All Forum Posts by: Joe Steinheiser

I bought a property with the intent of rehabbing it and then renting it. I also knew I had another exit strategy of selling if need be. The market is so crazy that I'm considering selling now. Here are the numbers:

I could sell and profit $75K to $90K after buying, selling, and rehab costs but before taxes. I would also get my deposit back as well, $32K. Hopefully I'd be able to flip that money into another property (tax free? I'll have to educate myself on that real quick)

or

Rent at about $850 cash flow a month. (considering everything is new including heater, AC, appliances, bathrooms, kitchen, etc I don't think I would have capital expenditures any time soon). That being said, I would be banking this money anyway as I don't need it nor do I just want to spend it.

Opinions? Advantages or disadvantages of either of those strategies?

Thanks,

Joe

I need an engineer's evaluation of the deck ledger on the house I just purchased in Upper Merion. I have a Temporary U&O for now but will need to address it. Any recommendations?

Lumber has gone 100%, doubling in price. In this time of extremely low inventory and housing shortages a lot of new home builders are not doing any starts because of the price of lumber. The lumber package (rough, finish, doors, etc) is the biggest number by far in a new build.

If you google "do your own title search" it comes up with good articles on how to do due diligence on properties. I went and used many of the methods and found HOA back dues, court cases for the property, past due taxes (there weren't any), etc. It tells you what agencies to search at for the information. Good luck

I definitely use Zillow sold listings for comps. The Zestimate changes for some not so good reasons. If someone lists a property it seems like the Zestimate automatically goes to the listing price.

@Steve Morris thanks for the unhelpful, sarcastic response. I was serious with my question and was looking for helpful responses. I plan on using this to acquire properties for myself and not flip/wholesale them. It's a pretty competitive retail market and was hoping to find something this way.

Thanks @J.Henriquez. That sounds good.

Anyone care to share an effective acquisition script. I plan on either mailing these or placing in mailboxes when I'm out looking for properties. Thanks

I am interested in this subject. My plan is to buy cash, fix it, and then refi. basically the BRRRR method. If I can't refi and get all or most of my cash out that puts a serious damper on accelerating my investing.

That's interesting and a little surprising.