Philly Info
Guys,
I am looking to invest in the philadelphia area.
Can any one recommend the following:
Good contractor
good property manager
good insurance company
What section of philly is better than others?
read a few nespapers from philly online. check homes and neighbourhood reports online, then visit the city to have an idea of where you want to invest. You cant just rely on people opinion if you are a serious investor.
Local newpapers always have contrators sections with their add. call a few and keep their numbers handy...
good luck
Why?
There is a myth that there is a limit to the number of mortgages you can have. Another myth that it reduces your FICO score.
I have nine personally signed mortgages, my mid score is 789.
No lender is going to refi to a corp when they have a personal signature. Not without a big rate increase and lots of closing fees.
The big question is: why do you want them out of your name?? If your credit score is still good and you are making the payments then there should be no problem. If you find a great deal that you can not live without, mortgage the 2 free and clear ones to 50% or 75% to get the new one CASH.
How about using private lenders, or buying with someone else. Private dinero is great, but takes some work on your part. You have to find and cultivate the relationship. Do a few small deals with them before you go whale hunting and make the big money.
So many times I hear someone say: "This is what you have to do, blah, blah, blah. The great thing about real estate is that you can do several things and they can all be right. It just depends on YOU. Learn more ways to purchase properties also. Look into "subject to" buying, owner financed properties or wrap around lease options. KNOWLEDGE IS POWER. More powerful that the mighty credit report score.
Thanks for the replies. My goal was to improve my credit score. My score used to be a 730 but has since dropped to 700 since I purchased all the properties.
I have deeded all the properties over to my corporations and wanted to create the same autonomy with the mortgages if possible.
DrZ