All Forum Posts by: Jesse Sobel

Hey guys!

I have been doing some research and reaching out to a few of my loan officers for info on the refinance process. I sell a lot of distressed properties in the Philadelphia market. Mostly fix and flip but i also do some properties ideal for renting out. A few of my clients refinance all of their projects while others keep their money in the property and take the cash flow. Here are a few questions for you guys;

A) How long do you have to own the property in order to be eligible for a refinance?

B) Is it possible to refinance properties bought with hard money through a traditional bank?

C) What is the percentage amount that you can refinance in both case scenarios?

Anything else on the refinance process that you think is important to know would be extremely helpful as well. Thanks for all your replies!

Hey Latisha! 

As a wholesaler myself I pride myself on my ability to get properties as quickly as possible especially off market deals. If you are ever in the Philly area I am always around to talk real estate!

It all depends on what exactly you are buying the properties for. Are you purchasing to build new construction or just looking to hold the land until it is valuable enough to build/sell to someone else for a profit? I would not get to caught up on the electric/plumbing if you are buying vacant land. Worst case scenario you add it after before the build for a few extra bucks which will not make or break you. At least i hope not lol. Hope I could have been some help!

Looks like you are off to a great start. If it's me, I would sell my North Jersey property or refinance out and start making positive rental income. I imagine you purchased in the top of the Bubble. I could be wrong though who knows lol. Also, as far as your China properties.... keep them! The market over there is thriving in certain parts. If you don't need the money don't sell. Hold!! Good luck and feel free to reach out if you want to go into buy and holds and ideas for your next move. If your ever looking to buy rentals or even do flips in the Philadelphia market feel free to reach out to me anytime. Our market is booming!

When I'm going to a property I always bring a flashlight, measuring tape, and I bring my notebook which has the printed mls comps of what I'm looking at. I have my notebook as well to write down the rehab costs.

Hey Guys!

I have had 3 out of state sight unseen buyers who purchased almost instantly after pictures/ Facetime of the inside of the property. All have been smooth closings. I am looking to find more out of state or sight unseen buyers who are ready act when a great deal is put in front of them.

My question is.... if you were me, where would you spend most of your marketing/money/time and what would you be doing?

Thanks for any and all responses! 

Hey Guys!

Heres my situation....

I move around 20 wholesale properties a month to my investors. Most of my properties are fix and flip or buy and hold and I typically have no problems selling them within 24 hours of getting them under contract. My issue is with vacant lots. I get at least 3-5 lots each month, usually in prime location, but I do not have too many new construction builders. 

My question is...Where would you guys suggest I invest more marketing time/money in order to build up a bigger book of business with new construction builders? 

Any and all help would be fantastic. Thank you!

Hey Guys!

I move quite a bit of inventory in the Philadelphia Market each month and just started working with a couple investors who strictly buy sight unseen. They have purchased 3 from me in the last couple months 2 were completely sight unseen and one I facetimed with them in the property. 

My question is, do you guys do this or have clients who purchase like this? I love it do not get me wrong but this never happened once while working in the Jersey Market for 4 years. The Philadelphia market is booming and I'm curious if this type of purchasing is going on throughout the country. 

Buying in markets that are not close to you is not as difficult as it may seem. You just have to have all of your ducks in a row. I have plenty of out of state and a few out of the country clients who excelled at buying in foreign markets because they can get better returns. 

The key is having boots on the ground that your trust. Trust is the key word their. You have to make sure that you meet the right contractors and the right partners who understand the goal and know how to execute. 

Meeting investors in outside areas are not nearly as difficult as you might think. Facebook is wonderful for marketing/finding partners and craigslist has an abundance of contracts eagerly waiting to give you a big on their potential next job.

Find the right people and travel to your market. Meet with everyone who will meet with you and pick their brains. Find the best route for you and reach your goal!

(If you ever come to the Philly Market lets talk houses!) 

This is actually really great info. I do a lot of business in Delaware County and recognize a bunch of these ^