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All Forum Posts by: Phil Zofrea

Phil Zofrea has started 1 posts and replied 14 times.

Post: home remodeling loan

Phil ZofreaPosted
  • Real Estate Investor
  • Bradenton, FL
  • Posts 14
  • Votes 5

HELOC on primary residence if have and applicable.

Post: I have 4 tenants coming to view a rental tonight!

Phil ZofreaPosted
  • Real Estate Investor
  • Bradenton, FL
  • Posts 14
  • Votes 5

I do what Troy does. I have them fill out an application and give me a deposit and return the deposit minus the application fee if they do not qualify.

Learned the hard way a couple of times with people promising to take it and changing their minds.

Good luck!

Post: Newbie from Moonachie in Northern New Jersey

Phil ZofreaPosted
  • Real Estate Investor
  • Bradenton, FL
  • Posts 14
  • Votes 5

Just read Elizabeth's blog regarding LLC. Thanks for pointing me there. It gives me some more things to research and follow-up on. After reading, still at least glad to currently have my umbrella. :)

Post: Newbie from Moonachie in Northern New Jersey

Phil ZofreaPosted
  • Real Estate Investor
  • Bradenton, FL
  • Posts 14
  • Votes 5

I'm sure there are a bunch of different opinions on the 15 yr/30yr choice.  I choose 30 yr because I can always pay more on the principal and for me it's all about leverage.  Also, at a young age purchasing more properties meeting Fannie guidelines, a 30 yr will keep your debt ratio lower for future borrowing.

Two extra things on the safety side to think about as a new investor once you get your property.  

1) Look into getting the deed in the name of an LLC if possible (I heard it was possible, but am currently looking into this right now). See http://www.biggerpockets.com/forums/52/topics/9334...

2) I would minimally recommend getting an umbrella liability insurance policy.

Good luck to you - it sounds like you are in a good spot.

Post: Where and how to invest?

Phil ZofreaPosted
  • Real Estate Investor
  • Bradenton, FL
  • Posts 14
  • Votes 5

My recommendation is to first start investing locally, learn and then reassess, adapt and continually improve. 

Post: Looking to move from Rehab to Rentals

Phil ZofreaPosted
  • Real Estate Investor
  • Bradenton, FL
  • Posts 14
  • Votes 5

typo - any more than your 5th property.  Once you have 5 properties recognized by Fannie then they will not do refi-cash-out - only purchase.

Post: Looking to move from Rehab to Rentals

Phil ZofreaPosted
  • Real Estate Investor
  • Bradenton, FL
  • Posts 14
  • Votes 5

Kunal,

Be careful because you can purchase 10 properties under Fannie, but if you are purchasing the house originally with hard money, rehabbing and then looking for a refi-cash-out then Fannie will not refi-cash out for any more than your 4th property. I have hit this issue and I am working with loan specialist. There a couple of scenarios including, but not limited to, local bank portfolio loans (in LLC name if you can), Impac Mortgage Group, Bob Green who is member in Big Pockets (THG) Capital Fund (just looking in to them now).

Hope this helps.

Phil

Post: Does a short sale HAVE to be listed first?

Phil ZofreaPosted
  • Real Estate Investor
  • Bradenton, FL
  • Posts 14
  • Votes 5

I recently lost a property like this. The short sale came up on the MLS. I inquired and they told me they couldn't show it for another week. The week was up and I looked and low and behold it was now taking back up offers. What kind of game is this? Does the realtor have a buyer that they know already in which case others don't have a chance? Thanks.

Post: Business bank account

Phil ZofreaPosted
  • Real Estate Investor
  • Bradenton, FL
  • Posts 14
  • Votes 5

If you are going to be eventually growing your portfolio over 10 properties then I would recommend trying to develop a relationship with a local bank.

Brandon,

Thanks much for the advice and example scenario.  I'll try to pursue that option and try to think about some other creative ways to get it done. 

Thanks.  

Phil