All Forum Posts by: Adam Lopate

Looking for financing for rehab in up and coming Philly neighborhood of Brewerytown. Would need 200k all together for the purchase price and rehab. Purchase price is 108k. I already have a written quote of 80k given by a licensed contractor. The basement was already dug and repoured with french drain. Inside was already gutted and demoed. In shell condition for quick easy rehab. Project should take 3-4 months to finish, and be ready to go on the market for spring. House on same street sold for 249.9k in Dec 2018 with similar house dimensions. I am also sure I can cut some rehab cost during the purchase of materials. 

Purchase Price- 108k

Rehab- 80k

Arv- 250k

over 20% ROI

Check out our latest deal in a great pocket of North Philadelphia. This property is currently being rented at $975 per month and will continue to be tenant occupied until May 31st 2019.This property was recently updated and is in a great location just off of La Salle Universities South Campus. This property is in excellent shape and is an ideal purchase for any landlord looking for steady cashflow

Great opportunity to pick up a profitable project in Overbrook! This 3 bed 1 bath property sits on a good size 16.5x77 and boasts just under 1000 sqft (per public record). With flip comps in the high 190k range this is a no brainer!

1800 block of N Taylor St.

Purchase: $45k

ARV: $140k

Rehab Breakdown: If you wanted to just throw some tenants in there you really do not need any work. If you would like to flip or pull extra cash out on refi you would put max $25k. Only needs slight cosmetic updating. Tentants kept this in great condition. Already has central air.

spec:

-1000 sqr ft

-2b/1b

-$213 in annual Taxes

Cobbs creek which is west Philly is a great area as well as areas of north philly such as germantown.  They aren't saturated yet but will soon be similar to point breeze and brewerytown. 

Hey Everyone i am a Licensed Real Estate Agent and wholesaler - specializing in providing residential investment properties in the greater Philadelphia Area. If you are interested in seeing some off market deals feel free to reach out! I wholesale about 30-40 properties per month. Feel free to reach out.

Adam

908-303-6339

Hi Bpers,

I am looking to do a house hack for my first investment property and was hoping someone could provide me advice on financing options. I have determined my best option would be to get an FHA loan on a multifamily property. Does anyone have a suggested mortgage company they would use for this type of loan? Also what do you suggest is my best options for FHA loan terms ? How long does the loan process take and what can i expect as far as credit score and employment requirements. Thanks for all of the advice in advance! If you have any other advice for a younger investor do not hesitate to share as well!

@Mike McCarthy I appreciate the advice. As of right now I pay all my bills on my credit card and then instantly pay the credit card with my debit card. I also pay my student loan payment every month on time so that helps a little. My score isn't low because of anything major on my report, just that its still new credit. Any advice on how I can improve more? Also- any idea what you would guess id have to put down as a down payment? 

Hi Bpers looking for advice on how to finance my first deal. My credit score is sitting right around 605 and not sure if its smart to get a conventional mortgage or use private money to finance. Which route do you think is best and what percentage would I have to put down? Thanks for the help.