All Forum Posts by: Steven Hershey

Our Investment property loans are more than primary resident loans. If I did a deal today 4.6% would be locked in. Thats why i thought of this. If i could get my sibling to do a conventional loan and i would put the money down, Her interest rate would be 2.7% for a primary residence loan then i would rent it out and give her a monthly payment just for helping.

My wife and I are currently looking for our first rental property! I was wondering if it is legal to have a sibling do a mortgage application with me and my wife as a "co-borrower"  as a primary resident and use that to our advantage for lower rates and down payments for a rental. I would think this is ok because what if you bought a house and then rented it out after a few years? is there a year amount restriction?

our closing costs are about 5k with a 20% down payment @ 4.6% interest on a property were about to put an offer on. 

let me know BP! thanks

Thanks ken ill have to look into this

Good Morning BP! I had a questions about banks unloading properties before year end.

I have heard that banks want to unload their ROE's before year end to get them off of their books. How true is this and how low can you get these properties? is it first come first serve and do they literally give these properties away for pennies on the dollar?

What is the best way to get a hold of these bank's ROE properties? any internet sites? or is it best to just walk into a bank and ask? I have been having a hard time locating emails for the real estate side of the bank's operations. Best way for me to get names was to apply for loans and then I went on to ask about their properties once I got in direct contact with their sources. I have not had much success with info on ROE properties.

Any insight is great! thanks.

This is all great, thanks guys

Ryan,

thanks again! Would it be ok if i shot you a message later today? We would like some insight on york city and surrounding areas.

Thanks

Noah, 

I know you posted this 5 months ago. But wanted to give you some of my insight. We are currently looking for our first rental property also, and Columbia is where we would like to start. Your can already find Houses in the city that has appreciated 1 and 2x over the last 5 or 6 years. Its very up and coming. Lancaster city prices our crazyyyy your talking 3 and 4 x in 4years or less. Our agent recommends us to continue to look in Columbia. They have a big beer fest there everyear which is getting bigger and bigger. Water sports on the river and also wrightsville is right across the bridge which they have a nice boat slip along the river. Is your "off the market" property still available? We checked a house out that was listed for 75k, we put our offer in and someone beat us to the punch with a 90k offer... so its happening there too. lancaster city is flooded and the money and investors will eventually flood to the surrounding city's.

good luck and pm me if that property is available, id like to check it out if your not interested. 

Good Morning BP!

My wife and I have been trying to zero in on our first rental property! We are located in Lancaster,PA and have been looking in the surrounding city's for our first property. York,pa Reading,pa Lancaster,pa and all surrounding areas. After our first offer was denied our agent asked if we could get pre-approved, since we have checked numerous properties out already and she knew we were serious it made sense. So I have done that and now having issues finding a lender/bank that will offer loans under 100k. We have a down payment for a home up to 100k so we would be looking to finance anywhere between 60 and 85k. Can anyone help? I currently have loan applications in two different local credit unions so we will see what they say. I did not realize this could be an issue? Its so hard to get ahold of the specialist through these banks because how busy they are, I found if you put an application in then they get back within a day. I have only had 1 actual hard credit pull at the application process. I guess the banks are so busy they would rather make the big money off of the larger deals since they are everywhere right now.

I am also looking for a wholesaler and Property Management in Lancaster,Pa and surrounding areas to help us find our first property. We are looking to buy and hold or BRRRR, which ever deal comes to our attention first.

Thanks for any insight.

@Jordan Mummau Ive been looking outside lancaster city. York city's surrounding areas and also harrisburg's surrounding areas. I have a buddy that has been pretty successful more north in shamokin area. If you dont mind me asking, who do you use for your wholesale deals? 

I think for now were going to invest in a property with a down payment with little to no rehab and then save up to start BRRRR's, we need to get our feet wet first.

thanks for the input

Thanks for the info! I also thought my agent should know how to send me REO's through these banks... My plan is to use the money for a down payment and then get loans for the rehab costs. I did sign an agent agreement... how legally bound am i to that? The agent never asked for a pre-approval letter or proof of funds. Ive been to several of properties and the agent is very knowledgeable about investment properties because they have several of their own, but they buy and rent and thats it. They have never rehab before. I think my plan is to build more equity in my home while i buy and rent a property. I need to build funds of my own so im not at the mercy of a bank.

Im also looking out of State/County to buy and rent. I can find deals but they are over hours away. In your experiences is this a bad idea? I dont mind paying a PM company as long as the numbers work.

thanks for the input