many SFH houses renting to students by room around many Unis in Philly. Do they all have special exceptions?

Wondering if there are any good property managers in Philly that specialize in Student housing.

0 Votes

Philadelphia, Pennsylvania

Hi BP'ers,

Just want to ask everyone's opinion on this and know that i should have asked earlier.

Entered a contract to purchase a 6-bedroom SFH near University area and have been worrying about the following:

1. Is it Legal to rent six rooms with just regular rental license? It's zoned as RM1

2. Are students still looking for housing mid semester?

3. Anything i should be aware of doing such purchase?

Thanks!

0 Votes

Philadelphia, Pennsylvania

Originally posted by @Kevin M.:

Temple is a very tough area to rent right now. Available rental inventory far exceeds demand.

It’s a perfect storm of recently constructed high rise apartments and fewer students on campus due to COVID. I’ve had to slash prices on my larger units in the area and there’s no sign of imminent recovery. Properties that used to easily rent for $3k/mo won’t even get any showings at $2,200

Kevin, whats your opinion on UCity? are the demands there higher than around temple?

0 Votes

Philadelphia, Pennsylvania

Hello BP'ers,

In the prospect of purchasing a SFH in Philly around University area but know that semesters have all started so am a bit concern about finding students to rent. Anyone has some experience in this to advise if students are still renting through the year?

Also if you know the typical new development rent price/room around UCity, that would be great!

Cheer!

0 Votes

Philadelphia, Pennsylvania

Thank you all for the advices! Appreciate it. Will try the 311 trick :)) cheers!

0 Votes

Philadelphia, Pennsylvania

Hi,

Recently sold my investment property in Philadelphia! The rental license attached to it is still active for another 5-6 months or so under my name. What should i do? I wonder if there are any legal implications for me if the new owner decides to rent it out with getting a license of his/her own.

Thanks!

1 Vote

Philadelphia, Pennsylvania

All Forum Posts by: Forrest Hayashi

Forrest Hayashi has started 10 posts and replied 43 times.

Post: 30 year loans for Mixed-use

Post: 30 year loans for Mixed-use

Post: 30 year loans for Mixed-use

Post: 6 beds student housing in Philly?

Post: 6 beds student housing in Philly?

Post: 6 beds student housing in Philly?

Post: Temple off campus housing

Post: Student Housing still an option during mid-sememest?

Post: Sold my investment property! What now with rental license?

Post: Sold my investment property! What now with rental license?