All Forum Posts by: Steven Goldman

We are brokers and rehabbers in the Philadelphia area. We have not had good experiences with their line of credit program for rehabs. We prefer other companies, or private money, as their process was too cumbersome and not inexpensive. That is not to say you can not have success with them. Just that we prefer other  lenders and line of credit rehab lenders. Good luck! I know they will be mad at me for saying this........

Where in Pennsylvania East or West?

I will leave the internal revenue service issue to your accountant. On the financing issue, if you are using the money for a business purpose than you are permitted to use that money to purchase additional properties or for any other legitimate business purpose. It does not have to be reinvested in the property. Good luck!

It is highly unlikely that you will be able to cash out refinance your acreage unless the purpose of the loan is to make improvements on the actual ground. All of the prior suggestions about local banks are your best bet. Still it is likely to be a business purpose loan and the use of the funds will be restricted accordingly. Good luck and Happy New Year!

Yo Portland good luck in Ohio. Columbus and Cleveland have little in common. Some of the best deals are in Canton, Akron, Dayton and other smaller cities and towns. Be careful in Cleveland some of the areas have significant financing issues. Columbus is popping. Good luck.

I myself have little wisdom here but I have learned to follow these rules:

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As a former real estate lawyer who is now an investor and lender almost all jurisdictional real estate tax liens survive a foreclosure in all States. Federal tax liens are treated differently. Good luck.

There are two components to successfully BRRR successfully. First, you must find properties which can be significantly increased in value by rehabilitation. Second, you must know the ARV of the property before you purchase it, to determine that the refinance will recover most if not all of your investment.

Using a HELOC to finance the down money to buy turnkey properties, will require patience and a keen evaluation of the market in order to get sufficient appreciation in a few years to allow you to pay off the HELOC and refinance the purchase loan.

BRRR by its definition is a Buy, rehab, rent, refinance, repeat. Without the rehab. you have no value added to allow you to cash out your investment Good luck.

Mobile homes are very hard to finance. Many lenders will not even consider lending on a property that has a mobile home and a regular home on it. In no instance will they count the cash flow. When the economy becomes rocky mobile home rents are the first to be effected as the occupants tend to be in more volatile occupations easily effected by economic problems. If you want to do mobile homes you need a piece of property with proper zoning and as others have said be in it for the cash flow and do not plan on selling or refinancing the property with conventional financing. 

I would change the lock on the door until it is straightened out.  Once she moves in you are screwed if she does not pay. Than as advised, speak to a real estate lawyer who represents landlords. Good luck!