All Forum Posts by: Michael Blakeney

@Steve Karpinski I believe this one was in Linwood. No sprinkler needed if that’s the case.

@Timothy Sumpter doing an application now as we speak. That’s why I came on to search. Let me know if you hear anything

@Mike Pat you can definitely find stuff. Southwest may be better bet depending on your price range. Temple and So Philly will be on higher side most likely. I’d try to open your net up to off market deals, wholesalers, FSbO,etc. forced appreciation also works well if you plan to put some work in.

@Mike Pat marrow down Philadelphia. I’m an agent and from South Philly. I invest in Delaware County. Happy to help if needed.

@Evan Polaski different parcels in fact even the garages are broken down I believe into 6 parcels. And the houses and duplex each have their own as well. 39 of the 45 are rented. But below market rent. So i was thinking in a year if I push there rents up by 15% could I take out a Refi on just those garages or maybe The Whole thing?

I am in the middle of a purchase that includes a SFH along with a duplex and 45 garages. Im curious to learn if anyone has ever purchased a more than one home in a deal and BRRRRed out another property in the deal? If so , how did you do it? Anything I need to do special prior to closing to allow this? Thanks in Advance!

@Zachary Summers I have never seen that but I have put 10% down before in a fix and “flip” and they reimbursed the renovations also. Then they turned it into a 30 year loan since it was a rental.

@Jeffrey Schratz in my experience lenders who can’t do a loan in a llc will tell you to do this. There are lenders that can close in a llc you just have to keep asking. I’ve done it with banks and with LimaOne, though both seem to be on hold due to Covid.

@Alex Jamael check out Self Directed IRAs- if you are looking for investors this may allow them to invest within their retirement accounts and not need the cash. You may want to consider that your offering may not have enough meat on the bone for your investors. Remember if you make them good money, they will ask when the next deal is! Good luck!

@Cody Brookes I have done 5 of these in the last 18 months. The biggest problem now is the refinance part as lenders have not been willing to refinance and those that are lowered the amount they are giving out on the ltv. Some big lenders have put these long term rentals on hold. If anyone knows some that are still lending like normal let me know!