All Forum Posts by: Steven Goldman

@kennethmendonca was spot on. So much multi family inventory exists in Chicago because national lenders are reluctant to lend money in that market due to existing significant challenges. I always recommend that you talk to a mortgage professional as part of your due diligence  to identify the challenges to entry in the market. A good mortgage consultant will be a wealth of information. Good luck!

If you are challenged for the 20 percent. We regularly handle investment property mortgages were the guarantor is not the individual who is contributing the capital. Instead the LLC has an angel investor member, who provides the money but not the guaranty. Many of our sophisticated investors are only doing AirBnB due to the substantially greater cash return. Keep in mind the property will be qualified on the AirDNA statistics if it has not previously established a rent roll as an AIrBNB. So you calculate DSCR on the basis of the AIRDNA statistics or the market annual rent. Not your projected rent. Good luck.

We are brokers and rehabbers in the Philadelphia area. We have not had good experiences with their line of credit program for rehabs. We prefer other companies, or private money, as their process was too cumbersome and not inexpensive. That is not to say you can not have success with them. Just that we prefer other  lenders and line of credit rehab lenders. Good luck! I know they will be mad at me for saying this........

Where in Pennsylvania East or West?

I will leave the internal revenue service issue to your accountant. On the financing issue, if you are using the money for a business purpose than you are permitted to use that money to purchase additional properties or for any other legitimate business purpose. It does not have to be reinvested in the property. Good luck!

It is highly unlikely that you will be able to cash out refinance your acreage unless the purpose of the loan is to make improvements on the actual ground. All of the prior suggestions about local banks are your best bet. Still it is likely to be a business purpose loan and the use of the funds will be restricted accordingly. Good luck and Happy New Year!

Yo Portland good luck in Ohio. Columbus and Cleveland have little in common. Some of the best deals are in Canton, Akron, Dayton and other smaller cities and towns. Be careful in Cleveland some of the areas have significant financing issues. Columbus is popping. Good luck.

I myself have little wisdom here but I have learned to follow these rules:

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As a former real estate lawyer who is now an investor and lender almost all jurisdictional real estate tax liens survive a foreclosure in all States. Federal tax liens are treated differently. Good luck.

There are two components to successfully BRRR successfully. First, you must find properties which can be significantly increased in value by rehabilitation. Second, you must know the ARV of the property before you purchase it, to determine that the refinance will recover most if not all of your investment.

Using a HELOC to finance the down money to buy turnkey properties, will require patience and a keen evaluation of the market in order to get sufficient appreciation in a few years to allow you to pay off the HELOC and refinance the purchase loan.

BRRR by its definition is a Buy, rehab, rent, refinance, repeat. Without the rehab. you have no value added to allow you to cash out your investment Good luck.