All Forum Posts by: April Molina

LOOKING FOR A CASH FLOW INVESTOR WHO UNDERSTANDS THE NUMBERS AND SEES THE POTENTIAL IN THIS BEAUTY. I AM IN NEED OF LIQUID CASH SO I AM LIQUIDATING THIS PROPERTY. 

COMPLETELY RENOVATED WITH NEW ROOF AND HVAC. NO NEED FOR WORK.

- BUY THIS PROPERTY AND IMMEDIATELY START CASH-FLOWING FROM DAY 1!

- PHILLY HOUSING MARKET IS ON THE RISE AND THIS PROPERTY HAS A VALUE OF $160K. 

- TENANTS ARE EXTREMELY NICE, PAY ON TIME AND HAVE NOT GIVEN ANY ISSUES. THEY ARE WILLING TO DO 3 YEARS IN THE PROPERTY WITH A $25 DOLLAR INCREASE YEARLY. 

- INSTANT EQUITY!

- NO WORK NEEDED 

ABOUT THE TENANTS:

YOUNG COUPLE WITH A CHILD. ONE IS A TEACHER AND THE OTHER WORKS FOR HOUSING COURT! 

LETS MAKE A DEAL HAPPEN!

HI BP, 

I am under contract for this house 1411 E Moyamensing ave scheduled to close beginning of march. The house sits in a very good street in a very good neighborhood. Comps are $615-$675K area and my Reno budget is $110K which my contractor bid me. I negotiated it down from $125k, by subbing a few things. I have a very good relationship with my contractor and in previous gigs, I have subbed many things like floor, carpets, roof etc to bring cost down... We are buying the house for $335k. I did my numbers and left room for any mishap.

PP- $335k

Reno- $110K

Closing + MISC - $45k

__________________________

ALL IN $490K

Rehab - 16 weeks or less 

Your investment will help fund partial rehab and you will not need to be hands on at all. If you think this may be something you're interested in, I can send MLS comps, referrals and draw. Although you won't need to be hands on you are free to visit the site in its stages whenever and I would be very transparent with everything going on.

ASK ME FOR REFERRALS

Please PM if interested. 

Thanks 

@Jonathan Orr I didn't even know CUP was an option. Thank you so much, I will look into this ASAP. 

You are right about this costing more than I plan to bargain. I will need to assess the situation to the T before I go down that road.

Hi BP, 

Second post of the daily.Happy Valentines to all.....

Is anyone familair with zoning in philly and what are the hurdles one has to endure if I decided to rezone a piece of property? 

Idk if this is possible but I am about to purchase a killer SFH ( in contract) in 19147 near Geno Steakhouse and its on a large lot on a corner. Can i rezone this into a building???

Even if i dont and i rehab it I can make a killing as a flip but a building would be even better. If i can do this, I plan on selling it to someone who builds apt buildings. 

How can I find this out? 

Hi BP Fam, 

Does anyone know where I can find the most accurate comps for a zipcode in philly? Being an agent in my past life I know the MLS feeds information to realtor.com almost immeditely. So i assume this sight has the best info. Am i right?

I have my real estate license in NY so I dont have access to the PA MLS.

Where can I find the best comps or does anyone have access to phillys MLS?

@Larry Higgins Hey, What is this skip trace system you say doesnt have such strict credentialing bcause it doesnt share ss#s? 

@Joseph Druther congrats!! Amazing story. 

Did you use profit from that flip to fund your marketing campaign? Are you doing Direct mail? 

I am an investor in Philly and it really depends on your comfort level and if you have money reserved for the dead months when you won’t make any cash flow. If you have income to sustain your lifestyle while you get the units ready than get something for a lower price that may need some work or major work if it means great cash flow. I personally just rented a property that was a complete gut job but I acquired the SFH property for $50k put $35k into it and ARV is now $140k so I got my investment plus some after refi and it will cash flow $800 a month. So it really all depends on your comfort level. As long as you have decent contractors with fair prices you can turn any property over in 2-3 months. As I said this house was a complete gut job, we changed the layout of the house tremendously and we were able to get the house rented 3 months after we bought it. When doing your numbers add the dead months into the equation. Good luck!

@Ola Dantis Thank you for the advice. Someone called offering to pay up front. I will only take certified check or wire and still run a background check.

iffy? 

My rental has been a hit these past two days with many people wanting to come see it with Feb 1st move in date. I received a call today and lady wants to come see it on Monday and she wants to pay rent for a year up front? I said that would not be an issue as long as it’s a bank wire, certified check or money order, she replied all are fine. She is aware she would be paying 12 months, plus deposit and security.

Is this weird????

It will cash flow anywhere $600-$675 a month. My mortgage broker gave me that estimate after receiving all my documents. He’s working on getting me a mbetter interest rate thus bringing me closer to $675.

Rent is $1275 a month for a 3 bedroom/1.5 single family house, basement, and backyard fully renovated.