All Forum Posts by: Nelly R.

@Jason Wilson try WSFS bank (used to be Beneficial). They do them as well. I believe you may have to have the home in an LLC but you'd have to confirm that.

@Inemesit C. Hi...I have one in real estate agent in particular who works in that area. I can message you her info. All is well there so far and my experience has been good. Dealing with the City of Camden can be tedious (CCOs, permits, inspections, etc) and you may need to go back and forth and be available often. So just make sure you become familiar with their process and are flexible and available, otherwise it can be stressful. Other than that, there is a lot of opportunity to make good money there, in addition to being part of the redevelopment/enhancement of the community.

@Cin Khai I have a couple. If you are looking in Camden I have one that specializes in that area. Not sure about further south.

@Cin Khai they still exist in Camden, Trenton, Salem County, Cumberland County (Vineland, Millville, etc). May need some updates, but it's definitely possible. I invest in Camden and the prices are rising (a lot of competition there), but $50k is definitely still doable.

@Bruce Morris Hi and congrats on continuing your REI journey! These are all doable ideas. If you want to BRRRR, the goal is to be able to buy the home low enough so that you can rehab, rent it out, then refinance it to pull money out, then repeat the process. At the end, you'd want to have enough equity in the property to be able to pull your money back out. If you put mortgages on the home initially that could complicate the process (although the numbers could work).

Also, I'm asuming you want to acquire rental properties only so with access to $150k+ why would you use a hard money lender? They are meant to be used for a shorter term as their interest rates are higher and terms are shorter. If you use them for a rental property be sure your numbers work well so that the refinance is favorable for you. At the end of the day it's all about the numbers working! Why not use that money solely for down payments on 30 yr fixed, conventional mortgages? Or, pay cash on properties that need work and force the equity into them. You have so many options!!

I see that you're in South Jersey. I am as well. What part are you looking to purchase a multifamily in?

Good luck!

Hi! I'm a buy & hold investor in Camden. I'd be happy to network! :)

@Roey Malul I don't have an answer to your question, but I'm going to follow this post as I'm currently investing in Camden!

@Howard Pritchett I used PNC Bank for this loan. Not sure if they do it on the regular but fingers crossed that this process makes it through closing!!  I'm pretty sure I won't be able to do this again for such a small amount so I'll have to look towards other avenues in the future.  I honestly didn't realize this was such a big problem!  You live and you learn.....I'll be a pro on my next deal!

So I've heard, small banks and credit unions may provide small loans. How much are you looking to have financed?  My $35k house was clearly pretty small...lol.

@Scott D Burrows thank you for this info! I have access to a HELOC but didn't want to use it for the entire purchase because of the interest rates. I definitely would have as a last resort but my bank just came through on a fixed rate mortgage so I'm good now! Thanks again!

@Andrew Postell I don't think I knew the was a NJ forum! Any help would be great! Thank you!