All Forum Posts by: Jeremy England

Does anyone know if you have to pay the balance of the purchase in cash like a county auction, or can you obtain financing to close?  

Also, if they are conveying a QC deed, can that be changed should you purchase your own title insurance?

East hill is an attractive place to live.  People like the proximity to downtown, I110.  

Depending on your numbers, I'd say its a safe bet

It sounds like you are doing fine.  Nice work.  

Congratulations on your success. So how did you and your wife start out? Direct mail? REO? I'd like to hear a synopsis if you don't mind.

Nice thread, lots of useful information. 

@Arthur J. Encinas 

That's a quick helpful formula.  How do you go about estimating closing costs for buying and selling on the same deal?  I have bought and sold about 6 homes over the past 10 years and it seems I've always been surprised by closing costs. 

If I'm providing all the money, I'm not splitting 50/50. 

Bryan, you know your situation better than anyone, but don't you think you should be generating enough income to replace your salary before you leave your job? 

That's my benchmark anyway.  I haven't even started but I have some experience from about 10 years ago.  Once I get some things done on my own place and purchase my wife another vehicle, I'll be ready to invest.  I have some cash, so that should help me secure some property.  My plan is to flip one, measure results, then adjust.  Long term I want to buy and hold property, but it seems most people take an uncomfortable amount of debt on to secure these properties.  I dont' want to assume that kind of risk.  However I will do more research on the topic and assess when I get there. 

In 2008 I did a flip with a REO property, bought for 25k, put 35k into it, rented for 800/mo, sold a year after for 85k. It was one of the most profitable projects I did as a builder percentage wise. I should have stuck with it, but I took a job out of state and haven't done any rei since.

If I can manage to do that a few times, I can purchase a buy and hold outright.  Then I'd be more comfortable taking on additional debt given that the one property would be paid for. 

Bryan, sounds like you thought it through.  Not sure what the retirement system is like in Pennsylvania, do you have to do 20, 25 or 30 to get a pension?  Something to think about. 

You say you've flipped 3 homes.  Do you mind sharing how you acquired those homes and what you did to pay for them?  I'm trying to learn from everyone else's experiences and find them all very interesting. 

Thank you for your response.  I suppose it's difficult for me to imagine I could be in a position where I would just let a property go like that.  

I see.  Just doesn't seem logical but I suppose it's happening every day.