All Forum Posts by: Morris Cohen

I am a real estate investor that owns 12 units. I am looking to enter the Philadelphia market to increase my portfolio. Specifically I am looking at single family homes that are in need of a renovation with an ARV of $50-150k. Since I live in NY, I am looking for a real estate agent who can walk properties for me and give me a rough idea as to what the rehab costs are. I am also looking for a contractor who will stick by his estimates and a property manager who can handle some of the tougher neighborhoods in the city.

I am looking for a company that can repair and clean gutters in Indianapolis on the cheap. I just bought a property and the insurance company is requiring it. Anyone have any good referrals?

Thanks!

I ran into that same issue. I purchased a SFR in Indy for $21k and put some money into it and couldn't figure out how to finance it, which is why I switched gears and started to look into multi-family. I have 3 promising leads from my post on the commercial side though, but that's a higher price point ($170k for a 5 unit). On the residential side, the only thing I found was this: http://morrisinvest.com/funding. 

I found it from listening to this podcast: http://morrisinvest.com/podcast/2017/2/3/ep115-usi...

I am not thrilled about going this route, but it's the closest thing I was able to find to get leverage on lower priced properties. I didn't move forward with it, so I can't really recommend it. I'm likely going to sell my SFR at some point due to the difficulty in finding leverage.

I just purchased a 5 unit multi-family in indianapolis for cash. I am now looking for commercial financing. This property has strong cash flow, I have great credit, etc. I have not run into any issues with the deal itself. The issue I am having is all lenders I speak to seem to have an issue with financing deals owned by out of state investors. Does anyone have any recommendations on who I can call? The purchase price is $170,000 and I am looking for whatever leverage I can get. I seem to be below a lot of commercial financing minimums as well.