All Forum Posts by: Eric Armstrong

When you write up contracts, do you sign the using your personal name or business name?  Or other ways?  Does it change depending type of contract... wholesale/lease option/etc...

Thanks

@Jeremy Williams 1st off, congrats on busting your *** to care for your family. Secondly,  your limited income  will create challenges, but not road blocks, in the real estate game. My suggestion would be to keep your eyes roaming for distressed properties while you are Ubering. Do some research on the props and then share with an expierenced wholesaler or rehabber. This could be an opportunity to make 1k, 2k, 4K or  more extra cash. Not sure what kind of RE meetings there are in Salisbury(check BP or Meet up) but I do know DELREIA meets inches a month in Georgetown. Great place to network and educate. Good luck. 

I'm sure you can probably exchange info with a seasoned investor once you decide which RE path you want to follow. 

Hey Derek, @Rumen Mladenov is right on. I would also suggest some other options. The Overlook Colony neighborhood in Claymont and Edgemoor Gardens just north of Wilmington city limits could work too. You can find stuff rowhome type houses there for that price range. They are lower income and will have what usually comes with that, but not war zones. There are also some small pockets of Wilmington where crime isn't too bad. Go onto Redfin/Zillow/realtor and look up 1611 Howland st Wilm 19805. $75k foreclosure that you can prob get lower cause it's been on market 80 days. Needs some work but houses within a few blocks are going for over 100k. If you have questions about certain areas of Wilmington feel free to reach out. If you aren't opposed to staying in PA there are some spots in DE County just north of border that could be in your price range. Good luck. 

@Frank Jiang....Thanks

Interested to hear your thoughts. Purchase a rental with cash/private money, fix, rent and then refi out with a mortgage or get a line of credit on the property? Personal name or LLC? Mortgage route - Pros - better interest rate, fixed rate Cons- eventually hit a limit of mortgages to obtain, hassle of qualifying for mortgage, requirement of reserves Line OC credit route- Pros - only pay amount you have out of LOC, less hassle to get, don't think their limits on number of line of credits. Cons- interest rate not fixed and probably prime plus 1+% Please share other pros and cons for either or both. Thanks for your input. Eric

Company is getting purchased and all stock is getting cashed out. Payout will be over 100k and taxes will about 33% I believe based off married income. Are there any real estate strategies to help reduce the percentage. Thanks for your input. Eric

Absolutely get it. Foolish not to. What if it goes up in flames?  What if someone gets injured on the property?

Jordan,

You will need a "Builders risk" policy.  I don't have a referral for you but I recommend you go to the DelREIA Facebook page and ask the same question.  There are many house flippers on there and I'm sure you will get several referrals for local insurers.

Good luck

Eric

welcome Michael. There is a good community of Delaware BP investors. Definitely set up your keywords for Delaware.