All Forum Posts by: Tianyi Chen

 Thanks for the suggestions.  I read books on creative financing like seller financing and subject 2.  I really like the idea but it seems that to get these leads, it will involve a lot of work.  My wife and I have our own business.  In your case, are you full time real estate investor?

I have a few years of real estate experience with 1 primary residence in PA and 11 rental units in DE. Over the years (when the price and interest was still low), my wife and I only used conventional loans. Now, we want to switch to commercial loans to get more flexibility. We have about $1.95 millions of equity. We think we can get some decent size of HELOC and use cash offer to win some bids. Then, with little rehab work (we don't have much experience so we don't have large rehab work), we can refi with DSCR loans.

Question: can anyone refer us some good lenders for the loan we are looking for?  Is there any other suggestions on our strategy?

Hi,  I bought a property in Middletown, DE for rental recently.  When I applied for the rental permit, I got this message.

Looking over the rental registration paperwork with the New Castle County parcel information it shows it to be 100% basement, but doesn’t show any basement % finished.

I had checked in the original building permit and on the certificate of occupancy (12/19/03), and it doesn’t list a finished basement on them documents either. We could not find any additional records of the basement being properly finished.

If you can provide any further building records in regards to the basement being properly finished the Town could look into those.

I tried to call the code official who sent me the email a few times and didn't get a reply.  My understanding is that I can fill out an improvement acknowledgement form and get the finished basement permitted within a year.  I am not sure what to do.  Anyone has experience in Middletown, DE?  Thanks.

This property will need a Rental Property Improvement Acknowledgement form submitted. It would need to be approved before a passed rental inspection can be obtained.

I am selling a house in Prospect Park, PA near Philadelphia.  The buyer is requesting a waterproofing specialist report for water entering issue in the basement because the inspector found some sign of water entering.   We know that these are the potential solutions: 1. sealed wall with waterproofing materials 2. grading 3. french drain.  We will have a couple waterproofing specialists to assess the issue but my agent said for sure they would recommend doing a drain.  My agent is looking for a professional structural engineer and he hopes an engineer could write a statement saying that grading plus new sealed walls will be the solution.  

I had a tenant who requested an early termination of the lease last year.  I agreed since she was owing me two months rent.  I asked her to sign an agreement of early termination and paid all the remaining balance minus deposit by 3/31/2020 or I will reach out to collection company.  Now 3/31/2020 is approaching but the tenant has not paid anything yet.  The total due is about $3,000 including repairs, rent and unpaid bills.  I don't have the tenant's current address.  Is there a way to sue the tenant?  Is it worth the effort to do so?  My rental property is in Newark, DE.

I need some suggestions.  Thanks.

 These two are my only multifamily properties.  I was too optimistic on them when I purchased them.  The management company is OK filing evictions and doing reporting but not effective in pushing the tenants to pay and finding new tenants for vacant units.

I think I should have relied on my contractor who has served those properties for many years for the previous owner.  He knows people in the area very well.  Right now, I just asked him to do the maintenance and repair only.  He used to help the previous owner put tenants in and even collect rent door to door. 

I am still trying to figure out an appropriate way to manage these two properties.  I will update if it is getting better.  

@tyrone jackon 

zip code:19805

I have two 3-unit multifamily buildings in downtown Wilmington.  I have been exhausted on handling different stuff from now and then even if it is managed under a property management company.  The cash flow (due to vacancy and eviction) is not at all as good as I expected when I bought them last year.  Any suggestions or comments on how to improve the situation?  

I have a W-2 job so I really could not put too much time on the properties.  Is there a better management company in the region?

Johnny,  thanks for this intro.  I wish I could find some time and do it too.

I believe I have a very similar situation.  I am also turning 33, from China and arrived in the US in 2008, got married in 2014 and had one baby in 2015.  We even have similar number of rentals.  Plus, I have a 40-hour W-2 job (environmental engineer) and a partner of an Amazon store.  Interestingly, even our 2019 goals are similar.  I would really like to connect to you.  

By the way, I started to listen to BP podcast in early 2018 at the time I just purchased my second rental property and I really loved it since then.  I listen to both BP Money and Real Estate on my way to work every week.

This is my very first post in Biggerpockets.  I have got a few single family properties and a couple multi-family properties in Wilmington and Newark, Delaware.  All these are under 30-year conventional loans.  

I would like to do BRRR for my next investment property and want know some good portfolio lenders in Wilmington, DE.

In addition, I am hesitating whether to BRRR a single family in suburban or converting a single family in downtown to a multifamily and refinance.

Any recommendations or comments?  Thanks.