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All Forum Posts by: Joo Yoon

Joo Yoon has started 8 posts and replied 13 times.

Post: Pace Morby Sub To Mentorship

Joo Yoon
Pro Member
Posted
  • Posts 15
  • Votes 2

As an active member in the Subto community for 1 year, I can say that I have been exposed enough to the "mentorship" to leave an educated review.

I have joined another paid mentorship long before joining Subto. It was exponentially more expensive to the tune of 5X more. There were plenty of pre-recorded modules, weekly "coaching" calls and a meet and greet event. However, 6 months later, as the contract stated, it ended, and then I was locked out of content. This I felt was how the majority of paid mentorships operated where you pay an exorbitant amount of cash to learn from some type of guru that has decades of experience. They expected us to join and learn decades worth of "knowledge and experience" in 6 months and if you needed more time, well, better get your credit card ready again.

Then stumbled across "Subto" somewhere along my Real Estate journey where I was just trying to figure it out as I went. Some dude named Pace Morby on Youtube was talking about "creative financing" and then I got interested. Always waiting for the typical ending of the videos "just sign up for my billion dollars course and this is all yours!" But, he was giving away so much free value without a sales pitch! He was talking exactly about some of the things that I paid $35,000 to learn for 6 months in that other mentorship! He was teaching it in small digestible bites that were easy to understand instead of these crazy drawn out lecture style modules that I had gotten used to.

After watching a bunch of videos, did some research into Subto Mentorship. Yes of course there was a cost to it, roughly $8000 I believe. But if he's giving away ALL this stuff for free on his YouTube channel, his paid stuff must be next level.

Quickly after joining, I realized the amount of content, the Real Estate stuff I didn't know was astronomical. There is literally content about every facet of real estate in hundreds if not thousands of hours of recorded content. But the true value is the community. It's unlike any other community because the people in Subto are literally competing with each other to provide MORE value to one another. True definition of community where people are actively trying to provide more value than to receive. Also, does it have a 6 month "pay to continue" pop up? Definitely not, as long as you are giving back to the community, you are a member forever. Also, the community itself is consistently growing, and I don't mean in members, it grows with the experience it consistently evolves as members bring in their expertise to level up the community as a whole. Pace is constantly thinking of ways to give back MORE to his community.

It is truly a blessing to be able to be part of Subto. I am not here to sell anyone on joining. But if the question is, "was it worth it", then without a doubt a resounding yes. I've made some of my best friends through Subto. Surrounded myself around like minded people all thinking of ways to amplify one another and it has really kicked my real estate journey to another speed.

Post: Looking for electrician/plumber in Monroe County PA

Joo Yoon
Pro Member
Posted
  • Posts 15
  • Votes 2
Quote from @Michael David:

Hey @Joo Yoon have you tried the construction and building search in the Build Your Team tool yet? You may be able to find some contacts there. If not you can check out the Contractor search here to see what electricians and plumbers are on Home Advisor. Hope this helps!

Thanks for the reply. I've actually went through these steps. Still looking!

Post: Looking for electrician/plumber in Monroe County PA

Joo Yoon
Pro Member
Posted
  • Posts 15
  • Votes 2

Hey everyone!


Purchased a home in a very desirable neighborhood in PA. Looking for electricians and plumber connects for the area. Home is in Lafayette Hill, higher end finishes required. House will be taken down the studs. Thanks!

Post: Some suggestions on my next step

Joo Yoon
Pro Member
Posted
  • Posts 15
  • Votes 2

Hey BP! Hope everyone's staying safe while crushing it out there!

Just a question for you pros out there. 

Long story short, I purchased a 4,000 sq foot building in cash. Same owner for 45+ years and seller basically used about 25% of the building to live in the last couple of decades. Once acquired, I had the property re-zoned for a 5 unit multifamily. I hired an architect to draw up the plans, and they were approved by the city (after many long months). As I purchased this property in cash, I own it free and clear but the conversion rehab is going to cost roughly double my purchase price. I believe I got a great deal on this building as it's in a prime rental location with the majority of the residents in the area being renters. Speaking with a number of lenders, they are reluctant to fund the deal as it's going to be a major project. It's not so much the dollar amount that bothers them but the ratio of purchase to rehab cost that they are not too fond of. I know when this construction is completed the cash flow from these units are going to be solid. My exit strategy being a refinance and hiring a PM company to take over the day to day. Any thoughts on how I can get this funded or what your next steps might be? I feel like I'm being "punished" for negotiating this deal down to such a great price with the seller because now it seems like the rehab is exorbitantly higher than the purchase and turning lenders away (even one's I've worked with before on smaller projects). 

