All Forum Posts by: Glen Beringer

 I use Jim Woods for all of my purchases.  I haven't used him for anything else yet, but might be a good person to try.

James J. Woods, Jr., Esq.
P. O. Box 4635
Greenville, DE 19807
(302) 235-5770 office & fax
(302) 893-7585 cell

 Ok, great.  If no one else can make it, we can either reschedule, or do something more like a walk-and-talk if you'd like me to show you around the area.  I want to get my realtor to come along to one of these meetings as well, but don't want to leave out any of the folks we met with last time that I promised to arrange a meeting with him.

Is anyone interested in meeting up this Thursday in Trolley as we had previously discussed?

Sorry I didn't see the responses here- been fairly busy lately.

@Dottie Bee- there are plenty of places with outdoor seating where you can lock your bike to the fence.  That or I live right around the corner and you can lock it on the front porch.

The 13th definitely sounds good to me.  I'd vote Kid Shelleens, Logan House or the Trolley Tap house.

I'll let my realtor know about the meetup as well to see if I can get him to come out.

@Jeffrey Giffin yikes strep is no good. I'm sure he would be happy to hear from you. 

How soon would you guys like to schedule another meet up?  Thursday the 30th works for me, or the second Thursday in August. I'll check with Pat to see what his schedule is like as well.

@James Masotti- sent his contact info.  He's got a few leads on some off market deals at the moment. Might be a good idea to give him a call if you are currently in the market for a property. I haven't checked them out since I can't buy anything until I get my flip completed (so no idea if they will be available at a reasonable price). 

@Damian Howard- if you are in to fringe neighborhoods- my realtor just sent me two listings for 2 3unit buildings that have not hit the market yet- they will sometime this week I believe. (They are actually part of a single twin building-  can be sold separate or together. I don't buy in those areas but may be something you are interested in- I can get you his contact info if you want the details. 

@Sheila Jani- pm me if you want my roofer's information (I'm not sure how it works on this website with what is considered solicitation or advertising). I have used him twice and has done a great job both times. May not be the cheapest but definitely lower than the big name shops. 

@Dottie Bee- trolley square sounds good for a meet up. @Jeffrey Giffin-  how does the trolley tap house, Logan house or kid sheleen's sound? Logan house has an outside bar area in the back, tap house has lots of beers, and kids has a nice outside deck. 

Jeffrey, Chris, and Jason-

I currently live and invest in Wilmington, DE. (I have one SFH live in flip that will I will rent out when I find my next deal and one SFH flip to rental- about 4 weeks out from being done) I grew up in Hockessin, DE so I know the New Castle county area pretty well. I am always happy to get together to talk shop over a few beers in Trolley Square or chat here on BP. The market for the "good areas" in Wilmington proper is pretty hot right now (i.e. the areas where you don't have to worry about gangs and bullets). That being said, there are a few deals to be had still, even on the MLS. I have my eye on one or two properties- SFH's, that I don't have the cash for at the moment and can point you that way if you are interested.

If you are ever in need of a Realtor, I have a great name I can pass along.  He is also an investor in Wilmington, and has 3-5 multi-units.

If you need a roofer or a flooring guy - I also have some good contacts there.

Other than that, I do all of my own work because I hate paying others to do what I can do just as well at no cost!

Best of luck going forward,

Glen

I believe that @K. Marie Poe is referring to something other than what you are thinking Marcus.  If you live in your primary residence for 2 of the last 5 years and then sell to buy another primary residence, you won't have to pay capital gains tax.  

If the property is held as an investment, then you would have to hold it for greater than 365 days before it can be considered for long-term capital gains and thus have a reduced rate from your normal earned income tax rate.

This link should give you some clarity.

http://www.nolo.com/legal-encyclopedia/avoid-capit...

Since you only had 3.5% down I am assuming you are paying PMI? With the upgrades and principal payments do you think you could refinance the property and have 20% equity (and potentially a lower rate)? No PMI and a lower rate could get your property to cash flow how you wanted.