All Forum Posts by: Francis Nguyen

@Alan Asriants Thanks for the input. I should have mentioned this was an off-market transaction and EMD was held at the title company.

Hey BP,

I have a situation where a seller has not been responsive and is needed to sign a termination of agreement for in order to have my security deposit released from the title company. Is there any advice that can be offered or other way to do so in Philadelphia? Thanks!

Hi BP,

I wanted to share my situation and would appreciate if anyone could chime/help in. My uncle's name is currently on the title for my mum's primary residence. Her interest rate is currently at 7%, with a little less than $200 of her mortgage is going to the principle. We realized that it would be in her best interest to refinance out, since interest rates are at an all time low. Any advice on how to add her name to the title/remove my uncle's name while avoiding the transfer tax so that she could refinance out? 

Hey @Allison P. Belcher! I would recommend getting active in real estate forums/groups that are relevant to the market that you are interested in. While you are in the process of building your capital, this would be the perfect time for you to get in front of some deals and do your due diligence. This will help narrow down what you are looking for and learn what your strategy will be as you progress in your real estate journey. Hope this helps!

Congrats! @Douglas Gratz. That's a slam dunk of a deal for your first one. Also curious as to what the level of rehab was that got you that 250K refi value.

Hey @John B. I agree with @Greg Dickerson there isn't a fixed price for HVAC, plumbing or electrical. Those numbers are subjective, dependent on the contractor and the quality of work you would like done. I would recommend getting a few estimates and networking with contractors in the area and get samples of their work and seeing if it fits what you are trying to accomplish with your property.

Hey @Tony Bermeo the inventory is pretty limited in this zipcode. I agree with @David Haynes that the closer to the boulevard you get it, the funkier it gets. The ARV in this zip ranges from $150k with a ceiling of $175k. It seems to be a solid renters market out here, so depending on the deal, I would say there are multiple exit strategies. Good luck with your first investment!

Hey @Carolina Selva it really comes down to preference. Either way like @Ujwal Velagapudi mentioned, it is extremely important to do your due diligence when screening tenants whether you are taking them on are trying to find new ones. I don't see how it would be a bad idea to take on tenants that were already in place, during uncertain times like we are currently experiencing. That way you are cash-flowing immediately and don't have to worry about vacancy rate. Of course, you would have to qualify them and check payment and employment history but you would be doing the same thing with a new tenant regardless. If it ain't broke, don't fix it!

Hey @Colin Jones! Congrat's on taking the leap into real estate. The DelCo market is booming right now and from my experience it doesn't seem to be slowing down. According to Zillow, the median home value in Delaware County is $242,958. Delaware County home values have gone up 6.6% over the past year. Glenolden and Lansdowne are great pockets to get started in, but if you are looking for a low risk investment for your first deal, Darby and Sharon Hill are extremely affordable with a solid renters market.

Hey @Darren Harper that is some real solid advice given from @Erik W. and @Jerryll Noorden. Just to piggy back off what they were saying, it all comes down to the numbers. You build credibility through your career by doing the things not other wholesalers can't. Pull legit comps for your subject, being able to calculate rehab costs effectively, and determining the ROI for your buyer. You are only as good as what you can perform in real estate, and that is why it is extremely important to be transparent and honest through all phases of business. Stay active and always be willing to learn from others. Learn to be a sponge and soak up all the knowledge from the people that are already doing it. I hope this helps and good luck on your real estate journey!