All Forum Posts by: Steve Jellen

Conventional mortgages for multifamily properties are permanent "conforming" loans offered by traditional banks and lending institutions. These mortgages are long-term with terms between 15-30 years. Conventional mortgages can finance multifamily properties between 2-4 units but can't finance 5+ units. So financing a 2-4 unit building would be just like financing a SFH

Welcome Jack, you're certainly in the right place!

Have you tried to network with a local REI group? You're likely to find local people who know your market and are willing to invest.

Good luck!

@Erica Naveja another thing to look out for are the taxes in Monroe county, which is where a good chunk of Pocono properties are.  They are kind of steep in relation to the price of houses.  Keep in mind the taxes will definitely raise your carrying costs.  If you go just a bit north to Pike county, taxes are lower

MD has a 60 hr pre-licensing requirement.  Take the class online, about $250.  Then take state exam $61.  Getting your license can put you in a position to network with wholesalers, investors and realtors, all of which may help you in finding your next deal!  A RE license is not necessary for you to reach your goals, but if you do buy from a realtor you can save a little $$ on the purchase price if you consider the commission you receive.  Best of luck to you!

@John Cohen thanks for the add!  Going to bring a colleague if that's ok

@John Cohen can you add me to the list, I'd be interested in attending tomorrows meeting.

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I see a few people asking about how to purchase tax liens/certificates in different states...try using Google!  And if you actually to try to search, you are often sent back to BP...spend some time educating yourselves and plan on a lot of reading.  Like someone said before, states have different rules and the rules also differ from county to county.  If you are confused, just call the tax collection dept. at the county you're interested in.  They will answer most questions you have.

Good luck :-)

@Christopher B. Regarding closing the deals....One of the things you have to realize is that you are trying to buy from other investors who are fairly business savvy.  Likely, they aren't in a rush to give it away.  Sometimes we get caught up in HOW MUCH we pay for a property.  Buy what we are really concerned about is what the property will COST us monthly.  You can ask the seller to buy your interest rate down.  They will pay points to your lender lowering your rate, therefore lowering monthly payments.  You'll pay closer to the sellers asking price, but at the end of the day the monthly payments are closer to where you want to be.  

Welcome Vinnie!  Lots of great info here on BP.  I recently joined as well...I spend hours reading through the posts here.  The key is to educate yourself and if you have questions, don't be afraid to ask.  Great group of people here.

Steve