All Forum Posts by: Alan Asriants

Woah 13.85% even on an investment property is super high...

I got a heloc at a 7.25% (this is variable with the market as with any HELOC) for an investment property.

Talk to your local credit union. It is better to go through a credit union than a mortgage lender for a HELOC. HELOC is a great alternative to hardmoney for projects just like this. Typically HELOC is much cheaper than hard money. And don't forget, you only pay for what you draw unlike a hard money loan where you are paying interest even without spending a penny on the rehab yet. You're on the right track, just get a quote from someone else.

Also - opening my HELOC was free. No closing costs,etc. So make sure to ask not just about rate but other terms.

I Used UNIVEST. 

get a prenup and talk to a lawyer about all of your concerns. If you own them free and clear you will likely only pay for title and transfer tax on the market value of the property if you want them to be under LLC.

Your prenumptual agreement will spell out all the terms and rules of your marriage. generally lawyers will want to have: everything that is separate is separate mentality. meaning, unless you specifically name her or transfer her name to a property, thing, etc, it is ONLY yours. Her lawyer will try to claim some of that pie, so be prepared. This is a tough convo usually for most couples. As long as its rational and both parties are level headed im sure you will figure it out. 

Good luck

NOTE: I am not an attorney

 Hey Nicholas, technically yes you do. I have found that if you just name yourself and add an address in Phila the system really doesn't kick you back. So you can put your name and the address of property. Can't technically recommend that but I really don't see the hard. Might need to check on property for mail - just in case. Its a really stupid rule especially if you self manage and live close to city limits. Some suburban neighbrohoods are closer to the property than other areas of the city. I have a property in NE phila and bensalem is actually walkable, whereas SW philly can be over 1hr away

If you chose to invest out of state solely because of the numbers I would really reevaluate the deal, fly/drive to the local area and really understand what you are buying. Investing out of state is really tricky. In my local area I am still discovering new little neighborhoods and pockets. Did you buy this home virtually? 

If its a solid investment:

You can bank on the market and the status of the major economy. THose are forces you CANNOT control. These are the exact things that have always prevented those who haven't bought. If the deal is in a good area, well taken care of, generates income, and will attract good tenants then i wouldnt worry about anything else.

There are plenty of places that can be solid investments under $400k Out of state. If you do decide on an area, please go visit and spend time in that area and get to really know it and the team you plan on working with before investing into it. Its hard to trust agents, contractors, management companies, etc in our own backyards, let alone out of state. 

Walk through the neighborhoods being recommend and ask yourself this very simple question:

Would I live here? If the answer is no, dont invest. If it is a yes, do a bit more research. 

Good luck 

Hey Robert, 

8x6 is pretty standard size bathroom to fit a tub, vanity and toilet. Does the property already have a decently sized master bedroom and master bathroom? In a nice suburban neighborhood a large bathroom with a standalone tub can add a lot of value, but the addition of a second bathroom is also important.

Do you have an option of making a slightly smaller master bathroom and having a half bath or smaller bathroom with shower stall in the other bedroom? 

The master is a selling point of a SFH in these areas and a nice bathroom space will help sell it. If there is a way to create a solid master bathroom while implementing another en suite with some kind of bathroom variation, I think that would be what I would do. Without plans and layout it is tough to say for sure!

Good luck! 

Thanks for sharing eric. What was the extent of the rehab for these? Did you have to bring it to the studs? 

Hey J, my partner is a contractor in the LA county area, I will send you a PM.

 again where you invest is importnant. A lot of out of state investors try to go for "up and coming neighborhoods"

They are called up and coming for a reason. And if you're looking for "pockets" within a neighborhood you are generally already doing the wrong thing. NE Phila, W and E mount airy, roxborough, manayunk, east falls, chestnut hill cover large land areas - and there are plenty of surrounding suburbs there too that are great makrets. 

Sure if youre looking in Brewerytown because a local agent or article online told you its up and coming, then yeah, that market is risky. I would never invest in an area where I had to choose the right block and cross st. If I can walk to a sketchy side of a neighborhood - im not buying there. I need to be at least a couple minutes by car away

 Have to agree here. Also downtown philly is not the best market rn either. The stronger markets are actually places like: NE phila, W Mount Airy, and chestnut hill