All Forum Posts by: Ryan Chatman

@Jade Ross well I asked if you had terms already because typically hard money loans are going to be for short term projects and will have higher interest rates. The shorter payback period and higher rates will make majority of buy and hold deals not make any sense.

Do you have the ability to do a traditional loan or FHA loan? Those will be your best bet if holding on to a property. You'll look at a lower monthly payments and lower down payment (if needed)

@Jade Ross what do your numbers and terms from the lender look like? What's the loan amount you're seeking? What are your potential rent?

@Jessica Howard ^^^

@Ryan Chatman people charge for this information because we now live in a world where we indulge on content and one can potentially make way more selling courses than being in the industry they are teaching about. The info is out there though without paying!

@Jessica Howard most credit cards will require an inquiry (on your personal reports) and signing a personal guarantee. Meaning they'll run your credit to qualify you for the card (even though in the end it will be under the EIN of the business and business name), however those cards will not appear on your credit reports.

They will only show up on your personal credit reports if they go delinquent, because you guaranteeing that they will be paid.

By the time next year comes around you should have recovered from the inquiry or two for the card(s) you apply for.

If you want to establish net30 credit lines that report, with no personal inquiries I'd recommend Uline and MSC industrial to start.

@Alejandro Patino just rewired a 120 yr old 2 story 1100sq ft, also with exterior lines for hvac. 4K all in here in PA. Get more quotes like others said!

@Luke Hoffman you are NOT adequately screening your potential tenant if you do not require a social. You cannot verify credit reports and background check without this.

You should already have a company lined up that is going to provide your background check and credit reports for you.

To get over that mental hurdle... imagine a scenario of getting burned and losing thousands of dollars. Because you didn't do your due diligence in screening the tenants. That's what your setting yourself up for in not asking.

A great thing to tell yourself is that any GOOD tenant is going to be expecting that you ask for their social. Bad ones will be the ones that do not want to give their social.

You are a landlord and collecting sensitive information is part of the job!

@Rodneisha White a friend of mine sets up outdoor cameras and a simplisafe system with alarms and cameras inside at every reno/new build property. He chooses those because they are easy to setup and take down plus they have some nice sensors (glass break sensor, motion, and water detection- nice for leaky basements or sump pump areas)

I believe the most important thing on your outdoor cameras is that they are visible so potential burglars see they will be recorded if they do anything.

It's also cheap enough these days to get wifi lights. You can time them so they go on and off at random times. Make it look like someone is present. Get your blinds back in and close them so no one can see inside, but light can shine through.

The worse option is to buy window/door barricades, which ive seen in ATL before on renos/builds... Im sure it works but it is an eye sore and I think a waste of time to install/remove. Plus something like that draws attention to the property.

@Joy Meeks congrats on motherhood and welcome to BP! If you are coming across any good deals in bethlehem, I'm always interested in new things available.

@Lei Marte Lehigh Valley is a great place to invest but it is highly competitive right now for all of the reasons you mentioned in your post.

The stats you mention are not unheard of. My property here gets 9.5% cap rate. I've seen many scenarios with opportunities for even more. Many of the cities here have strong rental markets so it is great for investors.

The area is also getting more transplants from NYC and Philly areas because it's lest costly and there are tons of jobs available. Plus there are more jobs coming (there's literally warehouses popping up everywhere and signing bonuses being advertised by everyone on billboards).

Just make sure you have some good people on your team that know the areas. And I've been telling everyone in this market, make sure you move quickly when you have the right deal.