All Forum Posts by: Richard S.

farmers DP1 is pretty affordable

@Yvette Chung yes that price is reasonable, your main cost is the time to do tile walls and floor. The other stuff is easy. You could go tub surround and likely save money. And laminate flooring could save money too. 

Look up Irving’s Construction, he’s in Williamstown. He can probably give you the best deal to be honest. Tell him you were referred by Richard.

if it's a cash sale that means no loan no lender, it doesn't get any more straight forward. 

@Meeno T. Don't go by what you are told is "common practice", go with what you feel comfortable with. 

Whether you use an attorney to review is up to you. It's no different here than anywhere else. Some people avoid it if they can read through the docs themselves but it never hurts to have an attorney review. Sometimes a lawyer at your title company's might review for you if you ask them to, which could help you kill two birds. 

@Jeff Dulla Thanks for the information. So if I'm understanding correctly, the 24 month requirement may not be a requirement if I find a bank willing to work with the fact they were "inherited", and I've held them over 12 months now.

@Chinmay J. Not going to go HML, I'd rather have two full years of tax returns than pay 10-12% HML rates. Totally kills the deals around here, plus I don't want to take the risk that I can't refi later.

@Jeff Dulla  I have a portfolio of properties, each owned by separate LLCs setup at the end of 2015.  They were previously owned by a relative and gifted to these LLCs in 2015. So I have 1 year of activity for 2016 for a large portfolio of properties that are all owned free and clear.

None are owner occupied. No mortgages.

The problem is that traditional banks want 2 years of tax returns of exclusive rental activity. My past few years had activity related to previous employment that was a mix of W2 and K1 which confuses the banks and they just want to see two years of consistent rental income on my own returns.

Hi everyone,

Per title, I am looking for lenders that only require 12 months seasoning. 

Haven't found any local banks that will work with this.

Anyone have any good leads? Trying not to rely on a 8%+ hard money lender, trying to land somewhere closer to 4-5% for a 10-15 year mortgage of about $150K.

Appreciate any leads!  

If you are in south jersey, I would suggest looking into buying into areas close to Philly. Having lived there for several years I can tell you the rents are rising every year and it feels like it's becoming the next NYC. New apartment buildings shooting up everywhere, but again, high rents - and not everyone who works in the city wants to live in the city.  Cherry hill or Marlton could be good investment locations rig the now due to a bad climate for sellers in that area (source: Trulia), and they have good school systems up there. 

Pay cash for banked owned homes in a local area you're familiar with and can manage on your own, where there is good cash flow opportunity and a quick ROI (5-7 years). Refinance them after 12-24 months seasoning and rinse and repeat.