All Forum Posts by: Ryan Harsche

I have a fantastic property manager.  They manage about 8 units for me right now and i couldn't be happier.  Let me know if you want me to introduce you to them.  Send me a message. 

@MD Alam two things, 1) bill is a fantastic agent and has a lot of insight into the investing world.  So you should definitely give him a buzz to learn more about the area.  2) my personal favorite areas for Philadelphia investing right now are Kensington, Port Richmond, Sharswood/Brewerytown and Cobbs Creek.  There are many other areas of the city where you can make money, but these are the neighborhoods i'm currently looking at. 

@John Webber there are a lot of things that determine your interest rate.  E.g. Credit Score, Debt to Income Ratio, Loan Amount, Down payment, etc.  However, with the home ready program as long as your credit score is over 680, you will be treated as if your score was the best score possible for your interest rate.  There are no hits to your rate on a home ready, so you get the best possible rate available.  Also, the mortgage insurance rate for HomeReady is lower than if you went with a standard conventional loan. 

@John Webber this would be based on qualifying income for both programs. So only the income on the loan. If you make too much money as a couple, then one of you would have to qualify on your own. The other would stay off the mortgage application.

@Shuo Wang my first question would be, why do you want to put such a large percentage down? But secondly, I personally would go with the 10/1 arm option. But I would refinance the entire mortgage into that option. The only issue is that you have to decide what you will do in 10 years when the fixed rate period is up. Do you plan to pay it off, refinance or sell the home? You have to always assume the worst case will happen and rates will be higher in 10 years. If they aren’t higher, then that’s just a bonus.

@Kyle Koppenheffer unfortunately, thats probably correct.  It all depends on taxes on the property.  Philadelphia is an EXPENSIVE city to buy in due to a 4.26% transfer tax and you will have to bring 14 months of both taxes and insurance to the closing table.  This is due to both being paid in advance on a yearly basis. 

I have a real estate agent and title agent i can introduce you to right away.  I have a contractor, but he's really into new construction/renovations for primary residences.  But i could make an intro either way.  He may be able to point you in the right direction.  Message me and I'd be happy to get your email address and make the introductions. 

@Spencer Harvey Honestly, Its a newer loan program for me and i'm not licensed in Wisconsin.  But I could hook you up with a Loan Officer out there that could help you with all of that.  Message me if you want me to make an introduction

I'm from scranton and I invest there.  Happy to help with whatever i can. 

Adam, 

i have one of the best CPA's in philadelphia (my opinion of course) but he is AWESOME.  Message me and i'll send you his contact info.