All Forum Posts by: Garrett Culpepper

@Tom Shallcross great advice!

What shape is it in, move-in ready, investment property, what are the going rents there? I live not too far away, I would like to see what you have and maybe I can help, will it qualify for section 8 housing? 

Hello Micheal, great deal! I went to the website, very impressed. where was this deal in Philly? 

We have a few single-family rentals in Colorado, Finishing a new build in Point Breeze, and this location I am having an issue with is in Fish Town. It was a troubled project from the start, so, yes, my margin is not that great on this project (not much of a deal now). A lesson learned, I gained the experience and now know what type of properties to avoid when doing this big of a project. This was the first project in Philly; there are a lot of issues with these homes since the houses were built in the 1920s, I see you are from South Jersey so you must be familiar. I am setting up a call with the HML tomorrow, I have excellent credit, but I like using HML or PML. Thank you both for chiming in and giving some advice.

I have a rental in Colorado; if you know anything about CO, you know everyone has a pet. I started off not allowing pets, even though I have two large dogs and two cats. Quickly I found I was cutting my tenant pool in half. Here is what I ended up doing: 

Pet fee $200 per dog, $100 per cat.

Pet deposit $500 flat for up to two pets.

Larger dogs (150 lbs and up) required a larger deposit.  

No size restriction but breed restrictions due to insurance policy, I found my tenants that have pets tend to sign longer leases.

Good afternoon, I was in the middle of two new builds in the Philly market when COVID hit. Construction was closed down for two months due to a city mandate that ate up two months of my twelve-month loan with one of my HML. This company has not been easy to work with; the draw requests are always slow to be responded to, not to mention the inspection process has been a nightmare. I wanted to paint a picture of my relationship with this HML before I laid out my question. My loan is up in August; the house will be to on the market on July 6th; I do not see it selling in 24 days. How should I bring up asking for an extension on loan? In the past, if I needed an extension and I have, I just paid the points. This time there was nothing I could do, any advice or suggestions would be welcome.