All Forum Posts by: Dave Shellenberger

I have a great lender, but they limit me in one area, homes that appraise for less then 100k.

Example

I have two properties that were purchased cash, rehabbed and are currently rented, all within the last 3 months of purchase. Both of these houses will appraise for 80k, and I have about 50k into them. I'm going to cash out my 50k and move on.

Since they will not appraise for 100k, my go to bank doesn't want them. So I start looking around and I'm finding since it's not seasoned for 6 months most commercial lenders will only finance 75% of my cash into the property. Whereas I'm looking to get 60% of the ARV out. (Which I can do with my lender when the property appraises for over 100k)

So my question, is anyone finding lenders that lend on appraised value within that 3-4 month of purchasing property, on homes valued less than 100k.???

I've tried about 5, and they all said the same thing. I'm trying to determine if I should continue to try and try wait until they are seasoned. Which kills me because I am limited on purchasing new properties.

looking for any experts that know the lancaster, pa market.

Are you out there and willing to answer a few questions.?

where in delco

that's what I thought ..

It's a shame , as I really wanted this house. Maybe I'll dig for that HUD phone number to ensure this guy doesn't do it again

It seems like I am losing houses because of investors lying to HUD and bidding as a owner occ. before the 10 day grace period is actually open to investors.

I know this happened recently because I spoke with the winning bidder as I'm rehabbing the property next door.

So I ask this question.

Am I foolish for being ethical and waiting out the 10 days ?

Question, I don't have the time to sand entire hard floor of a rental property I just picked up. And I don't feel like paying anyone either. I'm thinking of painting them and being done with it. Does anyone with real world experience wang to suggest a paint brand that they have used with good success.??

I'm in the middle of buying a great deal from hubzu on a 4 bedroom home. We close in less then 2 weeks.

This week while getting my to do list in order i called the township to figure what the steps I needed to take to evict the current owner. I informed them I was buying the house in two weeks, and just mentioned to them the water and electric company had no current record of either of the utilities being on over at the home, however when I walked by the property to check it out the window A/C unit was on and also some lights. Long story short, this prompted the code inforcer to condemn the property and gave the owner 24 hours to get out. Great news for me- empty house, no eviction process and I saved $1200 that I offered the owners with cash for keys..
Now the police are calling me and telling me to change the locks and board up the one window which is busted, since I am not the owner yet, am I legally allowed to do so..?? I've tried getting in touch with the listing agent but he hasn't returned my calls/emails yet. It would be in my best interest to change the locks and secure the property ASAP before the copper goes MIA.. Thoughts...???

..... With a homeowner and or tenant already in the house. The house is on hubzu (which I'm not really a fan of) and I currently am the highest bidder. I'm debating on whether its worth dealing with the poteinal headache..
The outside of the home is maintained nicely, at 24k and since there are people currently living in the house the inside cant be too much of a mess..
The house is in Pa, does anyone have any first hand experience with what I could possibly be dealing with.?

I would be adding it as another rental property, current home values are @80k

Hey There, great site and a great wealth of infomation to read through..
I currently own properties in the delaware county areas of philadelphia. Im looking to see if there is any Wilmington, DE investors who would be willing to talk with me. Im looking at purchasing a few in wilmington, but have no clue as to what streets to stay away from... I'd be willing to help anyone in return with any questions they may have in Delaware county--.!!!!!