All Forum Posts by: Benjamin Seibert

@Michael Bridgett I've used Robinson & Robinson and they've done good work and are a fair price. They're just over the PA line in Hagerstown, MD but I would be sure they do work in PA and are well versed in PA standards.

@Brandon Allenczy you should be able to get clearer direction from the city of Hagerstown. I would call them up and get the current standings from them. The last time I spoke to my PM I believe he said they could start the eviction process from COVID now - it may have changed/I may be wrong (it was over a month ago).

It looks like this would work as a BRRR. It may not be 100% (depending on how much your closing costs would be on each of the loans). I would make sure it cash flows properly too though - in my area if an $85k property would only rent for $850 the taxes would greatly eat into any income (Im in MD though)

You could potentially try to do owner financing and try to work out more lenient terms that work for you and provide him a steady income.

@James Lauer I havent worked with him personally, but I've spoken to him and he seems like a good guy. @George Despotopoulos mentioned he can potentially do refinances in as little as 3 months.

Equity helps with security. I personally use the BRRR method and aim to leave as little equity in a property as possible to maximize my returns - but it also leaves me in a little more vulnerable position if the market has a large downturn and I would have to foreclose (assuming I couldnt afford the property and couldnt get it to cash flow).

Note - I just did a live-in-flip with 3.5% down. Just know that with very little equity it changes to numbers vs a standard deal and you'll need a higher ARV (just due to the spread being smaller initially)

Congrats on the deal @Douglas Gratz!

Congrats on the deal @Stephen VanMeter!

Congrats on the deal @Thomas Smith and thank you for supplying lessons learned!

@Evan W. I'd get a quote on the electrical rehab first to see how much it would cost to get redone. You'll definitely want to do that before selling and redoing the electric doesn't add much value to a home. Unfortunately, all the issue items you mentioned are areas that don't much value to a home if redone. What is the ARV (do you have a lot of wiggle room)?

If you're house hacking and making money the entire time then it still can definitely work. I just got done a house hack and the costs creep in on you from repairs, taxes and mortgage. We ended up doing well but not nearly as well as I thought in the beginning (and we rehabbed the house as a live-in-flip also).