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All Forum Posts by: Jake Lord

Jake Lord has started 8 posts and replied 19 times.

Post: Location for Commercial Investing in Philadelphia

Jake LordPosted
  • Rental Property Investor
  • Lehigh Valley // North Jersey // Binghamton, NY
  • Posts 20
  • Votes 16

Hello all! Myself and a business partner of mine have had some success investing in small multi-family in multiple markets and now we are looking to jump into the light commercial multi-family market in Philadelphia. We've done a decent amount of research on which submarkets to target, but we've found some mixed opinions on where exactly we will see the right balance of risk and reward from an appreciation and cashflow perspective. Does anybody have any insight on which neighborhoods to invest in specifically?

And an add-on question, what local resources can we tap into for new development/construction? ie. $/sqft new constructions costs

Post: Location, Location, Location - Easton, PA

Jake LordPosted
  • Rental Property Investor
  • Lehigh Valley // North Jersey // Binghamton, NY
  • Posts 20
  • Votes 16

Thanks @Matt M., appreciate the insight! We ended up settling on 13th street in Easton and closing in October. Solid investment once our tenants start paying rent on time...

Post: Binghamton, NY. Looking to Connect.

Jake LordPosted
  • Rental Property Investor
  • Lehigh Valley // North Jersey // Binghamton, NY
  • Posts 20
  • Votes 16

Hey Marco, feel free to reach out to me personally if you'd like to connect. Happy to help in any way I can.

Post: In need of a handyman/maintenance guy in East Orange, NJ

Jake LordPosted
  • Rental Property Investor
  • Lehigh Valley // North Jersey // Binghamton, NY
  • Posts 20
  • Votes 16

Hello all! I just purchased a 3-unit apartment building in East Orange and I am looking for a go-to handyman to handle routine repair work. A couple of small jobs to start to get the Certificate of Conformity. Just really need someone who's experienced, trustworthy, and easy to communicate with. Please let me know if you have any recommendations.

Thanks!

Jake

Post: BRRRR Investment #2 in Binghamton, NY

Jake LordPosted
  • Rental Property Investor
  • Lehigh Valley // North Jersey // Binghamton, NY
  • Posts 20
  • Votes 16

Hey @Long Wong, thanks for reaching out! We do plan to hold onto this one for a little while. But everything can be sold at the right price...The cashflows on it are going to be about $3,200/mo maybe more. There will be 9 bedrooms, each that can demand about $400/mo in rent. One percent rule says this is a $320,000+ property. Of course, we wouldn't be asking for this much as it's not aligned with the Binghamton market. But feel free to name your price.

Post: Lehigh Valley Buy and Hold #2

Jake LordPosted
  • Rental Property Investor
  • Lehigh Valley // North Jersey // Binghamton, NY
  • Posts 20
  • Votes 16

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Easton.

Purchase price: $210,000
Cash invested: $52,500

3-unit investment property bought for under market value in the Lehigh Valley. Great cashflowing rental.

Post: BRRRR Investment #2 in Binghamton, NY

Jake LordPosted
  • Rental Property Investor
  • Lehigh Valley // North Jersey // Binghamton, NY
  • Posts 20
  • Votes 16

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Binghamton.

Purchase price: $25,000
Cash invested: $80,000

BRRRR investment, planning for $150K appraisal. 2 unit student rental units - 9 bedrooms

Post: Location, Location, Location - Easton, PA

Jake LordPosted
  • Rental Property Investor
  • Lehigh Valley // North Jersey // Binghamton, NY
  • Posts 20
  • Votes 16

Hello everyone!

They say location is everything in real estate. So, investing in a market before understanding the best immediate areas to invest in could bite you in the butt. It would be super helpful to get the perspective of someone who has successfully invested in Easton to provide a breakdown of the places to and to NOT invest in.

Thanks in advance for your answers.

Jake Lord

Post: Certificate of Occupancy Checklist for Flip Project

Jake LordPosted
  • Rental Property Investor
  • Lehigh Valley // North Jersey // Binghamton, NY
  • Posts 20
  • Votes 16

Hello all,

A business partner and I are currently working on a flip or BRRRR project - it is a 3 bed/2 bath single family property in the greater Binghamton, NY area. The property definitely needs a lot of work and could become a money pit if we let it. However, we are planning to fix it up enough to get a certificate of occupancy and to rent it out or flip it to someone that would like to generate the rental income.

I am having a really hard time determining what work actually needs to be done to the house and what "boxes need to be checked" in order to receive that C of O. Does anyone know the best place to find some kind of checklist that we can follow along with? 

Also, any other words of wisdom regarding flips and BRRRRs and what is needed to obtain that C of O would be super helpful.

Thank you everyone!

Post: First Deal Gone Wrong

Jake LordPosted
  • Rental Property Investor
  • Lehigh Valley // North Jersey // Binghamton, NY
  • Posts 20
  • Votes 16

Thanks so much to everyone for your responses! Some really good takeaways here - whether it be doing some quick fixes and flipping it to an experienced investor interested in the cashflows, trying to wholesale it, or biting the bullet on the down payment or doing our best to negotiate back as much as we can.

To address a couple of points you guys mentioned:

First off, regarding the down payment. The money is held in escrow so I guess we would be able to pull the maneuver of refusing to sign the escrow release and negotiate down. However, we have gotten the chance to speak with the owner about this one - we pretty much begged for him to let us off the hook and he was willing to go and try to find another buyer. He is still searching as I write this and we do not expect much to come from his searches, but the point is, he was willing to help us out and we appreciate that. So, instead of refusing to sign the escrow release, we would maybe just ask if he could cut us a break and cut our losses if not.

However, before we do that we are going to try and wholesale this one. We have built a relationship with a great realtor in the area who is currently working to find us a buyer. Hopefully, we can not only get this one off our hands, but make a little cash on the back end.

A question I do have is regarding the taxes on returns for a flip. Maybe I'm missing something, but wouldn't a 1031 exchange allow us to fully invest our gains and not have to pay taxes?

Second, regarding the rehab cost, I put the $40-70K range because we are at this point unsure if we would use the unlicensed contractor or a licensed and insured one. Of course, it is heavily encouraged to have your contractor be insured. We are currently trying to work around this one by having him pull out a policy for the project. If we were to use the unlicensed contractor, he could do the work for around $40K, maybe a little over. $70K is based on one high-level estimate I got from a licensed contractor. So in other words, it depends. But yes, I agree we should hammer down a more accurate scope of work.


Again, thank you for all your comments. We will definitely let you all know what happens with this one. Fingers crossed!

Jake