All Forum Posts by: Account Closed

Has anyone got prices from UGI in PA to do this? @Brett Lee Was that with UGI?

@Shawn Zimmer Task Rabbit is like Up Work for handy type jobs. You can have people do anything from plumbing to carpentry to just helping you assemble furniture.

@Chris K. Thanks for sharing. I believe the appeal period is only 30 days for the judgment. Let's hope they don't appeal.

@Derrick Thomas for painting I have done one or two rooms by myself or with a friend. However, it is better to hire a professional, you can see the difference, especially if you one day want to sell the property to a homeowner. 

If you are going to do it yourself try to find a helper that has some experience.

Last, one place I recently had luck with finding a painter for a small job was on Task Rabbit. I found someone to paint and repair the plaster in a closet for a great price. He was a retired union carpenter.

@Thom Hayes This is a great idea. I have had two sue at least two buyers to get the deposits because they did not come to closing.

Curious how you are planning to build this software. I have helped a number of startups build their first application. Happy to connect and share some of the best practices in building applications. Send me a direct message and we can connect.

Chuck Holland the legal organization you are talking about is called captive insurance. It is a tool used my large corporations to self insure or by organizations that are outside normal insurance markets. Look up captive insurance managers and you can find companies that will manage a captive or self insurance fund like you are discussing. If you need a reference to one, there is one I know in PA. Send me a direct message and I can connect you.

Mike Dymski this is a good point. You may be lower rates if you do this vs. the HELOC. Also look into credit unions that have a business department, you may be able to get a lower rate than you mentioned.

Matthew McNeil great scenario to share. My recommendation is not to sell what you have. Think of your first property as an asset that is performing. Although it is worth a specific dollar amount it is also worth the cash flow as long as you keep it. My recommendation would be to keep the property since you put in work and energy to find it and get it performing. If you sell it, you give that up. Then you can use the HELOC as a tool to get another property and create the second property as an asset. I assume your goal is to have as many assets as possible to leverage and grow your wealth. Also keep in mind there may be other options besides a HELOC. You may be able to get a cash-out refi mortgage at the price of the next house at a lower interest rate.

Josh Wyant sorry to hear you had to go through so many troubles on just one project. I am just a year older than you and have my fair share of tough stories. To date we have done over 20 flips and had probably more than 20 minor and major disasters including floods, over budget projects, being ripped off by contractors, and even getting sued. I have some ideas on how you can strategically get rid of the debt faster and get your credit fixed. Send me a direct message and we can connect and I would be happy to share the information.

@Derrick Thomas A credit card strategy could work for you. However, if you have access, you may be better off using cash or a HELOC if you just need a few thousand dollars for paint and repairs. There is also the option of using a FHA 203K mortgage if you can live in the property for a year.