All Forum Posts by: Michael Enriquez

Hey @Steve Bullock. Yes, according to the fannie mae selling guide, 25% is the minimum for 3-4 units on conventional terms, some banks will allow you to get away with 15-20% on a conventionally financed owner occupied 2 family. If you intend on house hacking consider using an FHA loan as a 3.5% downpayment is the minimum for 1-4 units.

Hey @Nick O. I'm sorry you had such a tainted experience. I sure hope this doesn't deter you from continuing to pursue real estate investing. We never lose, we learn. Best of luck to you going forward!

Hi @Ankan Basak, the right of redemption would only apply if the property was owned occupied 90 days prior to the tax sale. If it's a complete gut job it's unlikely the owner was living there. 

Have you personally visited the block? As mentioned before, the area is very block by block. If the home isn't located on a block where active rehabs are occurring it may skew your ARV especially since there's blight in the immediate area, however, who's to say that you won't start a trend? Maybe after you purchase and start rehabbing, someone will follow suit. That's part of the risk you take.

@Branden Sewell Luckily there's a forum here on BP dedicated to just that! Also, you can check on meetup.com for local real estate meetups, or google your local REIA (Real estate investors association) chapter.

One way to get experience is to volunteer your time. Go to your local meet up, see who the serious investors are and build a relationship with them. As you build camaraderie see if they need help with anything, that could be your foot in the door and put you on the path to building a track record of your own.

Hey @Maugno M., try going through the commercial department at your local credit union. I recently had success doing so on a house I just BRRRR'd. My interest rate was 5.75% and my credit was in the 650 range at the time (high utilization since I purchased the property and financed repairs using a personal line of credit). Maybe you'll get more favorable terms if you let the lender payoff your debts with the equity opposed to writing you a check.

@Vincent Ngo I'm waiting on the Appraisal, yes the property is under a LLC and I'm the guarantor of the loan.

@Jeremy Fisher that's correct, it's about 30k.

Hi Vincent,

I'm currently doing a cash-out refinance with PFCU (Philadelphia Federal Credit Union). There is no seasoning period and they do up to 80% LTV. My current terms are 10 years amortization, 5 years fixed at 5.75% and the remaining 5 at a variable rate. What's good about PFCU is that there isn't a minimum property value required to initiate a refinance.

Hi @Marquise Lee. You would need to complete a new use and registration. CMX-1 zonings are commercial on the first floor and residential above by right. In regards to using the entire property as a multifamily; Title 14, Section 602 of the zoning code reads:

"When the proposed use is in an attached or semi-detached building, the household living use regulations of the residential district to which it is attached apply. Otherwise, the residential use regulations of the most restrictive adjacent residential district apply. If there is no adjacent residential district, single-family household living shall be permitted and two-family and multi-family household living shall be prohibited."

How are you financing this property? Consider using a commercial lender as mixed-use wouldn't be an issue as far as approval.