All Forum Posts by: Brian Gula

@Dave Skow

Thank you, I appreciate the advice and guidance! 

@Chris Richetti

Thanks for the input! I have not spoken with a local mortgage company yet. Trying to learn the basics and 101s of rental proporties, so when I reach out I have somewhat of an idea of what I am talking about. I did see that duplex in WC and am keeping my eye on it.  

Quote from @Alec Kearns:

Do you already own property by chance? One way I have personally seen a lot of investors get into the game is by tapping into equity from their home with HELOC's.

Another great strategy is to get 1 or more business partner,(s) form an LLC and tap into small business funding with equity injections through SBA or other financing. I have several clients who have utilized our connections at Meridian Bank specifically to tap into creative financing that could be used for purchasing investment properties.

 Alec,

Thanks for the repsonse. I am considering a HELOC but do like the idea of an LLC to gain access to the small business funding. I going to look more into that. Thanks again!

Quote from @Alan Asriants:

Hey Brian,
What kind of properties are you trying to acquire and in what kind of neighborhoods. Philadelphia price ranges can be very wide. All the way from 40k for a townhouse to 500k+ for a duplex. I would suggest narrowing it down first to area, then to property type. Once you know those you should see what those homes are going for. Don't forget to factor in an extra 2.14% in transfer tax in Phila. If you need help understanding property values and closing costs, feel free to reach out. 

Alan,

Thank you for your response. I am looking to acquire a single family or duplex in the suburbs of Philly. Specifically, the Chester County area.  My goal is to secure my first long term rental property. I am more interested in building equity rather than a CoC return. In my primary residency I have about $100k available in equity. So I know I home equity loan/HELOC may be an option.

I am a new member of the BiggerPockets community. I am really enjoying all the videos, articles and podcasts. I have been utilizing the rental property calculator to familiarize myself with what kind of deal would be needed to make a profit. Once I feel I have a good understanding, I'd like to to start to seriously inquire about purchasing properties. 

One of my biggest hurdles of getting started and narrowing down a price range is the down payment. Since I am looking at properties for solely rental use I'd like to stick with the target of 25% down.

So my question is, are there any other options to come up with the funds for a down payment other than the traditional use your "savings account"?