All Forum Posts by: Matt Roberts
Matt Roberts has started 21 posts and replied 97 times.
Post: Your experience of these Philly neighbourhoods
- Investor
- Philadelphia, PA
- Posts 101
- Votes 28
I don't know 61st. and Callowhill very well but I would say Fern Rock is a fairly stable area for now. Looking down the road 15 years or so your property could lose value. I'm just basing that on some of the surrounding neighbors looking worse year after year.
Post: From 0 to 8 Rentals in Just 4 Months!
- Investor
- Philadelphia, PA
- Posts 101
- Votes 28
How do you come up with the 20% down payments? Savings? Brrrr?
Post: Pope Francis and thoughts on Airbnb
- Investor
- Philadelphia, PA
- Posts 101
- Votes 28
I doubt it because they haven't vetted the airbnbers themselves. They would not gain anything from allowing that to happen but would be taking on significant risk. Either way I'm sure it happens all the time but landlords are not aware.
Post: Deal analysis help
- Investor
- Philadelphia, PA
- Posts 101
- Votes 28
I lived at 23rd and Poplar until 3 years ago and I have looked at Brewerytown for rentals. 45k sounds about right if it's liveable and doesn't need too much work. I think you're going to get 650-850/month rent now but if you hold it for 10 years or so it could be a gold mine.
I heard that on one of the podcasts and I tried searching for it as burr. Thanks!
Hey everyone, I've been on BP for a couple of months and I've been absorbing as much knowledge as I can. It's been pretty mind blowing.
I'm trying to figure out the best way to start building my rental portfolio. I currently have a rental property that I bought with an FHA loan 3 years ago. I owe 171k on it and I have 73k equity with about $350/month cash flow. Last year I was able to buy our current home with cash for 35k and I put 20k on my credit cards plus 5k out of pocket to fix it up myself. It is now worth 105k and it has no mortgage. if you were in my shoes what would you do finance wise and business wise in order to start building a portfolio of rental properties? We would be willing to move to a new home if we need to. Or really whatever.
Post: FHA loans
- Investor
- Philadelphia, PA
- Posts 101
- Votes 28
Originally posted by @Bryan O.:
I was able to qualify for the purchase based on my W-2 income alone, but the lender said that if I wanted to I could use the other 2 unit's leases and they would include 75% of the rent as personal income. This would SUBSTANTIALLY reduce the amount of income I would need from a job. NOTE: some lender's require you to have been a landlord already for 2 years before they will use rental income. Ask yours first to make sure. If not, check with other lenders. Some do, some don't.
That's so great that you can use the rent as personal income. Luckily I just reached the 2 year mark with my rental property. Thanks for answering all of my questions.
Post: FHA loans
- Investor
- Philadelphia, PA
- Posts 101
- Votes 28
Originally posted by @Bryan O.:
We bought a 3-unit with FHA this year and are living in it. I'm not allowed to do that any more ;)
The next move for the family will be to our "real" home.
Were the income requirements very high to back up the 3-unit purchase?
Post: FHA loans
- Investor
- Philadelphia, PA
- Posts 101
- Votes 28
Originally posted by @Bryan O.:
I wanted 2-4 unit properties. FHA and VA loans allow up to 4 units. The other products were for single unit SFR. On top of that, my wife put the smack down on doing my original plan: buy 2-4 unit with FHA, live a year, buy 2-4 unit with VA, live a year, Hopefully refinance out of FHA and buy another. That would have given us up to 12 doors with a grand total of 1.2% down payments. That is the very simplified version, but you get the point. Using one of the the 5% down wouldn't work for me because I would have been restricted to SFR.
So since you couldn't make your original plan happen (my wife won't go for that either) were you still able to get your 2-4 unit properties?
Post: FHA loans
- Investor
- Philadelphia, PA
- Posts 101
- Votes 28
Originally posted by @Bryan O.:
Wells Fargo had that product. There as another big name one that I don't recall. I didn't pay too close attention because they didn't fit my approach. I think Bank of America was another, but don't quote me on that.
Sorry to sound like such a newb but what was your approach?