All Forum Posts by: Karolina Powell

 Thanks Erik!  That's what I had figured

A portfolio of six buildings came across my desk today that has good numbers - 15.5K gross rent for ~1.1M with lots of upside to increase rents. PITI would be around 9K. Unfortunately I am only prepared to put 10% down. I have used DSCR loans to get 14 other properties and an additional two under contract so I've always been able to find the 20% but I am stuck at the moment. Seller will not finance and I really would prefer not to have to find partners. Unfortunately I don't have much equity in my home to do a HELOC there.

Does anyone have a possible lending solution? I can do DSCR loans or a full doc loan. I don't mind doing a short term loan and then refinancing as it won't take me more than a year to get the other 10% together. Great credit, great W2 income, I am local so I am well aware of the market here. Thanks for any and all advice!

 Hi Derek, 

I do have an agent although I only have a property specific contract with them so if you know good folks, I would appreciate any insight.  Unfortunately I do not purchase within the city, only in the south hills and washington county but I do appreciate the mention of the programs.

I'm looking to make two SFH purchases (~250K and ~200K). Can do a DSCR or full doc loans but these will be long term rentals. Adequate W2 income and 780+ credit score. Properties will be bought in an LLC and are located in western Pennsylvania. Is anyone close to or under 7% interest with only 1-2 points? Looking for 80% LTV but can do 75% if rates are much better.

Thanks

I've recently been successful just letting people out of the lease.  After 2-3 noise complaints and a discussion, I speak with the tenant and tell them that they may benefit from a single family home instead of an apartment or maybe a different kind of apartment setup and that I would be happy to let them out of the lease if they wanted to move.  I've had them move out 1-2 months later.

I have a side by side duplex built in the late 1800s and the tenant is constantly complaining about the noise from next door.  Has anyone tried to soundproof between units?  If so, how did you do it and did you have success?  Looking for all ideas.  Thanks!

Please make sure you get a structural engineer to give you suggestions on what to do.  I'm in the middle of having two settling foundations fixed (an 1850s home and a 1960s home) and it's been 30K for the 1850s home and 14k for the 1960s home.  Two different kinds of repair.  This is south of Pittsburgh.  And make sure the price of the home has been lowered significantly to account for this and it's not just 90K lower than comps.  You don't know what you'll hit when you do the repair to make it an even more expensive repair.

On top of working with wholesalers, I make offers on everything on the MLS that interests me, not worrying about asking price. Last year it seemed to work great and I picked up several properties for a steal. This year I have yet to close a deal and have lost a few deals over 10K. I'm hoping to pick up a few once they've sat on the MLS for longer.

That's inexpensive for that list.  Are you sure this guy has experience doing all of this?

I own a duplex I purchased last fall south of Pittsburgh PA.  Purchased for 80K, rent it for 750 each plus utilities.  Have had to replace a furnace and appliances thus far so I'm in 80K *.25 (20% down plus closing costs) + ~10K so I'll be making profit in year 3-4.