All Forum Posts by: Conrad D.

The property had been vacated before the sale. It was stuff mixed with trash which seemed to make it harder! Anything that wasn’t too gross I donated to local places. I did find some things like silver coins and other types of collectibles. That part made it fun but also very frustrating haha.. It caused me to look through each box and make sure I wasn’t throwing anything valuable away. So that definitely made the clean out time take longer. The treasure hunt at times made it fun. But looking back I’m not sure it was worth the time.

The house was an extensive renovation. The second floor was unfinished. So I turned that into a bed room. Electric needed updating, A new heating system, new plumbing ect. Every time I went to Home Depot and Lowe’s I checked out what was on clearance and by the end of the project it was crazy how much of it I got that way. All my flooring, tile, kitchen cabinets, I also did most of the work myself to keep costs down. But it was basically a new house when finished. The 185 was after all fees at closing. 

I’m an agent in Montgomery county. If you are looking to buy in philly  I might not know the local market. But, I have experience in flips and rentals. Feel free to send a message if you have any questions. 

I decided to sign back in to my account today and can’t believe it has almost been 3 years since my last log in! Have been meaning to share my recent progress in house flipping because I used to cruise these forums a ton starting out. I learned a lot reading them so figured I’d post now in hopes that it helps somebody some how. 

with the budget I had available, finding a house to flip took making a lot of offers and being turned down a lot. I made up my mind that if I couldn’t buy and fix up a house and be sitting at 75% of the resale value I wouldn’t buy it. Eventually I was able to find a hoarder house being auctioned that I think no one else wanted to deal with. So in September of 2018 I finally got a place To flip. It took 6 30 yard dumpsters just to get rid of the hoarding trash. I did all the work on the rehab except for the new heating system, spray foam, and roofing. It took me about 8 months to complete. And was able to get the sale to close at month 11 of owning the property. In the end the project took a little longer than I expected and I underestimated just how much junk was packed in there. But it worked out and has enabled me to continue flipping.

I bought the house for 52k. Renovation cost 54k. after realtors fees were taken the house brought in 185,250.

hello everyone. After going to the Montgomery county sheriffs auction many times I finally purchased my first property there. Did the proper research, the only mortgage on the property was the the one that sent it to auction. The back taxes owed fairly minimal. My question is how soon can I start working on the house? I am going tomorrow to pay the remaining 90% of the purchase. It is vacant. And the amount of trash I need to remove from inside is un real. Thanks for reading! Any extra advice from people who have bought this way in Pennsylvania and especially Montgomery county would be appreciated!

Thanks for the responses. I called one lender today and got the ball rolling. My next step is creating a business plan for the house and will use pictures from passed projects to help show that I at least know how to renovate a home. Hopefully I can get funding for the house or have things lined up to move quicker in the future.

I found the unsecured line of credit through the bank pretty interesting. I hadn’t thought of that before. But, I plan on looking into that as well.

Thanks again!

Hello every one. I am on bigger pockets almost daily reading the forums and listening to podcasts. So, I figured today I’d jump in with my question in hopes of finding a solution.

A house I really like has come onto the market and I’m looking for suggestions on how I can actually buy it. I’d like to buy it for 67k and after a 30k rehab I’m confident I could sell it for 155k. 

Is there any hard money lenders in the philly suburbs people would recommend? I have worked in remodeling for 10 years, but do not have a flipping track record to show them. Slim chance of finding  a hard money loan of 97k before the place sells? thanks for reading!

thanks for the replies! Yes, it is 2 twin homes owned by the same person. Sorry I was not more clear on the situation. Thank you for the idea of a commercial loan and portfolio lenders. I Will have to do some investigating. I ended putting in my offer for the houses. I Just ended up trying to offset the extra closing cost with a slightly lower offer. Hopefully it works out. 

Hi everyone. I have found a property I like. I Will be going through it again today and plan on placing my offer. I am looking for advice on the best way to go about my funding. It is 2 twin homes that are attactched. And currently rented. My lender said I would have to do 2 down payments to buy them. Instead of two loans and closing costs on both is it possible to buy both while keeping the deeds separate?I would like to have the option of selling one in a few years and keeping one. Any information would be appreciated!

my thoughts on hard money lending may not be right. And I have not contacted one so maybe I should investigate it more before I cross it off my list. But, for the home I am currently looking at I don't see it being right for me. If I fix it up I am sure I could add a decent amount of value but it would be very tight to confidently be able to refi and pay the hard money lender off. Ideally, I would rent it to the current tenant as long as possible. Then, fix it up when it becomes vacant.

I have just started looking into pulling the equity from my home. I guess I won't know exactly until I talk with my lender. I'm looking to formulate my plan to connect these dots. I Appreciate both of you reaching out! My concern is if I tap into my equity to get the down payment money that the payment on my heloc could keep me from qualifying for the mortgage on house 2? The second home is fully rented already and would cash flow. Will a bank take that into account?