All Forum Posts by: John L Desimone

Hello esteemed forum members,

I come to you today seeking your collective wisdom and expertise in a quest to locate a seller of a remarkable $100 million real estate portfolio, exclusively comprising single-family homes. This is an exciting opportunity that requires the collaborative efforts of this vibrant community to succeed. Your insights and guidance will be invaluable in helping me navigate this complex endeavor. Here are some questions I have:

1. Targeted Channels: What are the most effective channels or platforms to explore when searching for a seller of such a substantial real estate portfolio? Are there specific listing websites, industry networks, or professional associations where I can connect with sellers who may be interested in offloading their properties?

2. Networking and Referrals: Do you have any recommendations for building a robust network within the real estate industry to access potential sellers of significant portfolios? Are there specific real estate professionals, brokers, or investors known for handling such high-value transactions, and how can I establish connections with them?

3. Engaging Brokers: How can I effectively engage real estate brokers who may have insights into off-market opportunities or access to private portfolios? What strategies or approaches would you suggest to capture their attention and demonstrate my seriousness as a buyer?

4. Market Research: Are there any specific markets or regions known for hosting substantial single-family home portfolios? How can I identify areas with a higher likelihood of finding sellers in this price range? Your recommendations on conducting thorough market research would be greatly appreciated.

5. Professional Assistance: Should I seek the services of a buyer's agent or real estate attorney specializing in high-value transactions? What role can they play in locating potential sellers and ensuring a smooth acquisition process?

6. Confidentiality and Non-Disclosure: Given the sensitive nature of such transactions, how can I ensure confidentiality when reaching out to potential sellers or intermediaries? Are there specific strategies or protocols I should follow to protect both parties' interests during negotiations?

7. Creative Approaches: Are there any unconventional methods or strategies you can suggest to locate sellers of large real estate portfolios? I'm open to exploring unique avenues that may not be commonly known or utilized.

I extend my deepest gratitude to all members who contribute their insights and experiences to this discussion. Your expertise will not only assist me but also benefit others within the community who may be on a similar quest. Together, we can unlock opportunities and elevate the real estate investment landscape.

Thank you in advance for your invaluable support, and I eagerly await your contributions and recommendations.

Best regards,

John deSimone

Hey @Steven Dome and congrats on the first post!

Just so Im understanding the question correctly; are you asking if you can get a heloc on the 25% of remaining equity you have on the property after your current refinance is complete? 

If thats what you are asking then I would say that you would need a sufficient amount of capital and decent credit in order to be approved through a bank. As far as the renovation loan is concerned, Hard money may be the best route and I can definitely connect you with a few people I work with. 

Hey Bigger pockets! Im an agent here in Philadelphia that specializes in investment properties and was wondering what everyone thinks the effect the election will have on the RE market not only in Philadelphia but also around other markets around the country. I am seeing many investors changing their investment criteria and hold off buying while others are still sticking to their guns and buying up deals, despite the current climate in the US. 

My question to you is; Are YOU still buying? or have you put your business on hold? If yes, What key indicators are you looking for to get your investment goals back on track?

@Jason Regan I have had and heard nothing but good things about a lender i connected with when most lenders backed out when Covid Hit. I wholesale through a brokerage in Philadelphia and we had our in house lender back out which turned out to be a blessing and a curse when I nearly lost 120k in volume in a day but got 95% of that saved through a connection I made through a repeat buyer. 

Id be happy to help any way I can!

@Luis Roman I primarily pick up deals in Philly and delco but Bucks is definitely on the radar. Are you flipping or holding up there?

@Gregory Coppola Do you have any friends or family members with their real estate license or anyone that has access to the MLS?

Hey BP!

I was hoping to start a thread to discuss what current RE investors are doing in and around Philadelphia in the current investing climate with the various obstacles that have presented themselves. I have gotten feedback from a few of my investors saying they are shifting there business model to focus on more buy and holds that need little to no work and are ideally occupied. Are any of you doing the same? If not then I would love to hear what steps you are taking to continue your business's and what area's or investment strategies you are focusing on, not only today, but going forward and what you anticipate to happen in the real estate market. 

I would also love to hear what some of you hard money folk are doing for funding? I had a few deals get hurt and had to extend due to lenders dropping out and am curious to see if anyone can relate. A few of my loan officers from different companies informed me they are still lending but have just tightened up there lending criteria apposed to others who have stopped lending all together. 

Would love to hear from each and every one of you on the following; 

1.) Are you are still actively buying? If you are not buying then when do you anticipate being active?

2.) If yes then where?(neighborhood, zip, etc...)

3.) What? (single family? Multi?, flip? B&H?)

4.) How? (are you buying cash, using a lender that is still lending? etc...)

5.) If you are still active, are you buying sight unseen? or are you still going to see properties?

Thanks for reading my thread and I look forward to discussing further!

Stay safe, Stay home, and Stay healthy!

Is anyone else running into the issue of getting tax certifications in Delaware County for end of month closings? If so, then what are you doing to combat the situation given the current pandemic climate? I have a few files being held up due to this issue.

@Zocky Zhang You will need to file a nonresidential income tax return.(if you meet those requirements) PA and MD are reciprocal tax states but this does not apply to rental income. You will also need to apply this on MD's state tax return in addition to PA's. Fairly certain Turbotax has some guidelines that you can follow. 

I would advise you to not only visit turbotax's online site but to also contact your family accountant. Below is some additional information regarding filing in multiple states;

https://ttlc.intuit.com/community/returns-and-forms/help/when-would-i-have-to-file-returns-in-more-than-one-state/00/25821 

@Cole Hoffmann It depends on what your criteria is. If you are looking to spend as little as possible, I would recommend Southwest Philadelphia and farther up NE Philadelphia(Kingsessing/Elmwood Park or Frankford/Mayfair) If you want to spend a little more, I love areas like Germantown, West Oak Lane, and Mt Airy. If you want to buy things at the bottom of the market, I would highly recommend cash or hard money transactions. 

Feel free to connect! Im happy to help any way I can!