All Forum Posts by: John Byrne

Did you make any profit on that 1st flip @Bill Hinshaw?

Good advice so far. @Manny Cirino its hard enough to find 1 good deal in my area, I couldn't imagine having 5 going at one time at my current experience level. But it is definitely in the plan to eventually leverage the properties. We are thinking for the 1st flip to just bear down and focus on 1 deal at first. 

@Dawn Brenengen That is a good point about financing the purchase, and using cash for the rehab. I guess if the holding cost make sense financially that could be a good option to investigate. Although it would have to be a hard money or private loan because we really have our sights set on as is foreclosure properties. 

Hey Man, 

I grew up in Roxborough and am very familiar with Coshohocken. It would be nice to make some connections on here and hopefully help each other build our businesses.

Hello All, 

I am in need of some advice. My wife and I recently came into a windfall through an inheritance and we are planning on buying a rehabbing distressed properties.  I am a licensed real estate agent and have had my license for almost 10 years so I am very comfortable running comps and finding properties, but I am not sure what the best use of our money would be. We have a little over $200k in cash available to us that we have set aside to begin our flipping business. Properties in the areas where we are focusing typically average around $100,000 before repair value. I am just not sure if it is better to buy our first property with our available cash and fund the rehab with the cash we have available, or if it would be more wise to borrow some of the costs of the properties while only putting out a 30% down payment or so. 

I am really stumped on how to proceed, and I fear if I don't get it figured out soon, we will never begin the journey.

I'm not sure what you mean by adding texture to the wall? Can you explain that a little bit please?

I am looking in Montgomery County at the Moment, I live in Lansdale and work in Montgomeryville so I am probably going to try and keep it kind of local in the beginning.

Hi all,

I am beginning to put my team together and I was hoping I could get some investor friendly contractor recommendations who work in the Philadelphia area.

As an aside do you guys and gals find it better to work with a general contractor who handles everything or would it be better to find specific contacts for specific jobs (painters, electricians, etc..). Thank you in advance for any help or direction you guys can give

I can't imagine it is legal for them to have cameras pointed at your tenants residence. They have a reasonable expectation of privacy. I would advise the tenants to call the police and file a police report followed by attempting to have a restraining order put in place to have the cameras removed.

Or like @Michael Seeker said try and sell it to the neighbors for above market value.

As long as the property isn't incredibly unique it shouldn't take more than a half hour at the most to find 3 comps. And that half hour would be the longest is should take for an experienced agent. If the property is very unique for the area the process could take a little longer though. An example of a unique house would be a 100 year old farm house surrounded by New construction on land that the farmer sold off.

As a Realtor I don't really work with people who only want to wholesale properties. Its a lot of lowball offer writing for basically no commission as the contract is to be assigned anyway. If you wanted just a comp report for specific properties you could probably just ask a realtor you have a relationship with to run the numbers for you real quick.