All Forum Posts by: Keith Rorer

Appreciate the insight (and the laughs). My question is more so around the thought of, if banks typically counter offer or just reject offers overall? I'm wondering if I should offer below asking, etc.

Is there a baseline strategy that most banks stick to?

Hi All,

Question - I have done a lot of analysis in my local market and I found a couple properties that I am interested in putting my first offer in on. This would be a flip and my first one. One property in particular has great numbers. It is an REO and has only been on the market for about a week. I am going back out to view with my GC on Thursday and if he confirms for me what I think, I want to submit an offer.

Question - being that it is an REO, how much should I offer? It is already priced very well based on the other comps for "ugly houses". I want to position myself well to have the offer accepted. Also - what is the typical timeframe for hearing something back? Do REO's counter or just accept/reject?

Any insight is appreciated. Thnx,

Great advice Jared... Thank you. 

Hi All, 

Based in the Philly area. I'm about to make my first purchase for a flip very soon. Any insight in finding a good/honest GC to leverage for the work. I want to build a relationship with a trustworthy contractor who wants to grow with me. I have the cash, just need to find the "hands" for the jobs. I would actually like to have 2 or 3 to utilize.

Any thoughts or guidance is appreciated.

Thnx Julia! Good advice. Nice to meet you.... I'd be happy to connect and chat with you. Yeah, I did set up keywords. I'm sticking close to home, focusing on Castor/Mayfair. keeping costs down and focused on learning than on major profits. I need to crawl before I walk. Brewerytown, Fishtown areas are too rich for my blood to start. 

I'll reach out to you to connect. 

Hi All, 

New investor in North Philly/Southern Montco. Interested in buy and hold in local markets as well as other parts of the country. Fix/flip locally in northeast Philly. Advice for newbies and networking. recently upgraded to PRO and signing my first buy/hold out of state later this week! 

Excited to continue to learn and grow as an active RE investor. 

Hi all, 

I'm a newbie investor in Philadelphia. I've recently taken the plunge and I am in the process of purchasing my first buy and hold property. My LLC is launched now and I'm wondering if any local investors can recommend a great tax accounting firm in the area? I was able to get some advice early on while I was still analyzing my plan, but I didn't really get a good vibe from the firm I reached out to initially. I'm trying to get ahead of my first year of filing taxes as an LLC and I want to leverage a good partner with the best tax strategies and tips/tricks to help my business grow. Thoughts?

Hi All, New investor here. Sitting on approx $50k in cash. Have been reaching to local banks to discuss flips and short term loans. All seem to want no part of it. Only buy and holds. Any ideas on how to approach? Looking to start small $100k or so for first flip and build up from there. But and holds are future objective. Right now, want to flip to raise additional capital. Also... If anyone is in Philly area and has local bank/credit union recommendations, please share. Thnx in advance!

Hi All? New investor here. Sitting on approx $50k in cash. Have been reaching to local banks to discuss flips and short term loans. All seem to want no part of it. Only buy and holds. Any ideas on how to approach? Looking to start small $100k or so for first flip and build up from there. But and holds are future objective. Right now, want to flip to raise additional capital. Also... If anyone is in Philly area and has local bank/credit union recommendations, please share. Thnx in advance!

Hi Troy... appreciate the response. I think that the route I will have to go is the "personal guarantee" as you mention above, given the funds available right now and being a new LLC. I am still in corporate America with a F/T job and my personal credit is in excellent standing. I've read that small local banks/credit unions are better options. I see that you are in the area... if you have any recommendations for local financing options in and around Philly, I would be much appreciative. Thnx in advance if you are able.