All Forum Posts by: Eric Barnes

@April Molina did you find a lawyer in Philly? I need one asap

Oh, I paid cash for the investment property.

Hey Lionel,

You are correct on all points sir. The Number #1 property came with a side deal that hasn't panned out. That was going to be used for my tax bill. So at this point, I'm thinking of a cash out refi on my personal home to pay the taxes ASAP and finish the investment property.  Trust and believe this is a learning experience and I'm not needing any more partners. I should also be able to get about $1200-$1500 per house on the rental market at this time.

I really need some advice on a few things that will require a refinance of either one or both of the Properties that I currently own. So my goal is to build a portfolio and also at the same time, purchase a home for My retirement in Georgia. I currently live in Philadelphia.So, currently I have the house that I live in that I purchased about 4 years ago for $119k.Currently, the houses in the area are going for 160k to 210k. I can either sell this or cash refi out to accomplish my goal.This house was bought totally rehabbed and is still in very good condition.I also bought an investment property earlier this year for cash with a partner. I paid around 52k for the property and we have invested about 30k in the rehab. We are winding down on this finally. Side note, my partner was supposed to finance the rehab but his loan fell through. So, I have been using my cash and he has been using money from his contracting business to complete the house. I need about another 10k to finish the project.The ARV for this house is also in that 160k range.I also work full time. I gross around 91k. My credit is somewhere around 700, the last I checked. I will retire iin June of 2023. The only negative is that I owe like 13k in taxes from last year for a building that I sold.I would like to spend around 225k for the house in Georgia and I want to make sure I do things in the proper order, so that I don't run into any roadblocks. I want to buy this house ASAP.
Thanks for your time and attention. 

I owned a house that had that knob and tube wiring. I rehabbed the house one room at a time. All I can say is, as I was taking the old wiring down it was falling apart in my hands. Get that stuff out of your home if you value it. The upside is way more than the cost of getting it replaced. Good luck...

Investment Info:

Small multi-family (2-4 units) commercial investment investment in Phila.

Purchase price: $150,000
Cash invested: $50,000
Sale price: $350,000

Used building as a hair salon, custom garment shop and rented upstairs apartment.

All remodeling work done by myself.

What made you interested in investing in this type of deal?

I was looking for a building for my wife to open a hair salon

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Commercial Loan

How did you add value to the deal?

Total rehab done by myself

What was the outcome?

Worthy investment. Currently waiting for closing.

How are you marketing the property?

How did you make out?

Are you still investing my friend?