All Forum Posts by: Nick DiFinzio

Quote from @Alex Bekeza:

Hi @Nick DiFinzio we only need 90 days of title seasoning in NY for 1-4 unit DSCR based scenarios.

 Hey Alex, just sent you a DM. get back to me when you can

Quote from @Doug Smith:

Most DSCR loans have only a 6 month seasoning period, but rates across the board are at a 22-year high right now. We don't do business in NY, but you might want to chat with @Devin Peterson. I suspect he might have a solution for you. 

 Thank you very much for guidance Doug!! much appreciated

Hey can anyone help me compile a list of banks/lenders that do not have a 12-month seasoning period?  Trying to cash-out refinance a property that I own to roll into another deal. Property is located in Binghamton, NY. Thanks in advance!

Quote from @Mohammed Rahman:

Hey @Nick DiFinzio - I purchased a property last year with a section 8 tenant living in it. The process was pretty straightforward as I didn't have to do much except setup an account with the local housing authority the tenant was with in order to setup my direct deposit. 

They will likely require you to provide them with updated documents and proof of ownership, but other than that I remember it being pretty straightforward. I didn't have to do an inspection when I purchased, but did an inspection recently (annual inspection I believe). 

Thanks for the response! Was the property in PA?

Quote from @Mohammed Rahman:

Hey @Nick DiFinzio - I purchased a property last year with a section 8 tenant living in it. The process was pretty straightforward as I didn't have to do much except setup an account with the local housing authority the tenant was with in order to setup my direct deposit. 

They will likely require you to provide them with updated documents and proof of ownership, but other than that I remember it being pretty straightforward. I didn't have to do an inspection when I purchased, but did an inspection recently (annual inspection I believe). 

Thanks for the response! Was the property in PA?

Does anyone know the process of when you purchase a home with a section 8 tenant in place. Does the section 8 approval transfer over automatically or is there a new application process and inspection? Home is in PA. 

Quote from @Craig Ancier:

Hi. 

I'm new to real estate investing and trying to learn how to get my feet wet and get into this field.

I feel like from everything I read, I am not quite in the position to be as flexible with securing my first investment property (ie, married with some children, not wanting/interested in moving, etc).

Would like to hear how people did come up with the savings/money down to use to purchase your first investment property. 

Hey Craig, welcome to BP. I am also new to investing. My wife and I purchased our first home and did a quasi-househack. We converted the garage into a 1bdrm apartment. Renovation was $12k, rents for $1300 a month. I used most of the money to supplement my mortgage and some renovations on my portion of the house also, but the past year I have been saving most of the profits. Last month I started looking to purchase a small multi-family, already had half the down payment saved up from the house-hack, and I borrowed the other half from my retirement account. House-Hack is def the way to go if you want to get a taste of investing, plus its easy to manage because its IN YOUR HOUSE!! Good luck!

Hey everyone. I have recently decided to start investing in RE in the PA market, ultimate goal is to achieve Financial freedom in 10years by way of rental income. Ironically, the same week I started looking at small-multi properties I found out I am receiving a $100k inheritance from a relative that passed away. For the more experienced investors out there, what would you do with the funds in order to achieve my goal of freedom in 10years or perhaps even less now. Thanks in advance. 

Hey Maleshia! Congrats on joining the BP community. I am also a newbie investor, I currently have a house hack in NY and I am currently looking to pickup a Small-Multi family in South Central PA. I am far from an expert but I am in the process of doing what you just asked how to do, build a team. I will tell you that BP is a great tool when it comes to this. I started out by reaching out to other investors who invest in the area to see if they had any good realtors. Also did some google searches and came up with a list of about 8. I did phone interviews with all of them to pick their brains a bit to see who had a passion for investing and who just sells homes as they come. You'll know who you want to use. And just repeat that process for contractors, PMs, and lenders. I currently have a few lenders lined up and 2 realtors I am working with so I am confident I will get a property under contract within the next few months. Hope this helps! Goodluck!

Hey everyone! Looking for some suggestions for property management companies in York PA that you have used and had good experiences with.

Thanks in advance