Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: John C S.

John C S. has started 24 posts and replied 189 times.

Post: Question about Property Management in Lehigh Valley

John C S.Posted
  • Flipper
  • Poconos, PA
  • Posts 198
  • Votes 42

Hi Michael I am from Brooklyn also. I lived there for 33 years. I moved to the Poconos about a year ago. I have been coming here since the mid 80's when a was just a kid,, and I have good contacts for just about every home maintenance and home reno you need. I was in commercial property maintenance for 20 years. I'm just starting out. I am developing a property management company in the Poconos and surrounding area's. Please PM me if you are interested in hearing more about what I have to offer. Thank you

Post: What should I do next?

John C S.Posted
  • Flipper
  • Poconos, PA
  • Posts 198
  • Votes 42

I am in albrightsville Pa and the surrounding areas. 

Post: What should I do next?

John C S.Posted
  • Flipper
  • Poconos, PA
  • Posts 198
  • Votes 42

Hi BP Good evening. I have a dilemma. I just bought my first rental this year at the end of June. It is a vacation rental in a good market located in the Poconos near all the good stuff. I will try and make this short but to the point feel free to ask me any questions you may have. I bought this house cash for 70k in June. I just sold a long term flip in January of 2020. About a week after I bought this house I lost my job and hade about 20k in reserves cash. Ok so this rental that I just bought needed about 15k in renovation. Its a small house about 800 Square foot. My friend was helping me with the work because I am handy with mechanics but not so much with house renovation so I thought.

I lost my job about a week after I bought this rental my friend demo the hole house and when he found out I could pay him until the house was up and running again i would pay him first out of every booking I had. Probably about 5k in labor but I paid him for the work he had just done. He said ok no problem I can do that i am not hurting for money and I won't even charge you for the kitchen its so easy i will just come over and help you with it and show you. Ok ausome thank you very much we shook hands and it was a plan.

He never came back it was always next week. So after about a month I started doing stuff my self. Put a new floor down pergo put in a kitchen a bathroom electrical, plumbing no tile in the bathroom but there is always later I guess. I put in pine boards around the hole house new rugs for the bedrooms. I had someone install them. Ect pretty much a cosmetic gut job. Ok so now I am all done and I hooked up with a good realtor in my area. I found another house 30k in this market here in the Poconos right now its a good deal. Its just a shell needs electric plumbing and everything else. 1000 square foot home. Figure 3 bed 1 bath and there going for around 140k to 175k depending on interior and square feet.

So now my credit is nod good ebough anymore for a conventional loan because of my lost job. My cash reserves are almost gone because I needed it for the reno work. I have this potential good deal that I am still going to look at tomorrow with my contractor. What do I do next?

I hate to pass this up just because I fell on some hard circumstances. How do I get the money for this deal? Is there anyone out there in BP that can fund this or come in as a partner. Is there anyone in or near the Poconos that has been looking to get into this market and needs boots on the ground. Those boots can be mine. I am ready and willing to help someone out just the same even if this is not a good opportunity for you. Thank you for you reply in advance. Remember ask me anything you didn't get from my description of the story.

Post: Vacation rental turned flip, $120,000 profit!

John C S.Posted
  • Flipper
  • Poconos, PA
  • Posts 198
  • Votes 42

@Hamish Simcock ausome job.

If I was able to afford to give someone a break with the rent because they are in quarantine or sick. Then I would definitely do so.

Post: [Calc Review] Help me analyze this deal

John C S.Posted
  • Flipper
  • Poconos, PA
  • Posts 198
  • Votes 42

@Brandon Roof

Hi Brandon this is a 4 unit close to NYC so I can do t

A conventional loan. There is no front lawn and a small back lawn. I put snoe removal and lawn care under miscellaneous expenses. Garbage is taken care of through the city via my taxes. I know I will have to pay some utilities but I am going to put four separate meters in 4 Gas and Electric. I can work in a higher Capital expenditures but vacancy is not going to be an issue. You are right though I should make those percentages a little higher. My management fee I only put at 5% instead of the normal 10%. I don't intend to have a property manager just yet I am close enough to the location where is I can handle it. Also everything in the building will be pretty much new. So that is why I don't have capax that high. With this information I hope you get a better picture of what the deal is. Thank you for responding and please feel free to ask me anything else.

Post: [Calc Review] Help me analyze this deal

John C S.Posted
  • Flipper
  • Poconos, PA
  • Posts 198
  • Votes 42

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Post: [Calc Review] Help me analyze this deal

John C S.Posted
  • Flipper
  • Poconos, PA
  • Posts 198
  • Votes 42

Please help i do not own any rentals yet. This could be tho one. 

Post: [Calc Review] Help me analyze this deal

John C S.Posted
  • Flipper
  • Poconos, PA
  • Posts 198
  • Votes 42

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Post: [Calc Review] Please Help me analyze this deal

John C S.Posted
  • Flipper
  • Poconos, PA
  • Posts 198
  • Votes 42

@Niels Bjørn Toppenberg

Hi Niels that's weird ok so when I get back to the office I will try again to post the link. Thank you and sorry about that