Quick numbers (rounded) so everyone can get a better idea.

Purchase: 116,000

Rehab: 200,000 - 225,000 (basically a full gut / no extensions or additions)

5 Units:  One 1B/Ba  (rent 850) , Four 2B/1Ba (rent 1100)

Adding Coin Laundry, Storage Units 

ARV : 460,000 (conservatively based on income as it's a 5 unit)

Any thoughts? Thanks in advance! 

Post: Lehigh Valley PA roofer recommendations

Joo Yoon
Pro Member
Posted
  • Posts 15
  • Votes 2

Hello BP!

Looking for a qualified, trustworthy, and reasonable roofer in the Lehigh Valley, PA area. Any recommendations would be great. Looking to have my roof repaired or replaced on an investment property. Thank you all!

Post: Seeking Lehigh Valley Construction Project Partners

Joo Yoon
Pro Member
Posted
  • Posts 15
  • Votes 2

I currently have under contract a single family residence which is a 4000+ sq ft building on an almost 14000 sq ft lot.

There is plenty of space for parking as most of this lot is not used at the moment. Our plan is to convert it into a Quadplex.

This renovation will require architectural drawings, and zoning changes. Currently getting preliminary drawings created. We have experience with SFR fix and flips and BRRRR rental strategies. However, this will be the first time taking on a construction project of such large scale.

Looking for a partner in the Lehigh Valley area that is interested in this type of project and also has experience working on these types of projects.

Please send a message if you're interested.

Post: Painter Recommendations Lehigh Valley, PA

Joo Yoon
Pro Member
Posted
  • Posts 15
  • Votes 2

@Mark 

Thanks for the reply will be reaching out to them today. 

Post: Painter Recommendations Lehigh Valley, PA

Joo Yoon
Pro Member
Posted
  • Posts 15
  • Votes 2

Hey BP!

Currently looking for a painter in the Lehigh Valley area. Need a full paint job: walls, ceilings, trims, deck etc. Looking for a recommended painter that's reliable, professional, and priced within reason.  Am NOT looking for the CHEAPEST option. Experience has taught that you really get what you pay for in this industry. If anyone can recommend a painter that they have successfully worked with before it would be much appreciated. Thanks !

Post: Help!! Legal advice for landlord!

Joo Yoon
Pro Member
Posted
  • Posts 15
  • Votes 2

@Chris K. 

Thanks for your reply. So, the point of the sublease will be to charge a combined rent to the tenant and have the tenant "sublease" the in-law suite to another tenant. This would split the rent and I would give both tenants a slight discount for their troubles. The unit in question is a 3 bedroom and 2 bath that can be fully split into 2 units. It has 2 separate entrances. As the difference in rent is about 600-800/ month, I am looking to get this done in any way possible. 

Currently a variance looks unlikely because Allentown is currently looking to lower the multi family units so they are more likely to make things up just to stop more units from being approved. So, I am trying to find a creative solution in which I can charge more rent without running into legal issues.

Post: Help!! Legal advice for landlord!

Joo Yoon
Pro Member
Posted
  • Posts 15
  • Votes 2

So, I checked to see if it could be grandfathered in but it turns out that it was switched by the previous owner back in 96 so that isn't possible. The third unit has everything necessary but because of technical issues, it's not possible to convert it into a third unit. 

@George W.

Well, I am trying to find a way to get around this 2 unit issue legally. The only option that I can think of is to sublease the bigger unit and have that tenant sublease the in-law suite to someone else. The only problem that I can foresee would be the eviction process if necessary. Of course, getting the tenant to agree to do that would also be an issue that I feel could be resolved. This would be my solution to the 2 unit legality so I can charge my second tenant more rent. 

@JD Martin