All Forum Posts by: John Baker

@Eric Greenberg

They did apply for it and the money will go straight to them (from my understanding)

Hello Everyone ,

I currently have a tenant applying for Phase 4 of the Rental Assistance program. This is the first phase they are applying for.

My question is- Does the landlord(owner) receive a 1099-Rent from the city at the end of the year or does it go to the tenant ? Any help regarding this is appreciated.

Also continuing this post , what are people’s opinions on if the closing costs are worth knowing your rate is locked in for 30 years compared to a Heloc with no closing costs however with a variable rate?

 I plan on paying off the whole balance within 5-6 years and I would like to retired in 15 years if possible.

I wanted to use this Heloc when I found a good deal on the market and if rates stay low enough in 5-10 years (after it was paid off) I would like to use it again for another deal. The only reason I’m leaning towards a Heloc is because I would say money in closing costs and won’t have to pay until I actually use it unlike a cash out refi.

Thank you Julio, looking to get informed before I make my decision.

Hello everyone. 

I’m currently looking to either cash out refi or get a Heloc on my property that’s fully paid off. I’m looking to get anywhere from 150-160(based on 70%)

I was quoted either 3.25% on a 30 year cash out refi with about 11k in closing costs or a 3.25% Heloc with no closings costs.(I understand that prime rates can change at anytime however I calculated in the 11k savings from not having to pay closing costs)

My plan is to use the money to rehab a property and use my personal money to purchase the property. I am estimating to paying off this loan in 5-6 years. What would be my best option and why?

@Troy Sheets Appreciate the quick feedback on this.

Understood as far as not being able to sub contracts out. 

It makes sense now (along with it being a sellers market) as to why the prices of rehabbed homes have increased so much within the past 2 years.

Seems so if that this project could run 100k plus. As far as flips are concerned would 40k profit be a good number to shoot after fees and closings costs are paid ?

@Mayer M. I completely agree with you as far as costs of materials going up the past 2 years. 

Adding those rising factors that would bring the total cost around 85k.

In your opinion would it be better to sub contract each job out or have a GC do it all?

Hello Everyone, i’d Like to first thank everyone for their time and effort into answering my question.

I have 2 rentals currently in Philadelphia and looking to obtain a 3rd one. The latest one I obtained was completed in 2018 (a full gut and rehab) which was roughly 1050 sqft and ended up costing me about 75k including everything.

My question is what would costs now be for a full rehab on a house 800-1000 sqft including new hvac, plumbing, electrical and siding etc.(The number that I came up with is around 75k)

Also does anyone have experience with reconfiguring the stairs layout (the current steps are in the middle of the house ) id like to move them to the left side.

Once again, thank you for your input and lookin forwards to hear from everyone.