All Forum Posts by: Jason Forman

@Steve Babiak thank you for the recommendations.  I’ll contact Dave and attend some of his events.  

Hi Philly people.  After completing a full year investing, I'm going to try and take my business to the next level.  Part of that is surrounding myself with other Philly investors.  Do people have any recommendations on masterminds specialized in Philly?  I just finished a national mastermind that I got a lot of value from but there was only one other person in Philly.  

Also, would be a bonus if anyone knows of good events to go to.  I check google everyday for events to go to and come up flat every time.  Maybe it's because of covid but I rarely see networking events.  

The lease period ended so lease is no longer valid @Dan Powers

but that’s good to know 

The property is in West Philly Kingsessing area @Scott M.

Hi All,

I have a lead that is priced pretty well but it has a tenant who hasn't been paying since before covid.  The tenants don't speak English so I'm assuming the cash for keys will be pretty difficult.  Let's say cash for keys isn't an option.  What is the process like to evict a tenant.  How long does it take?

In areas like graduate hospital, I see people adding a 3rd story.  Trying to figure out how much that cost to see if it's worth it.   For example, I'm seeing renovated 2 stories go for low to mid 500s after repaired.  but the 3 stories go for the 700s.  

For a 1200 soft property, I estimate 130-140k in repairs for the 2 story method.  Everything needs to be updated aside from roof and maybe a bathroom.   

How much different would the 3 story addition typically cost?

I think my timeline was definitely off, should be in and out very quickly.  I got a hard money quote with 20% down and 14% interest, no prepay, 12 month term.  I called a painter and he said it cost 2k for the whole house.  How much does a cleaning service cost?  Let's say it takes a week and another month to close on the market.  

Hi Everyone,

I have a deal where it's already in solid shape and I'm getting it at a discount.  Essentially I want to just clean it out and paint the inside.  What does that typically cost here for a 1100 soft 3 bed, 1 bath house.  Two story.  Never did the wholetailing method before so just seeing if it makes sense.  Was thinking about using an 80% purchase price loan with no points and minimal fees with a 14% interest rate.  Considering I'll be in and out in 2-3 months, I care less about the rate.  

Hi Guys, sometimes wholesaling can make sense, but I have a property that really just needs to be painted and cleaned out.  Does any recommend any lenders that specialize in transaction funding?  Like maybe higher interest rate but with lower fees?  Most hard money lenders have all of those fees plus min origination of 2500 or more

@Jonathan Greene I agree we don't need them as buyers.  I've been following it closely and a lot of them are not slowing (offerpad/opendoor). I know they change restrictions in certain markets from time to time, but still overpaying for properties.  Would be nice to have that as an option is all.  Imagine getting a property you can flip yourself and make 20k, and they just buy it without you doing work for a 40k profit.  I'm seeing that a lot in other markets.  It honestly doesn't make sense, but people who aren't even that savvy are making good money right now with that model.  Won't last forever either.