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All Forum Posts by: Vincent Ngo

Vincent Ngo has started 5 posts and replied 13 times.

Post: Permits in Philadelphia

Vincent NgoPosted
  • Philadelphia, PA
  • Posts 13
  • Votes 4
Hey Bill, thanks for the respone, property is in south philly. However it is a multi-family unit. I guess perhaps that is the reason why there is a longer delay in processing the permits. 

Originally posted by @Bill Caraker:

I can connect you with someone that can take care of the permits for you if you're interested. Where in Philadelphia? 

Post: Permits in Philadelphia

Vincent NgoPosted
  • Philadelphia, PA
  • Posts 13
  • Votes 4
Hey Mike; thanks for the response; a few days is what I hoped for. The property is fully gutted which will require new rough-in. Also the property is a multi-family unit so maybe that also plays a role in the waiting time as well. 

Originally posted by @Mike B.:

@Vincent Ngo - if a licensed GC/contractor pulls the permits... assuming simple plans/alternations (not structural), including electric.. shouldn't take more then a week.  I've had plans/permits submitted, and approved within 3 business days so I could start work

Post: Permits in Philadelphia

Vincent NgoPosted
  • Philadelphia, PA
  • Posts 13
  • Votes 4
Hey thanks for the response: it is actually a Multi-family triplex. I guess the waiting game just gets me anxious. I have been browsing L+I  for information and it states about 15 to 20 days.

Originally posted by @Eric Seo:

I agree with Mike that it shouldn’t take long if it’s a licensed contractor.  Not sure about HVAC permits, but plumbing and electrical can be EZ permits that get issued the same day.  

One thing to keep in mind is that the standards can vary for MFH vs SFH, particularly if you are going to be touching walls/ceilings. So if this is MFH, make sure to check with your contractor about requirements to submit drawings, etc. which can make the review period longer.

Post: Permits in Philadelphia

Vincent NgoPosted
  • Philadelphia, PA
  • Posts 13
  • Votes 4

Hey everyone, 

Any Philadelphia investors doing full gut rehabs know how long it takes to have permits pulled/approved for rough-in? (electric, plumbing, hvac)

Post: Refinance Investment Properties

Vincent NgoPosted
  • Philadelphia, PA
  • Posts 13
  • Votes 4

@Joseph Scorese

Thanks for your response. I am not ready yet; but for future reference what banks do you recommend to utilize for this type of refinance for LLCs? 

Post: Refinance Investment Properties

Vincent NgoPosted
  • Philadelphia, PA
  • Posts 13
  • Votes 4

@Michael Enriquez hey thanks for the response. Yeah I heard about Philadelphia Federal Credit Union providing those simialr terms to others in the area. How long ago did you cash-out refinance this property? Recent?

Your property is under your LLC correct?

I'm starting to hear its getting more and more difficult to refinance under an LLC as financial institutions are updating their rules/policies.

This makes me reconsider purchasing properties under me personally vs. my LLC.

Post: Refinance Investment Properties

Vincent NgoPosted
  • Philadelphia, PA
  • Posts 13
  • Votes 4

Hey all, 

Just wanted some thoughts- I live in Philadelphia and am hoping to acquire a property in my LLC. As far as my exit strategy; it is for a buy and hold and am wondering which banks/credit unions do you guys recommend to use in the Philadelphia area to refinance.

What are their typical terms and seasoning periods? Any other requirements?

Post: Down Payment for Investment Property

Vincent NgoPosted
  • Philadelphia, PA
  • Posts 13
  • Votes 4

Hello BP community;

For those of you who have acquired investment properties with "little to no money down." How did you guys do it? 

I have considered receiving a gift from family and HELOC.

Has anyone ever went to a bank for a personal loan which in turn they used for down payment/closing costs? I've been researching this idea for a while but then I realized with taking a personal loan it ruin your debt to income ratio; which decreases your ability to obtain a property through the bank. 

Is this only done when trying to acquire shell properties? 

Has anyone ever tried/done this? Any other alternatives; is this what one would consider an attempt to raise private money? 

Any words of advice or suggestions are greatly appreciated. 

Post: Acquiring a Buy and Hold

Vincent NgoPosted
  • Philadelphia, PA
  • Posts 13
  • Votes 4

@Alex Fortsch yeah you're right- I would probably just keep it as a straight gift and leave it at that. 

@Clayton Barnes what the typical gift limit? but you are just referring to the limit as per tax purposes right? but otherwise there is no limit? 

Post: Acquiring a Buy and Hold

Vincent NgoPosted
  • Philadelphia, PA
  • Posts 13
  • Votes 4
Originally posted by @Brandon Hicks:

I know nothing about that market...that said...

What type of loan are you using to buy it? You'll need 3.5% down if it's an owner-occupied FHA loan. Or 20-25% down if it's a conventional or commercial loan. In either case, I doubt that market appreciation alone will allow you to refi out that amount. You'll need to find a value-add deal.

Sounds to me like you'd be better reading up on BRRRR investing and focus on that.

 So this will be most likely be a conventional loan for an investment property; which I am hearing a 20% down payment required.

I actually bought my primary residence about 2 years ago; using conventional financing. Is FHA ONLY for first-time home buyers? This is my understanding. But regardless still an investment property.