All Forum Posts by: Joel Bonilla

You spent $40,000 but learned some priceless lessons on doing your due diligence and working with contractors. The money you spent, though painful, is better off in a property then in a bank still waiting to jump in. Eventually rents will raise, debt owed will lower and value will rise and your 40,000 will still be there ready to be pulled out for another deal. Thanks for sharing and best of luck.

Hey guys. I'm currently house hacking a triplex in Philadelphia, PA. I'm curious to see if I can get an owner occ HELOC up to 95%. Prices have gone up quite a bit with rates so I'm trying to see what's out there. Does anyone know of any lenders that would offer this on multi units or any recommendations. Talking to a few already they weren't offering up to 95% on multi but only single fam. Thanks for any help!

Hey guys. I'm currently house hacking a triplex in Philadelphia, PA. I'm curious to see if I can get an owner occ HELOC up to 95%. Prices have gone up quite a bit with rates so I'm trying to see what's out there. Does anyone know of any lenders that would offer this on multi units or any recommendations. Talking to a few already they weren't offering up to 95% on multi but only single fam. Thanks for any help.

Hey guys. I'm currently house hacking a triplex in Philadelphia, PA. I'm curious to see if I can get an owner occ HELOC up to 95%. Prices have gone up quite a bit with rates so I'm trying to see what's out there. Does anyone know of any lenders that would offer this on multi units or any recommendations. Talking to a few already they weren't offering up to 95% on multi but only single fam. Thanks for any help.

Disregard I ended up posting my question twice

Joel Bonilla

Good Evening,

I would love some advice from others on my current situation. I used my VA loan to house hack a triplex in Philadelphia, PA. It's been great so far and I am looking to do it again. I have been living in one of my units for 8 months and counting. I reached out to two loan officers for some feedback on if they would lend to me already with only being here 8 months and I've gotten two different responses. The first (Veterans United Home Loans) was easy I told them my exact situation and how I was looking to buy another 2-4 Unit again as a primary residence. I was pre-approved almost immediately with some proof of income needed. I called them bc I knew they were gonna be well versed in the VA loan and local lenders in Philadelphia don't typically deal with them as often. Next I spoke with Presidential Mortgage and was given a different answer. I was told that I should be good as they follow the same guidelines as the VA but was later told that underwriting would have a problem with me going from multi to multi because they would see it as an investment. I told them that I already had a pre approval with another lender and they said that even with that under writing would probably have the same issue. Can any loan officers or those familiar with underwriting share some light? How can they not allow me to get a loan if I have great income and credit and the VA allows me to owner occupy a multi fam no money down?

Thanks!

Joel

Thank you everyone for all your help.

Hi,

I have a triplex under contract with a purchase price of $212.5K and $8500 seller closing cost assistance (he struck the percentage and wrote in that number instead). All repairs have been agreed on (not appraisal repairs, just PICRA repairs) and appraisal has been ordered. I will be using a VA loan.

The appraiser is hinting that the property isn't going to meet value. Here's my question:

If value comes in lower than 212.5K, are the $8500 CCA or repairs now subject to renegotiation? Or must the seller lower the price and remain bound to the previously agreed upon CCA and repairs?

Note: I know that he can walk or I can bring cash, and I also know about VA required repairs. Please keep your response specific to my specific question. This is a standard Pennsylvania purchase and sale agreement.

Thanks!

Hi,

I have a triplex under contract with a purchase price of $212.5K and $8500 seller closing cost assistance (he struck the percentage and wrote in that number instead). All repairs have been agreed on (not appraisal repairs, just PICRA repairs) and appraisal has been ordered. I will be using a VA loan.

The appraiser is hinting that the property isn't going to meet value. Here's my question:

If value comes in lower than 212.5K, are the $8500 CCA or repairs now subject to renegotiation? Or must the seller lower the price and remain bound to the previously agreed upon CCA and repairs? 

Note: I know that he can walk or I can bring cash, and I also know about VA required repairs. Please keep your response specific to my specific question. This is a standard Pennsylvania purchase and sale agreement.

Thanks!

I’m currently active duty military separating this summer and coming back to Philly. I’ve only been wholesaling in Virginia over a year or so bc I knew I was coming back to philly. But am looking to start buying rentals in philly and seeing where investors are buying at. I’m currently under contract on a triplex in tacony that I’m trying to house hack with my va loan. Are there any specific parts of N and W you recommend looking at or staying away from?