All Forum Posts by: Adam S.

@Stephanie Knox - Congratulations on being prepared to take the dive into real estate investing!  I would do a quick internet search for CU's in your area and take a couple hours on the weekend to visit a few.  Instead of going in and asking for their business you should conduct the interview as to why they should lend to you.  Make sure you have your financial details in order (which it seems like you do) and don't be afraid to ask them to do better than another lender.  After all, you are the potential customer and loan officers want to sell loans!  When you find the best fit make sure to develop the relationship with the bank so when you are ready to grow you have a place with a positive track record.  Good luck!

@Tyler Mutch - This is a great question and something I would love to know more about also.  I have completed an investor proposal in the past and found myself asking the same questions.  I sourced some advice and followed the less is more strategy.  I definitely included the financial details of the deal so my investor understood that I knew what I was talking about but at the same time I spent a good deal talking about systems, process, and strategy.  As all investing is a risk, it's our job to mitigate that risk in return to secure the investors money.  The investor I dealt with cared less about the financial details and cared more

@Andy - Can you expand a little bit?  What kind of "commercial space" are we talking?  Shopping, warehouse, industrial, etc?  And what type of other business are in the area?  If you were to rent it out, what type of business would you rent it to?

@Shantal Lawrence - I would also call your insurance agent who you purchased the policy from and confirm if you have a rider that covers ground water.  Most regular HOI policies don't cover ground water which can end up leaving it the owners responsibility to perform the water mitigation.  The longer the water stays the more expensive the clean up is.  Also, if it is not covered by insurance call a local restoration company and see if they will do the work for a reduced rate because it will be a self pay.  Good luck!

Hey all.  Quick question regarding financial organization.  We are soon to close on a three property portfolio and I'm wondering how every keeps themselves organized with income coming in and expenses going out.

Is it better to use an expense sheet and track income, expenses (including CapEx, vacancy, etc) and then move the cash flow off the top to a savings account or is it to create sub accounts to hold expenses until they are ready to be paid out (taxes, CapEx, etc).

Thanks in advance for the feedback. 

@Mitchell Robert Classen - Property looks amazing man.  Congratulations on being successful with your first flip.  Good luck in the future. 

@Eric Armstrong.  Thanks for the info!  That is consistent with some of the other information I received. 

Hi All. My partner and I have an LLC formed in PA and have an opportunity to purchase some real estate in Delaware. Are there any special hoops we need to jump through to make the deal? Someone mentioned we might need to advertise in Delaware before being able to make the purchase but I figured the best spot to find the best answer would be here.

Thanks for the help!

Hi All!  Checking in from the Allentown, PA area and relatively new to real estate investing.  My partner and I in the process of purchasing a three property portfolio (buy & hold) in the Central Pennsylvania area and all my research efforts kept pointing me back to BP. 

I'm starting off on the real estate journey in hopes that I can grow my earning potential strategically and one day make the move into real estate full time.  I've spent the last 10yrs in the professional world trying to make everyone else wealthy and I'm looking for a way to redirect those efforts back towards myself.

I'm interested in building a network and soaking up as much knowledge as I can.  I've spent some time in the mortgage industry, construction industry, and am currently working in the property restoration (fire, flood, mold) field.  I'm hoping that I can help people through this site as much as learn from it and I'm excited to get involved. 

Agree with Nicole.  If not putting in a W&D means you won't be able to find a renter then put them in.  But if you can rent without that is probably your best route to go.  Washers and dryers are great from a convenience standpoint but generally increase your chances of property damage through fires and water leaks.