All Forum Posts by: Connor Eichman

I was thinking of the multi family somewhere in broomall or havertown, maybe brookhaven... and yeah i agree with you on that, just cash flow properties down there.

Thanks Ryan!

The other issue i run into with the refi is most banks won't let you refi with an investment property until 6 months after you purchase it if you want to take the money out on the appraised value. ( which anyone would if they thought they got a deal or made a repair and wanted more money out. )

That and the lack of appreciation of the areas i am buying in ( upper darby, Darby) is what makes me wonder about buying a building with a 203k loan.  What you think about that situation? @ryan cameron 

@Ryan Cameron @Joe White

Yeah that is something I figured I could deal with for the period of time.  So single family is going to be better for equity and building appreciation? i was thinking of the quadplex in a nice suburb like havertown or broomall. since your from my area you know where these places are. (upper darby, darby)

Thanks!!

I am 23 from Philadelphia and I have two small 3 bedroom row homes. 1st I bought for 40k and it gets 1100 a month, other was 22k and gets 875 a month. Cash flow is good but refinancing these is expensive and a poor. ( 31k on a 75% refinance of the 40k property, plus 5k worth of closing leaves me with 26k out on it) Better to stay on this path or purchase a 4 unit quadplex under the FHA 203k. I will qualify for a loan next year. ( will have 2 years of income under my belt to work with) Really need some advice!