All Forum Posts by: Ley Nezifort

@Jeffrey Tallie If you are truly HouseHacking , which means somewhere around 3.5%-5% down payment , then it's almost guaranteed that you won't find an lender that'll let you buy the property under an LLC.

And i wasn’t quite sure what you meant by the tax question, but if you’re referring to property taxes , then most of the time your lender will make you pay it as part of your mortgage payments, and they’ll just put it in an escrow account so they themselves can pay the city every year.

@Selena Williams I’m sorry to say, but you might have to take your talents to Jersey; that’s what my partner and I ended up doing m. One word : Higher Yield

@Michael Sontheimer If you plan is to own more than 10-20 SFH, then save yourself the time and jump straight to multifamily investing instead. The lender won't be looking at you, your income, nor your DTI , but instead they'll be focusing more on the property. And also, please listen to Episode 108 on the BiggerPockets podcast.

Hello Fellow Landlords,

Are any of you familiar with the Temporary Rental Assistance (TRA) program ? From the little research that I’ve done , it seems like it’s a program that helps homeless or prior evictee get back on their feet.

If any of you have any prior experience with that program, would you mind advising me on some things to look out for ?

I’m afraid it sounds like a Temporary Eviction waiting to be filed.

Thanks!

Creating an LLC in a different state than the one that the property is in will sometimes make it a bit hard to do things like evicting a tenant.

Hello all, 
Any recommendations for a commercial lender and a property manager in Philly ? 

I’m looking to put together a team there for my next deal , a small multi family building at least 20 units. 

Any suggestions would be highly appreciated. 

@Jessica Gettle According to @Michael Blank, you’d mostly get asked for proof of funds if you’re not using the right lingo; so I’d suggest get to get familiar with their language.

@CJ S. For me I would start by doing the same thing I did, HouseHack. Based on the price point of your current market, I’d use that money for 3.5% Down Payment on Multifamily (2-4 units) , or if you can’t find small multi families for that price, I’d get a Single family (3 beds 2 baths) and rent out the other bedrooms. The goal here would be to Learn from the experience and save what you would’ve spent in rent as you get to live for free.

If your current lifestyle does not allow you to HouseHack, then I’d find an experienced Investor/Syndicator and passively invest that money through them as a Limited Partner, but I’d ask him/her to let me be around so i can learn as much as I need to. Goal here would be to learn and get a return from your investment that’s greater than what banks can offer. I’d try to keep that money locked in with them for a short time though (maybe 12-15 months), so you can practice what you learned.

I think starting out, it’s important to choose strategies that would allow you to see results relatively quickly , so you don’t get discouraged. For instance, saving your rent expenses from HouseHacking (which will allow you to do it again in a year)

What I would NOT do, is spend that $10,000 on educating myself. The only resource I’d spend on education is time.

@Tyler Bobo May I ask which book you’re referring to ?

@Michael Ealy Wow! Thanks for sharing such inspiring stories!

From reading your story, it seems like once you made that one unfortunatr decision, other not so fortunate decisions followed to kind of make up for that initial one. So out of curiosity, what would you say is the ONE main reason that led to you loosing it all a few years back ? Would it be the 100% Financed/no money down deals ? Not making sure they were going to cash flow ? Acquiring more liabilities after purchasing the homes ?