All Forum Posts by: Christian Beyer

Hey Rich I'll forward you the info for the April meeting sorry I couldn't get back to you soon enough. The meet up went well, we definitely had some good participation and people from all over. 

I'm now looking at this as a rental, and using hard money to buy and renovate and using the HELOC as my fallback funds should I need cash to close out and pay back hard money. Looks like this:

Purchase target: $170K

Renovations: $50k

ARV: $310K

Should be able to refi and pay back Hard money (approved that purchase price and refi) but that loan would cost me $30k at 12% and 3 points for 6 months. I'm thinking I would need someone to lend on 90% ARV to refi. Going to try to offer this to the bank currently holding the non-performing note. Thoughts?

Kyle this is a great story. Taking advantage of government programs is something that BP may not have touched on enough since they are likely very local in nature. 

I have a special connection to this story since I had turned on Philadelphia as my keyword alert since I live in Phoenixville, but saw that you moved to Sioux Falls which is just south of where my girlfriend is from! I just flew in and out of there for Christmas while visiting her family in Watertown.

Good luck and keep the good stories coming! Living modestly you could buy another one in a year or two!

Love this, would love to hear more stories from you guys. We are in suburban Philadelphia and would definitely be interested in talking to you guys about the ups and downs of projects such as this. 

Maybe @Joshua Dorkincan have another guest on the podcast that can share more success stories on for more IMPACT INVESTING techniques such as this! Great work. 

Hey thanks @Brad SaariI would really like to hear how that turns out. Could be a game changer for me.

Rich if you want to come up to Phoenxville we are having a meetup on Wednesday at the Fenix Bar right downtown. I'd love to pick your brain.

@Rich O'Neillthe property is on E Gay St as you enter town. Have you been doing a lot of investing in WC? Pricey area. I'm actually looking at using hard money now... there is potentially enough room on this one to make it work. Let me know about Wednesday! Shoot me a message and I'll give you the invite. 

Hey BP- I am currently living in a duplex (doing my best House Hack like@Brandon Turnersays) and I'm looking to purchase an REO duplex in West Chester, PA. The purchase price I'm aiming for is $180,000 and I should need ~$45K with closing to get to closing. I'm willing to throw in my agent's fee (~$5K) plus cash to put down 20%. The major chunk of that $45K will come from an appraisal and a HELOC on my current duplex- which should bring between $20-25K.

Does anyone have experience using a HELOC to purchase another property? It would be my primary residence. Could their be any issues with using that loan as a downpayment?

Thanks all!

Does anyone know how much per foot it costs to have someone remove a chain link fence? I'm sure it isn't cheap but I'm trying to get an estimate together for an offer. 

I'm also outside of Philadelphia- but not as far as Gettysburg.

Thanks!

Arturo- we will be having a REIA meeting in a few weeks in Phoenixville if you would be interested in attending and learning more. Shoot me a DM and we can stay in touch! My brother and I are investors in the Phoenixville area. Cheers, Christian

Hey Mark, welcome! I work in the LV as well, but live an hour south in Phoenixville. If you would be interested in getting together DM me an email address and I can set something up! My brother and I own 7 units of mostly multi family in the area and are always open to partnering up. Good luck! Christian

I graduated a few years ago and the key factor to living a few miles off campus is typically public transportation (or school based transportation). Are there buses that travel to these properties or at least nearby?

Hey Dave, this is a tough one. To me- I think that another factor to consider is the ability to rent the unit if an eviction had to take place. If you have high vacancies in the area it may mean putting up with a trouble tenant for a while and hoping it gets better. If there are people clamoring for 3BR in your area and you could potentially turn over and increase rent I would say to begin the eviction process (or go the walk away route you described). Good luck! Christian