All Forum Posts by: Joseph ODonovan

@Erik Whiting The BRRRR scenario given to you is not a true BRRRR. Let me explain. The concept of rehabbing any property implies forced appreciation. Your scenario has zero appreciation. That's mistake #1. 100 percent financing is mistake #2. Usually, taking 75 - 80 percent cash out of ARV leaves you with 20 - 25 percent equity. Now you have skin in the game and enough cash out to do your next BRRRR. The scenario you put out is basically a $50K purchase at market price with 100 percent financing. Sorry but this is not a BRRRR.

@Cristian Samayoa I'm in the skip tracing business as I own a Process Serving company just outside Philadelphia. The only reliable FREE website that I can recommend is truepeoplesearch.com The data is not 100 percent up to date but it's fairly accurate given that it's free. Best of luck!

@Charles McCabe I have to check my schedule to see if March 21st works for me, regardless I'll DM you and send you my email address. Thank you very much!

@Charles McCabe Thanks for the info on the DIG vacation rentals sub group as I just purchased a vacation home in Brigantine NJ. I will be renting this out approx 6 - 8 weeks during the summer season. I would be interested in attending a few of these meetings. Can you tell me a little more about the field trip to Brigantine?

@Joseph Billow Keep in mind with a BRRR, you can only borrow approx 70-75 % of the ARV, so you have to be certain the appraisal comes in high enough to pay off your investor. Are you forcing equity in the property?

@Sundri Khalsa To me, this is a no brainer. I would sell this property yesterday. You are losing $5,500 a year and are hoping for appreciation to bail you out. Even if it appreciates 2 % a year, that only breaks you even each year. Take that $20K equity and put it into your next investment or go to AC and play some craps.

@Aaron Holloway and as far west as 52nd Street. I would not stray too far from those borders. Philly is a "block by block" city so be very diligent b4 investing in real estate as one city block can make a world of a difference.

@Aaron Holloway I was born and raised in the southwest section of Philly. I reside in the Philly suburbs now but my business takes me to Philly frequently. I do not see any upside to investing in the area of 58th and Chester and/or Cobbs Creek section. It is a rough area. The development surrounding the Univ of Penn and Drexel Univ areas has certainly expanded its footprint as far south as Baltimore Ave

@Johnoson Crutchfield 25 percent? Ouch! What are your terms on this loan? If you are cash flowing on those 2 properties, I would put all that cash flow plus more just to pay that off asap. With that interest rate, your goal should be to pay that loan off first, everthing else is secondary.

TBH, I like the idea of the coffee farm.