All Forum Posts by: Garrett Culpepper

Good afternoon,

I am seeking additional wholesalers in the Philadelphia market. Currently, I am working with a few and have three houses under contract, but I need to increase my volume. If you are a wholesaler, please add me to your buyer's list. You can reach me at YBHinvest @ gmail.com.

Hello, I have a question regarding market trends and predictions. Has anyone used ChatGTP-4 for this purpose? It seems like it could be a valuable tool for the investment industry. Recently, I used GTP to identify homes in default with an estimated equity of 60%, and it provided me with a quick and accurate list for the specific zip code I provided. Has anyone else had experience with this?

We have called, emailed (paper trail), and tried to go in person. We keep getting redirected to the same person with no follow through on their part. It is reassuring that the issue is city-wide and not that our paperwork was missed filed or placed. Thank you for your advice 

We purchased a home over a year ago, gutted it, and went to sell it. The market had other plans, so we turned it into a rental and still under the HRM loan. We are in the middle of refinancing out, but we are getting nowhere with the tax abatement department. Has anyone had any success getting a hold of them and getting your paperwork approved? Any suggestions would be very helpful. 

Hello and happy Monday. *Lending/mortgage question.* We are in on a local project, completed, but was over the time frame and over budget. Cost due to HML $280k, cost due to GC $17k, ARV 425k. The house was listed about 5-6weeks ago, decent activity, good responses, no offers, the rate dropped twice. Given the current situation and market, we can not afford to continue dropping the price and can not afford to hold it under the current HML waiting for it to sell. The property is currently owned by our LLC. At this point, we would like to rent it out and hold it as an investment property (the numbers work for this and would cash flow about $400/mo).

What would be our best option to minimize out of pocket expenses on the deal? We need to pay off the HML at 280k and would need about an additional 17k to pay off the GC and have another 10k or so in final costs. In discussing options, know that we could pay out of pocket for the final expenses if we absolutely needed to until we were able to do a cash out refi/heloc in the future but would prefer an option where we could fund this as well.

Can we refinance out and leave the property in the LLC? Can/should we refi out into our personal names? Can/should we buy the property in our own names; and if so, would it be best as a "secondary home" or an "investment property." We are open to any and all options/opinions. Just not sure what we can and can not do, what would be in our best interest, and seem to run into some roadblocks since it is owned by the llc. Thank you!

I would recommend just outside of the city, for a few reasons, one being price and two being the shape of some of these units (Mold, Asbestos, etc). If you wanted to stay in the Philly area, then I would have to agree with Victoria, Port Richmond is an excellent area to look into. There are plans for massive projects coming to Naval Yard, Oil Refinery, and another big project up in West Philly. Look for places around there, it may not be cash-flow significant now, but in five years, you could be doing really well. Delaware county is a place my wife and I are looking for rentals, so far it has been new builds in Philly. Good luck

Thank you, everyone, for the great advice. We decided to pass until will sell one of our current builds. I really appreciate all the input and Ideas. 

John, that is a great recommendation and thank you for the references, I will definitely make the calls.

@Kevin M. Thank you. Do you have any local lenders that work with investors? Also, it's an off market deal so I think we would need to close quicker than an FHA would allow. Thoughts? Know any local lenders that work with investors?

Hello all, looking for some advice on creative financing and lending. We currently have a primary residence here in Philadelphia. We just came across an amazing investment opportunity in the city. The home is 3500sqft and is already a duplex that is in great condition, just needs a cosmetic rehab, currently livable in both units. This is such a great location, we would ultimately want this to be our primary residence. What would people recommend for this situation? Is there a quick way to get into the new home in order to "house hack" the property? Is it best to use hard and private money to acquire the property and then refinance out of it? what types of loans can we use for this situation? How would you guys handle this? Any and all suggestions/recommendations are welcome.