All Forum Posts by: Jimmy Rodriquez

Hello Community!

Hope all is well! I am currently investing in the Reading, PA, area. I have already acquired 2 properties the traditional way. This time, I am looking to do an owner finance deal. I am interested in single-family homes and small multi-family homes. I am willing to go up to $250,000 for MFH and $150,000 for SFH. I already have a great agent asking colleagues and looking at off-market deals. I have also found some for sale by owner listings on Trulia and a website called Byowner.com. While I am being in action, I also want to reach out and expand my network here on the BP forums. If you know of anyone interested in doing a seller finance deal in Reading, PA, area, please let me know. I will greatly appreciate it!

Thanks so much, Matthew!

I apologize for the late reply. 

I was not notified that you had responded to my inquiry. 

I ended up using other contractors, but I will definitely save the resources you have kindly shared with me. 

Best, 

Jimmy Stuart Rodriguez :-)

Hello Community!

I'm in need of a roof specialist and a flooring specialist in the Reading City, PA, area. If you have any recommendations, I will greatly appreciate it. Thanks so much!

Jimmy

Quote from @Brayden Hrycko:

Quote from @Jimmy Rodriquez:

Quote from @Brayden Hrycko:

Quote from @Jimmy Rodriquez:

Quote from @Brayden Hrycko:

Hey @Jimmy Rodriquez,

You can for sure use an fha loan to purchase your own property. Qualifying will be determined by your dti. I would be happy to go over that with you. I am right in Allentown as well so not too far from where you're looking!!

 Hello Brayden!

Thank you so much for taking the time to respond to this thread. I really appreciate it! As of right now, I have connected with an agent from The Sheldon Zimmerman Group. I'll definitely keep you in mind. The more connections the merrier! Eternally grateful!

Jimmy :-) 

 No worries! That would be your realtor right? I could still pre-approve you for the financing side of the deal. Then the realtor would help you find the property. 

Hi Brayden, 
Yes, he would be my realtor, and his Team specializes in BRRRRs, which I cannot pursue yet. How about I give you a call on Monday at 1 pm and explain to you my situation and vision? Is the number on your profile the best way to reach you? Thanks!

Jimmy

 Sounds good! Send me a message and we can set something up!

 Will do! Thanks!

Quote from @Brayden Hrycko:

Quote from @Jimmy Rodriquez:

Quote from @Brayden Hrycko:

Hey @Jimmy Rodriquez,

You can for sure use an fha loan to purchase your own property. Qualifying will be determined by your dti. I would be happy to go over that with you. I am right in Allentown as well so not too far from where you're looking!!

 Hello Brayden!

Thank you so much for taking the time to respond to this thread. I really appreciate it! As of right now, I have connected with an agent from The Sheldon Zimmerman Group. I'll definitely keep you in mind. The more connections the merrier! Eternally grateful!

Jimmy :-) 

 No worries! That would be your realtor right? I could still pre-approve you for the financing side of the deal. Then the realtor would help you find the property. 

Hi Brayden, 
Yes, he would be my realtor, and his Team specializes in BRRRRs, which I cannot pursue yet. How about I give you a call on Monday at 1 pm and explain to you my situation and vision? Is the number on your profile the best way to reach you? Thanks!

Jimmy

Dear BiggerPockets Community, 

Context: I just closed on a duplex in Reading City (North side), PA, last week. I co-own it with my brother. I live in NYC, but my brother lives in West Reading, where he owns a duplex himself. The plan is to house hack this new duplex ASAP. We are going to rent the three bedrooms on the second and third floors by the room. My brother will live on the first floor and manage the property. Question: Right now, my brother has been successful using Zillow to advertise his rentals. However, we would like to ask any Reading landlords to share with us some tips as to what are other ways we can advertise our rentals or find tenants. Also, we will appreciate it if any of you could shed some light as to the different renters markets currently trending in Reading. Currently my brother rents to a student, for there are three colleges in the area, and he also rents to an elderly lady. So for sure students and seniors citizens are potential renters in the area. Thanks so much everyone! Your knowledge and wisdom will be greatly appreciated!

Jimmy Stuart Rodriguez  

Quote from @Brayden Hrycko:

Hey @Jimmy Rodriquez,

You can for sure use an fha loan to purchase your own property. Qualifying will be determined by your dti. I would be happy to go over that with you. I am right in Allentown as well so not too far from where you're looking!!

 Hello Brayden!

Thank you so much for taking the time to respond to this thread. I really appreciate it! As of right now, I have connected with an agent from The Sheldon Zimmerman Group. I'll definitely keep you in mind. The more connections the merrier! Eternally grateful!

Jimmy :-) 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $220,000
Cash invested: $53,565

Duplex; 5 beds; 2 full baths; 1 1/2 bath; unfinished basement

What made you interested in investing in this type of deal?

Big house with tons of potential to house hack

How did you find this deal and how did you negotiate it?

We found it on the MLS. We offered $10,000 more.

How did you finance this deal?

Through a mortgage lender

How did you add value to the deal?

By offering $10,000 more

What was the outcome?

We beat 7 other offers

Lessons learned? Challenges?

Find an investor-friendly lender and agent
When partnering with someone else, make sure everyone is on the same page and truly understands what it is going to take to make this dela happen

Quote from @Ryan Thomson:

@Jimmy Rodriquez happy to help!

 :-)

Quote from @Ryan Thomson:

@Jimmy Rodriquez here is a great website all around the details you have to meet. I would connect with a house hacking realtor in the area and then use them for a lender referral. 

https://www.rocketmortgage.com/learn/fha-loans

 Thanks so much Ryan! I greatly appreciate it :-) I'll definitely look into the distance you highlighted and check out the link you so generously shared! Eternally grateful!

Jimmy