Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Prashant P.

Prashant P. has started 15 posts and replied 275 times.

Post: Step by step process for fix and flipping

Prashant P.Posted
  • Real Estate Investor
  • Philadelphia, PA
  • Posts 282
  • Votes 78

I would say you need to find the contractors first.  At least ones that will walk the property with you and give you an fair estimate.  Once you have the place under contract you are time limited. So you might not be able to get the best estimate.  This will cost you money on the back end.

Post: Seeking Advice on Next Steps for My Real Estate Focus

Prashant P.Posted
  • Real Estate Investor
  • Philadelphia, PA
  • Posts 282
  • Votes 78

Why not do both?  You have created a business that appears to be successful.  You can do that while also diversifying into apartment syndication.  

Post: Question about lease documents

Prashant P.Posted
  • Real Estate Investor
  • Philadelphia, PA
  • Posts 282
  • Votes 78

You find your local real estate investing group or Facebook group for your area.  There you can find attorneys that will help you draft a lease.

I caution you against using a generic lease.  You may need state or city specific information in the lease.

Post: Sheriff Sales in Philadelphia

Prashant P.Posted
  • Real Estate Investor
  • Philadelphia, PA
  • Posts 282
  • Votes 78

Philly is online through **********.  There is currently an auction going on for vacant land.

Post: Creative Financing option on a Flip

Prashant P.Posted
  • Real Estate Investor
  • Philadelphia, PA
  • Posts 282
  • Votes 78

I went through a similar situation.  We tried to refinance but ran into some issues.  Another option is trying to get an extension for the current lender.  If you on time, most will take the extension.  You will have to pay for it.

You should run the numbers for refinancing and selling it.  When selling lower your price and maybe offer an assist.  For us the logical choice was to refinance.  After we looked at all scenarios, we decided to lower the price and get rid of the house.

Post: Section 8 Tenant Evictions

Prashant P.Posted
  • Real Estate Investor
  • Philadelphia, PA
  • Posts 282
  • Votes 78

You should escalate this housing authority.  Sounds like you may have a bad case manager.  The housing authority will get involved if you are reporting damage to them. 

Post: Sight Unseen Purchase

Prashant P.Posted
  • Real Estate Investor
  • Philadelphia, PA
  • Posts 282
  • Votes 78

I have done this with very cheap auction properties.  It really depends on the investors risk tolerance.  You should advise them that the home may have structural damage that may take hundred thousand plus to repair completely.  Or the house may have squatters.

It may be worth asking what the investors end game is with the property and if they have experience with this type of deal.

Post: Investing in Bad (D+) Neighborhoods?

Prashant P.Posted
  • Real Estate Investor
  • Philadelphia, PA
  • Posts 282
  • Votes 78

In my opinion, it really depends on you and what you can tolerate.  If you buy a property in this type of area you have to realize the property will get trashed, it will most likely not be maintained and you will get calls for dumb things.

Saying that, you will learn to toughen your property to withstand tenants.

As someone else mentioned, you can also go Section 8.  As long as you are comfortable talking to people of all walks of life and know how to deal with the housing authority you will not have any issues.

Post: Need help finding someone who can do a live video walk through

Prashant P.Posted
  • Real Estate Investor
  • Philadelphia, PA
  • Posts 282
  • Votes 78

You find try to find a real estate Facebook group for the city where the property is located.  Make a post that you are searching for someone to do a walk through.  You can usually find a new realtor or investor that will work with you.  I have done this in the past and it worked for me.  I did give them a very detailed list of what I wanted and example pictures.

Post: My first fix and flip.. what to watch out for?

Prashant P.Posted
  • Real Estate Investor
  • Philadelphia, PA
  • Posts 282
  • Votes 78

You should check for which permits are required for the work you are doing.  If you are doing major renovations, you may need an engineer which will add extra costs.

I would recommend you invest in Simplisafe alarm system.  It serves to purposes.  Protects your home during construction and also gives you a way to see when contractors are coming and going.