All Forum Posts by: Ryan D.

Hey Josh, welcome to BP. I'm working on a deal for a multi-unit property over near Temple U stop to use for student rentals and am all looking for other deals all over Kensington. Congrats on getting started so young and crushing it right off the bat! 

If you read the article to the end it shows there has been 1 DA forfeiture sale this year. DA Krasner & the recent supreme court ruling against mass RE forfeiture has effectively squashed this.

2015/2016 was *almost* a bear market for stocks. It wasn't a recession. This analysis proved itself pretty worthless as RE values and stocks have done nothing but climb since 2016. If you want a crystal ball, understanding price action in leading indicators like the stock market will be your best bet. This type of economic data is always lagging and there's always some random stat/chart/graph from FRED that will paint a scary picture.

Don't forget - Port Richmond isn't up and coming because it was never down and out. It's a good, stable neighborhood but it won't ever "boom" like Fishtown/Kensington did. 

Hey Jimmy, I've been looking pretty extensively in this area. A lot of well-known Fishtown/Kensington investors who made a killing buying north of York St. up to Lehigh area of Kenzo the past few years have already begun the push north "beyond the wall" aka the viaduct. These guys have been in the business for 15-20 yrs and have been the first movers all of these years, starting with NoLibs back in the day. 

The pocket north of Lehigh, East of Frankford & West of Aramingo in Port Richmond is being bought up like crazy. Eventually McPherson Square won't be needle park anymore just like how Norris Square isn't needle park anymore. The El will keep bringing in millennials and investors will keep pushing north until we hit the end of line. I'm working on a package deal in this area for 2 multis, for a partner and me. If you are interested in the details, I'd be happy to share via pm. Cheers.

Originally posted by @Stephanie P.:

Originally posted by @Ryan D.:

Can't seem to find an answer to this question and it seems relatively basic. Is the residency requirement for a residential mortgage 1 year from the start of the mortgage or from the start of you having lived in the property? I'm buying my first property with cash and plan to BRRRR it. We plan on refinancing after 6 months of living at the property once the rehab is complete. The property will be our primary residence but once we refinance it, we hope to rent it out full-time. Any help would be much appreciated. Thank you!

You have to break it down for what they're (the lender) providing.

They are providing you with an owner occupied loan which is vastly different in terms of requirements, rates, terms than a non-owner occupied loan so they don't care how long you've owned the property, but how long you have lived there while using their money. 

 Makes sense. Seems like we can put this matter to bed :) 1 year from move-in w/ mortgage. Thank you

Originally posted by @Steve Vaughan:

Originally posted by @Ryan D.:

Can't seem to find an answer to this question and it seems relatively basic. Is the residency requirement for a residential mortgage 1 year from the start of the mortgage or from the start of you having lived in the property? I'm buying my first property with cash and plan to BRRRR it. We plan on refinancing after 6 months of living at the property once the rehab is complete. The property will be our primary residence but once we refinance it, we hope to rent it out full-time. Any help would be much appreciated. Thank you!

 I've always taken it to mean 1 year from the loan starting.  You have 60 days to move in (or used to anyway) but I think it just has to be your primary 1 yr from loan closing/beginning.

 Thanks for your input! Anyone else know of when the requirement begins?

Can't seem to find an answer to this question and it seems relatively basic. Is the residency requirement for a residential mortgage 1 year from the start of the mortgage or from the start of you having lived in the property? I'm buying my first property with cash and plan to BRRRR it. We plan on refinancing after 6 months of living at the property once the rehab is complete. The property will be our primary residence but once we refinance it, we hope to rent it out full-time. Any help would be much appreciated. Thank you!

Airdna.co & mashvisor.com are your best bet here. I've been looking to eventually buy a +3000sqft property in Germantown to list with 12-15 beds to cater to big groups so I've used both sites to run my projections. 

@Alyse Oz I don’t have much experience with forming LLCs for rental properties but for use in a startup or business most incorporate in Delaware because they have a separate court for business entities and they allow for easy transfer of venture ownership to allow startups receive funding from VCs. I’m planning on putting my rental properties in a trust and using umbrella coverage for liability protection. For me I’ve found it costs less and provides better coverage.