All Forum Posts by: George Voutsinos

I'm sure you sent out thousands of mailers and spent a lot of money but this one deal makes it all worth it.  Nice job!  You're right, consistency is key.  So you only sent this particular owner one letter?

Nice job, thanks for sharing!

Thanks so much for sharing this!  Nicely done!

I got Michael Blank's back in 2018 when it was free.  I use it till this day, it's very detailed.  

Kingsessing is a warzone. Many houses completely boarded up and abandoned. I wouldn't buy there, especially for a first rental. What do you think the ARV is on the house? Cash flowing $264 is fine but you won't have any equity in the house to cash out REFI and implement the BRRRR strategy. That's the key. You want enough equity in the house where you can pull the money out and buy your next rental.

Thank you for serving our country!  Some Universities have Real Estate Finance majors.  Take Temple University for example....pulled this from their website "This innovative program enables students to pursue careers in real estate investment and financial analysis, mortgage lending, real estate appraisal and valuation, corporate real estate analysis, property, and management, as well as traditional residential and commercial brokerage and marketing. Students in the program will develop the ability to analyze real estate investment opportunities from investor and lender perspectives; conduct asset and risk assessments and implement risk management strategies; understand the dynamics of real estate markets; and understand the legalities of real estate transactions."

https://www.fox.temple.edu/departments/finance/pro...

I'd check your University for something similar.  Good Luck!

Welcome aboard Shawn. I agree with Ethan's #2, #3 & #4, great advice. As far as #1 is concerned from my own experience I'd say most realtors either don't come across the deals we want as investors or pass them off to the rehabbers/investors they have in their back pocket when they do come across them. Let's face it, MOST deals on the MLS are retail priced and won't fit the investor criteria, especially in Philly. A better plan of attack would be to sign up for D.I.G. https://digonline.org/and https://www.meetup.com/.  Attend the local real estate meet-ups and find a bunch of wholesalers at these events, exchange information with them and ask them to place you on their buyer's list.  If they're good wholesalers they'll send you a lot of OFF-Market deals that aren't on the MLS.  More importantly, figure out what you want to do in real estate first.  Rehab and flip?  Buy and Hold rentals?  

John is correct, the trick is to buy the property at 70%-75% of it's ARV. Some may even say 60-65%. It's true what they say, you make your money when you BUY the property so make sure the numbers check out and use a conservative ARV. I would recommend shopping around your local credit unions, they're more accustomed to the cash out REFI's than the big banks. I have a local credit union that will give you 80% LTV which is the highest I've seen. So for instance if your house is appraised at $200K x 0.80 = $160K. You'll be getting a check for $160K.

If she creates a land trust, places the property into the name of the trust, sells the property to you, then places the funds in a bank account in the name of the trust I believe she can defer the capital gains tax.  She'll incur a cost to set up the land trust (recommend using a real estate attorney well versed in this process) and most likely will have to pay a transfer tax to transfer the property from her name into a trust depending on what state the property resides.  Check out this site for more info...

http://www.steverumberg.com/index.php/infoctr/capi...

DISCLAIMER:  I'm not an attorney or an accountant so please verify the aforementioned post with a professional.

The student loan doesn't matter in particular, it's all about your overall debt to income ratio (DTI). As mentioned above, reach out to a reputable mortgage broker that specializes in 203k's. Those loans are GREAT but they're a different animal to the typical lender so you really need to do your research and find someone that specializes in them. Good luck!