All Forum Posts by: Tyler Harz

I'm in a little bit of a pickle at the moment.

I bought a property for cash ($10,000). 2br/1b in Reading Pa. Needed 8-10k of work. ARV 30-35k. I figured I could take a line of credit out on the equity once I bought it, but that has not been possible with any banks or online lenders with my credit history being so short (4 months).

Should have realized that would have been a roadblock when I bought the place. But, best case scenario I get funding and renovate the property and rent it out. Worst case, I don't get funding and have to wait 6-7 months to save up to use personal cash to renovate. And it just takes a bit of time. Personally I don't want to wait if I don't have to.

I own a computer store as my main business and source of income and figured I can look for a cash advance or working capital loan as we gross about 100k a year. BUT another impass there is that my business being set up as a sole proprietorship and sharing my personal bank account, lenders once again look at my personal credit and thence deny.

Anyway. I don't have any family with good credit that I know of that I can work with. And am not sure if I have anywhere else to turn or if I should put this project on hold. What would you do in this situation?

Bruno Greig I didn't have much to start myself. I bought my first property through owner financing just recently. No strict bank requirements or 20% down. Trouble is finding a seller willing to work with you. At least it was for me. But I eventually found something. Best of luck!

Currently under contract on first deal. Looks like it should all work out swimmingly to me. What do you guys think?

2 bedroom, 1 bath, townhouse in Reading, Pa.

Buying for 13,000.

Paying $6500 cash and owner financing remaining $6500 over 2 years at 9% interest ($297 monthly)

Comparable houses in area average 15k-30k

Needs about 6k in repairs to get up to comfortable standard. (Replace part of roof, install new furnace, some electrical work, and light cosmetics. Already have estimates from contractors)

Once purchased, will take out equity loan for 6k and and use for repairs. Already approved from bank to do this. Will pay off at 6% interest over 7 years.

Will rent for $550 once complete.

Taxes: $900yr, Water: $600yr, Property management: 10% (all ready to be in place when house is done)

Won't be making much until it is paid off after 2 years. House is not in the best neighborhood but I am familiar with the area and will be living close by.

Thoughts?

In the process of getting my first property in Reading, Pa. I am looking to have a property manager handle as much as possible in renting it as I don't have that much time between running my main business and I would prefer not to have tenants contacting me that much. Will be moving there soon and would like to see if anyone else can recommend a good property manager or has any experience with property managers in the area, good or bad. Thank you!

Hello all, new member from the Poconos region of Pennsylvania, in the process of acquiring my first property in the Reading area and looking to invest in the Berks county region in the near future. My main job in the meantime is owner of a computer store in the Poconos. Very excited to learn as much as I can about REI, as I am not very experienced in this field at the moment!