All Forum Posts by: Eric Armstrong

do you attend the Dover DelREIA monthly meetings? They are held at the Grotto Pizza. Go to DELREIA.com for more info. Great place to network and education. With 65k you shouldn't have any problems with a 20% down payment. Have you sent direct mail to owners of multi family properties? Can usually get better pricing than off the MLS. Good luck!!!!

800/mo cash flow is sweet. Is that with a 20% down purchase?  Are you coming in at asking for the short sale or is your offer even lower?  

Hey Glen- Rehab looks great!!  Great rental area and definitely wont have any problems keeping it rented.  Where is your short sale?

Welcome to BP John.  If you are looking to network locally in person, I would recommend DelREIA.  They host a networking/education meeting monthly in Sussex county, I believe Georgetown.  You can get more info at DelREIA.com.  

Thanks for the info everyone.  

Looking to get owner to hold financing on down payment and take mortgage out on balance. How does that work with the bank? Don't they want to see proof of funds to cover the 20% down payment for an investment property? Any info on getting an owner to cover the down payment is appreciated. Thx Eric

Hey Joe-  I'm in DE if ya need a buyer.  What city is the home in?

I got one through WSFS for my place in DE and it isn't my primary residence.  Try them.

Hey Dustin- I'm a DelREIA member and attend most of the Newark meetings. Being in Dover gives you a good opportunity to get to all 3 DelREIA meetings throughout the month and network across the state.  If you have any interest in landlording, I would also recommend the Greater Wilmington Housing Providers group(GWHP.net).  They meet monthly in WIlmington and is the most knowledge group of landlords you will find in DE.  First meeting is free and $10 after or $40 to join for the year and $20 per meeting, which includes lunch.  Currently they are meeting at Iron Hill on the Riverfront.

There are. Most likely they will lend up 65% of ARV and you will need to bring the rest. If you don't have enough cash to cover the rest, you could JV with an experienced rehabber to get the deal done. Many expierenced rehabbers have hard money lenders available so all you need to do is find the deal.