All Forum Posts by: Jimmy O'Connor

@John Ceccoli

They say “you make your money when you buy it” what they leave out is “you keep it by having a GC that does what you need”

@Joanne Green I’d be happy about that set up. With it, you’re more likely to get complete transparency and communication between your agents to get the transaction to the closing table. Not worth dipping into their pockets, especially since it’s two separate people, not the same person getting the “full” commission (I use quotations because brokerages take absurd fees from agents).

And making a brokerage policy to not change their commission agreement doesn’t seem suspect, it seems like a good practice so clients don’t walk over agents, something that happens all the time

@Walder Javier

RFG is solid, my team and our respective investors

has closed roughly a dozen with them. Be sure that you are honest from the jump, your estimated rate are only as good as the info you give them. Not sure if they have upgraded to desktop appraisals but if they are still doing in person appraisals , make sure you get everything (scope of work, good faith deposit, social, LLC docs, insurance, proof of prior experience, financial statements) in ASAP. The most successful loans are those that do not procrastinate and get the appraisers In ASAP so you can get over any unexpected bump in the underwriting process. Appraisals are backed up and on the right timeline of investor deals, every day counts when you need to

Beef up the appraised ARV to get a healthier LTV.

Hope this helps! Feel free to reach out, my team has experience lending as well

My team is throwing a REI Christmas Party for all in and out of state investors looking to connect with other professionals within the City of Brotherly Love.

We're sparing no expenses! There will be no presentations, vendors, just REI enthusiasts looking to expand their network in the city. 

Register on the Link Below!

https://www.eventbrite.com/e/r...

@Nick Brubaker hate to say it but most of those listed sounds like normal wear and tear that would be normal to expect from anyone over a 5 year period. You would have gotten that over the accumulation of multiple tenants within that timeframe. Unless written into the contract, it’s almost never the tenants responsibility to do a deep clean and the adhesives are being used as their normal function which is to stick into walls. From what you described, it’s still in “move in condition” unless you specifically meant the exact same condition. To be fair, you didn’t keep it in move in condition by not repairing the paint chipping from the roof leak.

Your decision to give a family friend a discount shouldn’t be held against him, you got 60months of consistent payment, something every landlord on this forum can appreciate.

In my opinion, I’m finding it hard to believe all of that is worth a $700 security deposit. Sure, he’s probably bluffing but that shows you how much he needs it more than you do but again his dad is a former attorney and might help facilitate this out of principle. Give it back, you made more money off this guy that you’re losing

@Corbett Brasington on the front side of a transaction, not a whole lot. When you decide to list on the back end, they are more useful

(Coming from a licensed agent)

Hot dayum I had to scroll for a while to get to the bottom of this thread

@Anthony Del Russo we actually run a Philly meet up for investors, would love to have you swing by. Always feel free to reach.

@Steve Babiak at a second read through I see what you originally meant haha I appreciate it I’m going to hop in that one

@Austin Mullen welcome to the game! Those neighborhoods are going to be tough, if you want to be in those pockets, expect to pay up to beat your competition. If you’re willing to live “on the fringe” of your already gentrified areas as a means to an end in places like west Kensington (borders of fishtown), Cobbs creek (borders of U-city) , or 19134 on the “not as happy side” of Aramingo (the NW side) you’ll likely be able to cashflow better and see a larger increase in property value since those areas are on the path of progress. If you’re dead set on those neighborhoods, I would look at retail agents who representing buyers who are picking up Multis in those areas