All Forum Posts by: Paul Nicklin

I hope everyone is doing ok in Hawaii at the moment with Cvoid. My nephew visited Hawaii last year with his girlfriend and loved it. They decided to move to Oahu in September. I am looking for the BP community for some rental guidance (anything other info very welcome as well!). Hes got an Airbnb lined up for one month, but wants to find a condo for 1 year, maybe with a 6 month option. They only need a 1 bedroom but he works from home so they would like a 2 bedroom if possible. I am sure price defines how close you are to popular areas, so they just want somewhere safe (Coming from someone whos never been there). They are mid 20s, but reliable and nice. I think they are looking to spend on the lower side rather than anything fancy. Any advice on agents, where to look etc would be most welcome. Thanks Paul

@Alex Read Agree with the sentiment here. I used a broker on my first investment mortgage. When it came time to refinance on this and another investment property I renovated I tried various credit unions and banks. Long story short I wasted time and an appraisal fee. Went back to my original broker who has always managed to get it done. I have bought / refinanced four properties with him now. I would have used him for a HELOC but he doesn't offer them. I have gone with a credit union who everyone recommends and is very responsive. Its an individual based decision. Good brokers can save you time and effort, sometimes money. So try some other banks and credit unions and see how you feel about them. There are plenty of threads on BP with advice on the benefits of each. Worth noting at the moment that its a tricky time to get investment property financing. I am trying to buy a property and the rates / points being offered are surprising.

@Jeff Sadosky Penfed are by far the most responsive of all the banks I tried for HELOCs on investment properties. They wouldn't lend to me as I have 4 investment properties. I am going with TD Bank

@David Lee Hall, III Interesting, single closing helps! It was a very small, $50K transaction on my first assignment purchase, so happy to be a small fish in this scenario ...

@Chris K.Thanks for the advice, I googled the PA revenue site and a couple of title company websites. I didn't quite understand why I would be expected to pay for 50% of the original transfer tax and then 100% of the assignment part. Going to get the HUD adjusted.

@Steve Babiak I suppose its one approach, we just want our money!

@Gary Guidi Congratulations Gary. Numbers look great. Sounds like you found a winner. I know the post says first multi-family, but I think we are all eager to hear if you have a background in SFHs prior to such a big multi? 

I know this is an older thread, but I have question on the same lines. I am buying my second property in Philadelphia, both assignments. The first one had no fees relating to the tax on the assignment value. The second one (different title company) now has a 4.2% fee relating to the tax on the assignment. I understand this is the correct way for it to happen. A couple of questions:

1 Presumably this should be paid for by the people who are getting the assignment fee?

2 Should I do anything about the previous transaction, if the title company get audited, who will the PA tax & revenue go after, me or the wholesaler?

Thanks in advance

Hi BP, I am looking at an online auction for a bank owned property. Title shows some minor city judgements on the property ($2K). It also shows a mortgage of $105k in 2015 then this mortgage was subject to ASSIGNMENT in 2018 and then MORTGAGE FORECLOSURE late last year. Is the buyer of the auction liable for the city liens / judgements and the mortgage? Or because you are buying it bank owned, the mortgage is solved in the auction? Thanks in advance.

@Lei Song Did you get any response on this one? I would also be interested if there is any feedback on Turnkey Property Pro. In terms of other companies in Philly, I have read a bit about TCS Investment / Turnkey Philly. Just trying to find out a bit more about them myself.