All Forum Posts by: Jacob Claxton

Hey BP! Looking for some insight for converting a SFH to Duplex. Looking at a property in Loganville, GA that we could purchase with an FHA loan, that has potential to be converted into a Duplex very easily based on the floor plan. The goal is to convert it, and still live in one side. I am aware that this can actually devalue the property, but we are not concerned with that part, as this will be a long term investment. Wondering if anyone with experience in this can lend advice!

What are pitfalls to watch for? What are some important things to consider? What does the process look like for rezoning? I would love to have a conversation. Any advice would be great from someone with experience!  Thanks to all!

Hello investors! To those currently investing or looking to invest in the Lancaster, PA area:

-Are you interested in finding new properties?

-On-Market properties not penciling out?

-Want to look for property but dont have the time?

Let me help you!!! 

My name is Jacob Claxton, and my wife and I want to help you in your investing! Lancaster County PA can be a great area for investment as some of you may know. Whether its single family, small multi-family, or apartments, there are many strategies available. Air B&B can even be a great option, based on the high level of tourism! I have found that there is a niche opportunity that may help investors solve dilemmas of low inventory during these times.... What's that you say?

START LOOKING AT AUCTIONS!!

I am a local here in Lancaster County. Something I notice more than I ever have, there are auctions EVERYWHERE! Older single family homes, with long time owners are available and going up all the time. To take advantage of this, my wife and I would love to represent you at auctions, and help you find great deals to add to your portfolio! 

We would love to discuss exactly what you are looking for from property type, to price range, and expected returns. We can go to the open houses and get a good feel for the prospective properties from the inside. This will help us determine condition of the property, to solidify numbers for value add options. Being your eyes in the home we can really inspect for things that can't be seen from photos, giving you more confidence in long distance investing. 

If this sounds like something that may work for you, please contact me! Thank you for your time, looking forward to helping you find what you need!

Jacob Claxton

Quote from :

Hi @Jacob Claxton There is a TON of information on wholesaling throughout this site. Browse the forums, use the Education resources and I'm sure that will give you a great start in wholesaling. Check out the podcasts too that have guests that delve into the topic. 

Thanks for the advice! I'll check out some more. I'm meeting with an attorney this month that hopefully can help us on the legal side of things, to make sure we aren't crossing any lines. I have a good grasp on the concept of it, just want to make sure we don't get ourselves into any legal troubles. 

Hey all! I am looking to aquire more information on wholesaling in Pennsylvania. We would like to wholesale a couple properties to build some cash to buy our own. The internet has a lot of conflicting info on what is and isn't legal in PA. Any advice on where I can find some solid information, or even someone with wholesaling experience in the state that would be willing to talk? Thank you!

Hey BP community! Looking for recommendations for an attorney in the Lancaster, PA area that can set up corporations, write contracts, leases, etc... We have a business plan with our strategy and next five years written out. Looking for an investor savvy attorney that can help us move forward with our plan, start our corporation, and be able to start making offers on off market deals. We will need someone qualified to help us write up contracts, and close deals without the involvement of an agent. Any thoughts, leads or recommendations would be greatly appreciated!

Drew, I am very interested in what you are offering, and would love to talk more. I sent you a message as well. Let's connect, and see how we can help to achieve our investment goals together. Thank you!

Quote from @Tim Delaney:

@Jacob Claxton it sounds like your first step is determining exactly what your potential tenant is looking for. You didn’t seem positive on the use for the space or the size.

If it is an automotive type shop you are looking for you may want to target mom and pop mechanics - many of them are not able to sell their businesses but want to retire. You may even be able to get them to do seller financing because often times banks don’t like lending on those properties because of potential environmental concerns….which brings up the next thing you should be concerned about with owning a property used for automotive repairs. For commercial financing banks often ask for Phase one environmental studies to be sure you are not going to have EPA problems down the line. When there is any evidence of oil use on the property the bank will ask for a Phase two study which is significantly more expensive. Then depending on those results they may not lend. My point being, just know that you may have potential issues when you go to sell that property years from now. And that may actually be why your employer doesn’t want to own the building.

I don’t mean to be so negative, just strongly suggest you read up on these things and talk to some lenders that you know and trust for honest opinions.

Tim, thanks for the advice! That is the type of information I am looking for. Gotta know the pitfalls that I could run into so I am prepared. What we do is fairly specialized and quite a bit different than automotive work, so it may be looked at differently. My employer does own multiple buildings of ours, so I will discuss with him further about the environmental stuff. They've given me more parameters now so I'm a bit more clear on exactly what we are looking for. Thanks for the advice!

@Scott Wolf thanks for the response! The space will be used for industrial I assume? We are an offroad motorcycle suspension company, specializing in personalized set ups for rider's individual handling and performance needs. We would be using the building for shop/mechanical work, along with needing an office and some storage space. Something similar to what an automotive shop would use. As far as size, I am not sure. I will have more specifics as I discuss further with my GM.

Thanks for the extra advice!

Jason, thanks so much for the advice! With you being on the finance side of things, would you be open to talking with me more? I'd like to learn a bit more about the differences from commercial lending, versus lending for residential, and how lenders view the property to maximize my chances of approval.

Hey all! So I have an amazing opportunity to have the company I work for agree to rent a building from me! I just have to find a location that will make sense financially for them. I have focused solely on multifamily stuff, and have very little education on the commercial side. I am interested in the possibility of doing a BRRR deal with commercial space. If anyone has any information on some educational resources for commercial investing that would be great. Anyone that is in that field, I would greatly appreciate setting some time aside to talk, so I can ask some questions. Thank you BP community!