All Forum Posts by: Ryan Muska

Syndication is my recommendation. Basically investing a person that buys a property that will hopefully reap returns. 

It's nearly impossible to own a property and have it be passive. The best bet for that would be getting an awesome property manager that does basically everything aside from supplying the financing for the home. 

I'm currently looking in PA, as well! Scranton isn't bad and has lots of potential. House hacking is also a great thing! Do you know how much you can be approved for? I'd love to discuss your goals and see if I can provide insight!

Go to a mortgage broker. Can't recommend any. I'm not licensed in CA, but mortgage brokers are the best bet.

For DSCR Loans, you cannot live in the property. That program is strictly for investment properties, not primary. That being said, you can use a primary home loan with rental income to subsidize it.

Looking into the Allentown market and have been doing my own research. Wondering what you folks have to say about the best and worst places to invest in Allentown.

Congrats on taking your next step into becoming a real estate investor! 

House hacking is awesome, but it has to be done right. 

It looks like you are making some progress in learning the ropes.

I can provide the following answers (some vague, some specific) for the questions posed:

- Look at neighborhoods you would want to live in (safer the better, near amenities, potentially newer construction in the area) remember you will be living there as well!

- For your buying power you could put down as little as 3.5% of the purchase price of the property (if you plan on living in it as a primary residence). $3,500 for every 100k a property is worth. Also, typically you can use 75% of the gross income from the units you will not be occupying to help you qualify for the loan. 

- I have not done a house hack, but the idea is to help you be able to build a portfolio. With that being said, potentially look into a property that you think you'll be able to move out of within the next 12-18 months to allow you to do it all over again!

- Closing costs are always stuff that people forget about. I'd suggest having $15k left over after your down payment to help with these costs. They are usually well under this amount, but it's a safe number. Also be prepared to be putting money into the property continuously. If you can put some sweat equity into the property to make it worth more while you live in the property you'll benefit greatly.

- I learned that it's okay not to get a homerun on the first swing. You will be wrong...a lot. You are just getting started. The learning curve is steep but treacherous, so keep your head up and if the numbers and potential makes sense, then you got it. 

I'd love to talk to you to learn more about your position. Let's connect!

First of all, there definitely are HELOCs on investment properties. Those banks do not know what they are talking about. You need to have a first mortgage, however, to do a HELOC on a property.

For the DSCR, what did you have in mind for house hacking?

That is the reason you are having much difficulty. Mobile homes are hard to lend on. Also, if you don't have a first mortgage you won't be able to get a HELOC. Those have to be in second position. I'd love to connect so I can see more information and try to get you what you need

Hey Nate! 

That sounds like an awesome journey!

I may not be able to connect you with a property management company, but I am a mortgage broker! If you're looking for financing on your deals, I'd love to chat sometime!

Always go small banks and they will typically treat you like a person.

Large banks see you as a number and will typically not work for you; if they run into difficulties, they may not try hard to work them out.