All Forum Posts by: Robert Sapienza

Anyone know out there who is / know of any reputable lawyers that have delt with the eviction process? Possibly going through my first one and would love to get in touch with someone who is from the [preferably] south Jersey area or New Jersey. Thank you! 

This feed:

Knowledge value: 0

Entertainment: 8

Time i will never get back: 10 minutes

The thing I love about BP is that it is extremely informative, but this was extremely cringe worthy and I wish no one gave this guy the time of day after he started talking the way he did.    

@Shaun Weekes @Chris Mason

Thanks guys. I need to go out and talk to multiple lenders, because the lender that I am using for my original HELOC (PNC) claims that my rental income will not qualify for income until a set period of time. I believe they were claiming 2 years before it can be considered income in the "banks eyes". If there is any truth to that then my DTI would not look good. If that is not the case and all I need is positive cash flow to continue buying more properties with LOC's or cash out refi's, then all I need to do is grab my 70-80% LTV LOC or refi and come up with the rest of the remainder cash for my next purchase. And IF that is the case then scaling quickly will be totally feasible I guess with the right bank.

Hello everyone! Have a question and ill keep it as short and simple as possible. I have just purchased my first rental property (quad) 100% with money from my HELOC (primary home which is paid off). So my now owned quad has no mortgage/lien. Without getting into the numbers, (property is cash flowing very well) what is the best way to get my financing set up for my next investment? Another LOC? Cash out refi? NOTE: I am self employed and have been for years. Don't show all that much income on tax returns. In a perfect world I would keep getting HELOC's and purchasing houses with each new HELOC but I don't think that is a reality. Anyone from experience been in my shoes? Cash out refi probably will work for number 2 but after that my debt to income will look shot and I will most likely have trouble scaling from there. Any words of wisdom are much appreciated. Thanks!

Hey everyone. Investing in real estate just shy of 2 years, the only experience I have is with flips (which have treated me well so far) in the Philadelphia market. It has come time for me to start my "BRRRR" path in life with my first rental property, and after doing much homework and diligence, I am thinking that section 8 tenants is the path that I am leaning towards. So for my NJ (South Jersey) friends out there who have experience in this field, I would love to hear from you. The main questions that I could not find specifics for online are the following.

1. Who do I first contact to get some more information on section 8 to get started?

2. How much will my house qualify for? I know this is a broad question, but will there be a significant jump in assisted funding on a 2 bd 1 bath over a 3 bd 1.5 bath? And if so, how can i judge a cash flow if I have no clue what section 8 is paying for?

3.  Do I know with 100% certainty that my house will qualify for section 8?  

Things of this nature I would need to be slightly knowledgeable on before putting in an offer. The last thing I want to do is buy a house in a primary sec 8 area and then worry about getting answers after.

Any feed back would be greatly appreciated and maybe a few quick tips on things that you did to get the ball rolling on your first rental that was occupied by sec 8 tenants. Like I said, my next rental purchase will be my first, so any other feedback that I did not ask for is welcomed.

Disclaimer**

Some people I have already talked to think that section 8 is too much to deal with especially for someone who is new to the business. Yes my real estate background is limited but I am a business owner of 10 years that subs a lot of work out to wide range of people. Tenants are new for me but people and PROBLEMS are not. 

Thank you everyone for your time. Looking forward to reading some responses.  

I am brand new here to bigger pockets although I have been listening to the podcast for a few months now. My question is pretty basic. My home is paid off (have full equity). Is it a smart/good idea to use a home equity loan against my primary residence to purchase a rental property? If so should I only use home equity for the downpayment and mortage the rest, keeping equity in my primary home available for a second rental come time? I basically am looking for advice on how to best utilize the equity in my free and clear home. I have purchased and flipped 2 houses within the past 10 months in Philadelphia (just getting started) and using my home equity for that made me very uncomfortable (used hard money). I feel that using a home equity loan on my primary house may be a good idea for a rental being I would  need no money out of pocket. Appreciate any feed back. Thanks!