All Forum Posts by: Stephon Mosby Williams

@Justin Elliott thanks for the advice and I have a few years of building maintenance experience so I’ve been doing small renovations since I’ve bought the house. I’m sure my property has some forced appreciation by now. I’m just not ready as of yet to get rid of the property and I’m not all too comfortable yet with tapping into the equity I have in it(I know it goes against investor wisdom but I want to save this equity as an almost emergency fund). My focus now is to buy and hold more multi-family and to get some flips done in between. I do want to transition into commercial but not by unloading my first house. This was my first house and I’ve put a lot of sweat equity into it and most importantly it cash flows nice so my plan is to keep this one. But every house from here on will be bought with the goal of exiting somehow in the near future.

@Rick Taldykin thanks for the help! How would I go about finding private money lenders? Are there companies that specialize in it? Any recommendations if possible?

@Bryan O. Thanks for the advice. Would you have any recommendations for good lenders? Is it possible for a lender to let you count more than 75% of rental rates?

@Dennis M. I would say it’s mostly out of convenience. I used a bank(Huntingdon valley bank) the first go round and since my credit is 760s and my finances are ok I just thought that it might be easiest to go through a bank again. I’m still trying to find different types of mortgage loan lenders that will lend on a 2nd triplex outside of banks but I haven’t been successful yet. If you know of any lenders who might work for my situation than I’d greatly appreciate the suggestions.

@Michael Noto thanks and no I haven’t heard of those lenders before. I’m just getting started and I’m still trying to figure things out. I really want to keep making moves while I have the momentum. I’ve been reaching out to mostly local banks (Fulton, prudential, BOA etc.) and still haven’t found someone who’ll look past my deduction issue. I’m starting to think I’ll have to wait until 2019 tax time to not deduct anything so it’ll look like my current property makes money. I’ll reach out to the above mentioned lenders tuesday. Hopefully Veterans Day doesn’t slow things up much.

Thanks in advance for any forthcoming help. So I bought my first home(triplex) last year. I used a conventional loan with 25% down. I live in one unit and rent out the other two. My mortgage is $1008 and I profit $352 each month not counting maintenance or management. Things have been going great and I’ve been trying to replicate my success with another triplex. I’ve been calling around to different banks looking for financing for my 2nd triplex and I’ve hit a hurdle. When I did my taxes for 2018 I wrote off my property updates which almost equaled my rental income. That made it look like I’m not making money on my property. I didn’t realize the future consequences of my tax actions when I initially did my taxes. Does anyone know of a way I can find financing without my property upgrades working against me when applying for the financing??

Congrats guys on your success! Hopefully your future is better and you keep us fellow BiggerPockets members updated so we can be further inspired. Best of luck to you!!