All Forum Posts by: Nicholas Weckstein

@Camillia W. Simply put some banks require a certain amount of time that you own the property before allowing a cash out refinance mortgage on the house. So if you bought a place and did the rehab in a week, and wanted to cash out, but the bank has a seasoning period of 6 months. You’d have to wait until that point

@Kevin Sobilo I recently did an eviction in Luzerne County. First is the 10 day notice. Then the magistrate court date after that. In your situation if you really think she’s going to move at the end of the month, your kind of in a catch 22 situation. In my case judge ordered tenant to pay or move. Tenant had x amount of days to pay, move OR file an appeal. The appeal buys the tenant time. All in all took me about 2 1/2 months to get him out. The appeal process is what really gets you.

Was hoping for some clarification on this in reguard to a commercial loan. I’m aware of what net worth is and how to calculate it. Just not so sure I understand it in this way. So if the loan is 1million my net worth has to been one million ? Is this a standard in the CRE space ? Seems that it would be a hard requirement to meet if talking about numbers in the millions.

I personally like C class neighborhoods. I think for cash flow they are best. Using the BRRRR method is also the best way to tackle C class neighborhoods. I think in those areas some of the houses are a bit old, and require some work. So getting in and rehabbing will cut your expenses down over time. As for the type of tenants you’ll attract I think that if you have a nice unit and screen well you’ll get good tenants. C class doesn’t mean ghetto and poor. Mostly just working class. Which is good. You’ll likely always have tenants to rent to. Just screen properly and offer a nice unit. It’s an interesting sliding scale. A class usually has no cash flow B class has some cash flow but with the premium that your paying for a low cash flow. It’s still mainly an appreciation play C class is great cash flow and entry price D class is likely to be the highest cash flow and lowest price but you might need a bulletproof proof vest to collect rent. C class and B class are my favorites.

I as well invest in the area. Chris K. Is a smart and helpful guy and knows the area. Helped me when I first started out. If you need any help, advice, or referrals. I’d be happy to help as well.

Just happen to stumble across this and kinda ironic but a few weeks ago I was having dinner at the bar in Friday’s in Wilkes barre and met a guy who is a district manager for a car rental company and his boss wanted him to get an apartment in the area instead of staying in hotels. He asked me if I had anything available and I didn’t but kept his card. Said the company would pay for it all. Wonder if it’s the same guy lol. Small world you never know !

I recently walked a property and after looking at the zoning map found out it’s industrial zoned. My idea was to redevelop the place into loft style apartments. Anyone have any experience with either getting some type of variance or special use permit. How difficult would it be ? Thanks

But hey if it’s already rented at $1500 that’s not a bad deal at all. It may take some time in between vacancy’s though to find some one to pay $1500 a month

I mean 6 beds 2 baths definitely adds money to the rent. I have a 3 bed 2 bath that rents for 800$ plus all utilities by tenant. But I just feel like $1500 is pricing yourself out of the market. I could be wrong though.

I agree with the other comment here. I’ve never seen rents for 1500$ in the entire county. Something isn’t right.