All Forum Posts by: Tyler Sokolis

@Joe White That's something I didn't even think about, thats a very underrated pro to cash buying. 

Just connected with you, lets chat, I'll be needing a PM soon and would love to pick your brain about a few things! Thanks!

@Will PritchettAh yes, I had just read that part of the book where he details that the bank will sometimes not loan because of the condition of the property.

I guess an unanswered part of my question that may have not been clear is, what if I go to refinance after I buy with the FHA, but do not have enough equity to leave in the deal unless I shell out more money. Besides buying a good enough deal, I am trying to identify ways I can get as close to that 70-80% LTV as I can. These MF in Philadelphia are ridiculously expensive. Thanks for the feedback

@Anthony Vicino thanks for your reply!

in order to not repeat myself, I will say, I have talked to a couple lenders, and one suggested the conv-95 loan. which would be owner occupied, for at least 90 days, and isn't that much more expensive to start out, but you do get a few extra equity points. 

So with the FHA, there isnt really an option to get rid of the MIP even if you refinance out into a conventional loan? Interesting...

Thank you for the resource! I am going to check that out when I have a little more time later today. 

@Andrew Syrios thanks for your reply!

As I replied above, that would be the other way I would invest, with an FHA here in Philadelphia in MF. As it may be a slow build, and the amount of times you can use them is extremely limited, it would be another, maybe more manageable start.

If you were to start over with less than 50k in the bank as a young 20-something in this market climate, what would be your first move?

@Joseph Cacciapaglia thank you for your insight! I do realize you have to occupy the property for a year with FHA, I have been looking in Philadelphia for a house hack property for myself to live in, I guess that's why I bunched that all into the original post. I have talked to a couple lenders and they have suggested 203k, but if I invest in Philadelphia, I have a buddy that would help me and I don't think it would be qualified as a GC technically.

I see the problem with networking over long distances, especially as a newbie. May serve me better to build a good base around me locally before reaching out to other markets. I still think Philadelphia is a viable place to make headway, just a bit expensive for what I have right now. 

I've been looking at some MF in Philly and buying with FHA, it is just very competitive. That would be what I would want to invest in though if I stayed with local investing I think

This was awesome! I am a newbie wanting to BRRRR invest long distance, possibly in Florida since I have some connections there! I'll send you a message and maybe we can connect!

So I am in the middle of reading David Greene's BRRRR book, and I have a question about buying property with Cash vs buying with an FHA or conventional loan and then refinancing after rehabing and renting the property out.

Obviously cash gives you greater buying power (buying right is the most important part). 

And buying with an FHA loan (3.5% down) you would have to build enough equity to be able to leave 20-30% in the property without shelling out more money when you refinance.

Being a newbie investor, I am just curious if experienced BRRRR'ers find similar success when buying with cash and financing first and if anyone had any advice for the newbie who wanted to carve their path into REI through BRRRR investing.

Thanks!

FYI - located in Philadelphia, probably looking to BRRRR invest long distance, so any insight on best markets to do so would be awesome too!

Hello all! I have been fanatical about learning everything about investing the last few months. I really want to invest in either a rental property or BRRRR deal in the Greater Philadelphia Area. I am currently looking for properties in Manayunk/Roxborough as I see a high rent demand, relatively lower prices and a good opportunity to do simple cosmetics to outdated properties.

I really want to own plenty of rental doors and eventually get into larger multifamily properties. In the next few years, I would love to assemble a full-cycle team to acquire, fund, architect, design, construct/renovate and manage/sell properties.

If you're looking for a partner, have a need in your business you need filled or just want to chat, I would love to learn as much as I can and meet positive, hungry people in REI.

Thanks!