All Forum Posts by: Matthew Smith

Mike,

I just bought my first rental in Allentown as well. Paid under 50k for a two unit. I still need to find renters, but the market looks promising. Can I ask what property manager you use and would you recommend them? I live in DC.

Well, I will find out during closing if they are good or not. My partner is an attorney (not in RE) but he has a good brain trust to tap from at his firm. I myself am a CPA and have my realestate lisc. in Virginia. REI is going to be on the side for now but I probably spend 3 hours a day researching. Maybe one day if it goes well enough, I could move back home.

Hey Rey,

I am also new to this board and REI. I am set to close on my first place in Allentown this month. Exciting stuff.

Patrick, what did you find the best way to finance these deals?

Hendrix, how is it going so far? I put my first offer in at a place in Allentown.

Thanks Mark. I could live with that. I wanted to buy a house in cash to make my contract stand out. I wonder if different banks will give you different results. Maybe if I move my savings over to the bank it will change things as well. If you could refi on the market value for 80% on every property I buy, that would be a real game changer.

Sorry, if this topic has been touched on before. I am purchasing a foreclosure out of state that I am going to use as a rental property for 47k. After I secure title, I wanted to get a home equity loan on the house. I was told thathe rate for this would be 1% plus prime for up to 80% of what the house appraises for. If the house appraises for 100k, then I could get 80k back out. And I was also told I could do this again if I use the 100k to buy another rental. Is this possible? It sounds too good to be true and I feel I am missing something. I would have just applied for a conventional loan with 20% down, but most banks wont loan out for anything under 50k. Any help anyone can provide would be greatly appreciated.