All Forum Posts by: Amit Shenoy

If the houses are in Philadelphia , New Jersey then u can use First Trust bank. They dont need a seasoning period.

For Pittsburgh oh my Gawd even delayed financing I think i have better luck pulling a teeth out of an elephant than getting a loan from a bank.

Cheers

Amit

Sent

The statement made to you on philadelphia credit union is wrong. I am from NJ and PFCU is working with me on closing my property. As long as u buy a house in Philly they will do it. You can speak to Sara Grover at pfcu.  IM me and i can send you her details.

Cheers

Amit

Hey Everyone,

A couple of months back as i was starting i was looking for financing etc. One of the investors was kind enough to suggest me Ethan.

I have now closed about 4 deals with him in 4 months. He is really good. I have access to his direct cell and when one of the deals went sour he got his director and his marketing person to speak directly with me. They even refunded any fees. 

I just wanted to post this to help other newbies if they are looking for hard money lenders. If you do want his cell phone or direct number please do IM me and i will be glad to pass it along.

Good luck 

Amit

Thank you both

Hello Everyone,

Please could someone recommend any good portfolio lenders in Philadelphia. Would really appreciate some referrals.

Thanks

Amit

Hey Joseph,

Can you send me the details on the REIA.

Cheers

Amit

What is the cap rate for the area. Does it have designated building from the authority. Example -- you cannot re-frame the 1 bedroom to a 2 bedroom since it maybe designated for only 20 1 bedrooms.

I am surprised your rehab is only 150K. On a 5 unit one of the contractors i spoke to quoted me 95K. If you are confident on the 150K seems a good deal. Also in PA -- they have unionized contractors for big jobs. So definitely check on that. 

Let us know how it goes .

Cheers

Amit

Hello Everyone,

I finished buying 2 properties in PA and they are currently undergoing rehab . Now my question is this on the third deal I have more than enough for 30% on the property. 

So the deal is :

Asking price -- 90k

Can put down -- 40K.

Rehab cost -- 55K.

I havent looked at the ARV since i plan to use for rentals.

My realtor says about 1800 per month once its rehabbed. 

So what do i need to show the hard money lender  to get approved . Also are there any inverstor friendly  lenders in PA.  

Thanks

Amit

Hello Nate,

Since you are in NJ i would suggest something and take it with a grain of salt. I have seen studying the market a lot and all these 50K homes although looks good from pictures when you do a walk through is another whole deal. Now if you can buy a home for 35K and put in 20K you maybe able to rent it out for 850-900 but its not a neighborhood you can expect to grow quick. I personally went and spent a good 1 day to go around alot of these places and when i walked into the house was another thing.

Sorry to bust your bubble.

Cheers

Amit