All Forum Posts by: Michael McDermott

Hey Guys, 

I am looking for a bank recommendation in the Philadelphia or South Eastern Pennsylvania area that could consolidate 3 mortgages and help me finance my next property(ies). Not really interested in commercial loans or anything I have to refinance every 5-10 years that would leave me vulnerable to the fluctuation of interest rates.

Any recommendations would be appreciated.

@Brian R. 

Where in Philadelphia? I may have a recommendation depending in location.

I have a SFH ( Delaware county, PA) with a tenant of almost 3 years. He wants to buy the house and I want to sell it, I am also willing to give full closing assistance. His credit is less then ideal which may be an issue and he has little funds for the down payment so I am thinking FHA. If you think you have a program or want to get us to the closing table please PM me. I will work to get this done as I would like to 1031 this into another purchase.

Guys,

Its that time of year to renew my real estate license, and I am looking for some input. Are there any local brokerages ( Delco, Philadelphia) that do not require me to be a "Realtor". With the business changing so rapidly I am questioning paying almost $1,000 a year to keep my license. I can accept the Trend MLS fee but see no reason to be a Realtor and pay 592 a year for the "benefits".

My tenant of 3 years would like to purchase my home which I have a FHA loan on, he has very little money for a down-payment and last time we ran his credit it was around 590. I am willing to give a full sellers assist but he still comes short of the 3.5% (assuming 135k sale price).

Are there any lenders who have a credit assistance program or 0% down payment (non military) program we can use. I am willing to be flexible in the sale just to 1031 the profits into another property. Any and all advice is welcome, that lets me get rid of my FHA and sell this house.

I live outside of Philadelphia (Delaware County) and was curious if there were any local brokerages that are active here and "investor friendly"?

@Jerry Padilla

I personally do not have the cash. Can you elaborate on how I could use cash to do delayed financing or cash out financing?

Have a REO duplex under contract and ran into an issue with conventional financing. Looking for a local lender in Philadelphia, Delaware County or the surrounding areas or someone who can lend in this situation. Looking to close quick as the place is vacant.

Have great credit, W2 income and enough cash to close today. My DTI was the issue.

Please reach out to me if you are a local lender who can help me here and would like build a on going business relationship.

Is there anyway to circumvent title seasoning after I purchase a REO, complete a rehab and move tenants in in less then 6 months? The money for the purchase is expensive and I would like to get a low rate 30yr loan on it asap to avoid spending more money then necessary.

I would like to speak with a mortgage broker about some financing options for my next small multi family investment property. If you think you can help me out shoot me a message. I am looking to build a long term business relationship and am ready to make an offer pending pre-approval. Thanks