All Forum Posts by: Adam Anderson

I am in a similar situation and decided it was best for me to use hard money.  I have a great contact in NJ.  if you are interested, PM me

Adam

I world leave the Tub and refinish it with a white glaze only if its really beat up or chipped.  I have a property with the same tub and everyone comments on how they love the Tub and that they are no longer made that way. 

The pink tile on the other hand should go!  If was my property Id gut the bathroom replacing the title, toilet and sink and leave the tub.  Id replace the sink with a vanity to add storage

I recommend and personally use Mic from Tech Check, if you want his number pm me.  He was formerly a builder and also flips homes.

Adam

@ Brandon Battle

I spoke to the 3 smaller local banks I've already done other business with, one gave me a business's LOC not to long ago. They all do portfolio lending but the best LTV was 65%. Have you found better with a protfolio lender?

Adam

Can anyone point me in the right direction? I am renovating a SFR with a hard money loan and about $25k of my own cash. I would like to hold it as a rental if I can get my cash out for the next deal. Based on recent sales comps, I can cash out all of it at 75% LTV but cant find a lender who will do it since this is property # 6 for me.

Any recommendations?

Adam

Congratulations! Now the fun begins! I would suggest having you plumber there when you turn the water on (assuming its been off and the house was winterized).  Its not unlikely to have a pipe burst or a leek or two on houses that may have been sitting vacant for a while.

When you say "Contractors" are you referring to hiring a general contractor to do the whole job?  If so, you can probably save 20%+ if you directly manage the job yourself and directly hire the plumber, sheet rocker, carpenter, ect.

Adam

Awesome! Congratulations!   Whats the new goal?

Welcome Angela!  I hope you find BP as beneficial as I have!  Be sure to check out the podcasts if you haven't already.

Adam

Hi Sean,

Welcome! I agree with the others on this thread and you should first look within driving distance. I think you should be able to find some 2 families right in Clifton and the surrounding towns.  If they are priced outside of your range, have you considered a partner and or looking for a property that needs work?  I know someone thinking about selling an occupied duplex in Bloomfield, I think its in the $250K range.  If that's something you'd be interested in, I can introduce you, just PM me.  I'm not sure, but he might finance a portion.

As I'm sure you know, Philly can be rough so you really have to know the area.

If you are interested in Turn Key properties make sure you thoroughly vet them and explore your options with several. I found that most were not a good fit for me.  In addition to the out of state markets already mentioned, you might want to check out Cleveland.

Adam

Hi Bill,

Welcome! Im in Northwestern NJ but would be happy to help in anyway I can

Adam