All Forum Posts by: James Masotti

If you're consuming the podcasts and books I'm hoping you have read the Ultimate Beginners Guide. There's some good insight in there regarding the differences between investing in C/D properties and A/B properties. If you're not willing to deal with challenging tenants, evictions, constant repairs, etc. Than buying properties that you're all into for $50k and presumably would appraise for $75-80k is going to be a lot of work.

It's a good way to get started. Even the famous @Brandon Turner and @Joshua Dorkin got their starts with these lower end income producing properties and had to put the time into it, before they realized that they were better suited for buying different types of assets. Many newbie landlords fail because they get the sense that Real Estate Investing is easy and anyone can do it, but the truth is...it is the hardest when you are getting started and have no money. 

However if you have the perseverance to deal with a lot of unknowns in order to come out on the other side better than you were when you started, then it's a great first step. I just get concerned when I hear new investors talking with sparkles in their eyes about how low end real estate investments are going to solve all their problems, when in reality it will add a lot more problems in the short term than it resolves. 

Anyway...I'm not too familiar with the specific neighborhoods you're referencing in the Philly suburbs but there are plenty of people on here who invest in DelCo. You can also connect with @Steve Babiak and participate in Diversified Investors Group (DIG)

A big thanks to everyone who came out and suffered through my presentation. At least you had the opportunity to hear from @Darren Sager to make up for it!

 I can't say anything about incline or decline streets but I can tell you I've seen plenty of 100+ year old houses in Wilmington with sloping floors. If the foundation and the floor beams look fine and the slope you're referring to is on the first floor than it's probably not an issue. If the first floor is level and the second floor is what's sloping, then you might have another issue. 

 If you have the walls open already because you need to take drywall down to do other repairs it will be cheaper than if the electrician has to break into the walls (likely plaster still) and then you have to have someone come back through and patch and paint the wall, everywhere the electrician had to knock into the wall to take out the knob and tube. 

Also realize that in the City of Wilmington, licensed electricians will likely be union and wont be cheap because the city is a huge PITA for HVAC and electrical, so most contractors just choose not to get licensed in the city. 

 So I would definitely budget in the $6000 range at least depending on the size of the house and age of the panel.  You may have an electrician tell you he can do it for less, but then you need to factor in the other things as well which likely wont be included in the electricians bid. 

Check around the credit unions. My experience is that they are most likely going to have the best options and most flexibility for someone who doesn't meet a conventional lending background. If you go with commercial lending, by purchasing in an LLC, your FICO score will also be less relevant than the quality of the performance of the asset you're purchasing.

 This is most certainly not true for the City of Wilmington and I think Newark is similarly more strict @Rumen Mladenov could advise better on that topic though. 

Just putting this here as a disclaimer against broad statements and encouraging anyone reading to due their own due diligence to make sure they know what is needed. 

@Robert Leggins - As I'm sure may make sense, the Delaware investing community on BiggerPockets is rather small. The few folks on here are either investing in New Castle or Kent Counties. The best source for Delaware specific information is indeed the DelREIA Facebook group and the various local investor meetings throughout the state. If you're seeking general knowledge and how to apply what is working in other markets to what you're looking to do in Sussex County, then BiggerPockets is definitely the place to be able to do that and get a leg up. 

Congrats on your house hack @Edward Lalo! Best of luck and continued success!

Welcome to BiggerPockets @Yoree Washington! You definitely came to the right place to be a student. Make sure you absorb as much as you can from the Podcasts, the books, and the blog. The forum is a great place to search for additional clarification on topics and if you can't find the results you're looking for (the internal search functionality is lacking on the site, direct search on Google is better) then I do encourage you to ask your questions as the resources here are abundant for being able to help.

Cheers!

Looking forward to getting to come hang out with everyone!