I am in the process of doing a cash out refi on a BRRR for a small multi family in Philly in the range of 200K. Am compiling a spreadsheet with terms, bank names, etc. If anyone would like a copy, hit me up off line. What I'd like to barter in return is for a lead for either (a) good Philly based handyman contractor, or (b) a good GC who has experience with multi fam, Philly permits, etc.
Hope to hear from folks!
Clever idea Drew! Might want to mention how many lenders you have on there to properly entice people...
Good point, I think it has about 8 banks on it now. I am focusing on banks that do work in Philly (not sure about burbs). Like I said, smaller loans under 1MM. 3 that I've found are offering small multi fam loans and a handful that are not doing it now.
I would love to exchange information. One of our tenants may be of help to you. He's a roofer with the city of Philly and has a crew that works on most projects I believe, except major plumbing or electric where a permit is required. But would have to verify that with him.
We own 1 multi in S. Philly and would like to buy a couple more with less than the 25% generally required. If you're interested and would like to contact me, you can email me.
I too have a handyman that does his own work. I am actually working with him to put together a full-time team, he is extremely busy. He may not be that much help right now, but can definitely become a great asset later on as he is loyal, trustworthy, prompt, does great work, and has great work and business ethics. Would this contact info suffice for that lenders spreadsheet ???
@Drew Palmer Do you still have that spreadsheet?
Eddie, it's a bit outdated because some banks have changed ownership. I've done BRRR loans with both East River Bank (now DNB First) and with Royal Bank. I'd recommend both. Best of luck.
@Drew Palmer and anybody else who is seeking contacts for various trades and professions - I am a member of both DIG and HAPCO, and both of those groups have private online forums where members freely and willingly post contact names for various trades and professions. That is one of the benefits to belonging to large groups, with the downside that there is a nominal annual membership fee for both of those groups. But of course, the fact that you are getting truly local contacts, as well as local advice, is just another plus.
Thanks @Steve Babiak - i see your point on DIG and HAPCO being more localized. Its well worth the annual fee (which I recall is about $100) if you can find some great partners.
Those two banks you mentioned, East River Bank (now DNB First) and with Royal Bank, do they lend to investors with more than 10 mortgages already? Do they deal with FNMA Renovation Loan?
FYI - Royal Bank America has merged with BMT (Bryn Mawr Trust).