All Forum Posts by: Corey Drexler

Thank you everyone who replied I absolutely appreciate the responses. @Max T. yeh we figured that would be the first step and since the furniture will be there still hopefully i can photo shop it, which is a great idea @Eric Burgh. I want to advertise before they move out so the "coming soon" ad i think would be the best route @Nicole A. and @Nathan Gesner we inherited the tenants and raised the rent 45 more dollar a month, so apparently the cant afford that anymore and we just signed the lease in Sept.

Our tenants notified us that they cannot afford the rent (unit is already under market rent)and want to move out. They are paying the early termination fee and said to be moved out by Dec. 11th. We want to paint and put new floors so we can raise the rent again to about 950 for a 4bd 2 bath. Not knowing the full scope of work needed yet to turn over unit, do I start marketing/showing the unit right away for a jan move in...?? Or do I we finish the work then take pics and market it??

We are set to close on our first multi unit in August. I wanted to know what I should be using to keep track of any type of transactions, repairs, booking and filing, etc. I want to keep this as organized as possible obviously.  Ow that I am going to own a property what are my next steps to help me be successful. I'm all ears and thank you .

@Alex Deacon Could you possibly list some of the street names that I should stay away from in Lincoln Place? Thank you 

Does anybody know what other options I may have in a low down payment non-FHA loan?I'm deciding to either do a flip or buy a multi unit for my first deal. If I find something that I'm really excited about and wanted to flip it I don't want to have to live there for a year. Any suggestions would really helps thank you and happy investing everybody!!!

@Brian Garrett this may be a dumb quetions but when your flipping a property.... what do all the holding costs usually include?...i wonder why holding costs are always sooo much.

@Christopher Rutherford woww thats amazing...so you pretty much did a live in flip and got more from flipping it than getting 20% percent equity stake in the property?

Im looking for my first rental property and the plan is to refi quickly as possible to get money back out and acquire another property and so on and so forth. So obviously its very important for my first deal to be a good deal so this can happen. What does a good equity position look like and how do i get there so i am able to refi within the first 18 months? I plan on doing an FHA loan...possibly a FHA 203k depending on the property's condition, so my equity position when purchasing is imperative correct? I hope the reader's understand my question, and any information is absolutely appreciative. Thank You.

@Chris Policicchio I definitely see what your saying. This is my my first property so im not playing the appreciation game, obviously that would be the bonus but Im shooting for living for free and covering most of my own utilities on that but i do include all of those expenses and cap ex and repairs when I do the numbers and came out of some cash flow. When I find the property I really want I'll share the numbers. Thanks again for responding back to me. 

thanks @Chris Policicchio for your response. Im hoping to get into a triplex or a 4plex so i have a better cahnce of cash flow. A duplex using an FHA wont leave me room at all for cash flow. Worst case scenario I'll do the duplex just to get in the game till I can refinance and if the numbers are right. And yes this would be an owner occupancy investment. The time frame i kind of want to happen soon. I feel like I'm educated enough to atleast get a property as soon as I find a good deal. How do I know Im finding a good deal?