All Forum Posts by: Nicolas Sanhueza

@Joe Splitrock Thanks man! great insight

Hi!

I have a 3 bed 3 bath rental 3 blocks away from Temple University here in Philadelphia PA. So far I posted an ad on 2 facebook groups, Craigslist and I posted some flyers in communal areas in campus (I should print more of those).

Does anybody know any website or app that might be popular for this kind of rentals? or any other strategy I can use?

Thanks you for the help

you are right, the safe way is the right way. I personally only look for cosmetic renovations, and I leave everything to my contractor. the second property I bought was almost turn key, someone did the reno and couldn't rent it out because of covid, the house off market for a couple years and bought it through a whole seller. I bought it using hard money and had it appraised without any reno from my part and it was worth already 70k more that I paid for it, so it is definitely possible to buy with hard money without doing renovations. It is just more difficult to find the right property.

@Eric Morel On my first property I used a Hard money lender and used money I was saving for the down payment and closing cost. After the cash-out rifi, I used the money I was able to pull out, plus investors (my mom, dad and aunt let me borrow around 5k each) and I went to a national Bank and asked for a personal loan for 10k. all that combined was enough to cover down payment and closing costs, the rest I founded with hard money again.

To find the right lender I had to make many calls until I found the right one for my situation. the one I am working with right now asks me for 15% down payment, 12 months loan term at 10% and 3 points. They also give you 100% of Reno Budget, which is very helpful.

Going in for my second year as a RE investor! I am hyped! my goal for this year is to buy at least 5 doors of small multifamily so could something like a duplex and a triplex. Also to Network with other investors from my area (I live in Willow Grove, PA, close to philly)

cheers!

Hi Eric! yeah, I forgot to mentioned that I used the BRRRR method on both of this properties. I am actually in the process of a cash out refi right now with the second one, but with the money I am getting back (about 30k) I will be paying all my investors and then there is not much left for me to re invest unless i got back to raising money.

Thanks for the help though, I hope you can buy your first property soon!

Hello everybody,

I am trying to find answers on this new phase of my journey. I bought my first 2 rentals in 2021, and now I find myself a little stocked since I don't have much more money to keep affording down payments on new projects.

I was wondering if anybody knows of any lender that offers Lines of Credit for against equity from rentals. I went to a couple banks and they don't lend HELOCs on properties that are not being use as a primary residence. Further more, some said my LLC was too new to qualify for any of their products.

I would take any advice you guys have on this regard. I invest in the Philadelphia area, PA

Thanks you all!

Hi everyone!

I am buying my second property using the BRRRR method, it is a 4 bed 3 bath townhouse right next to one of the mayor universities here in Philly.

My plan is rent it by the bedroom since all the units in this area do that and it works great, the problem is that apparently Philadelphia doesn’t allow renting out single bedrooms. 
my question is how can I structure the lease agreement in order to make this happen without violating any laws, there has to be a way around it because it is extremely common to rent a room in this area. 

Thank you so much for your input!

Thank you very much Paul! That is a great answer and it helps me a lot to kind of have a road map to follow. I will start doing some research on the IRS Topic 701

Quick question, I am looking to buy a small multi family with a FHA loan and house hack.
is it possible to force appreciation through a rehab and then cash out refinance to a conventional loan?

I would still live in the property for at least 24 months.
Thank you!
PS: I am looking to buy in Willow Grove, PA