All Forum Posts by: Kevin Dougherty

Hi - I would continue to look at and analyze deals. Look for any seller financed opportunities that make sense. Maybe partner up with a trust worthy person to find deals for them and put in sweat equity as your contribution. Attend your local RE investment meetings when they are available. Approach local hard money lenders, some of the better ones will help you get to where you want to be.

Good Luck

@Brenda Otero

Thank you for your service sister

@Hud Floyd

Hi - worked as a volunteer F/F and paid position on weekends for 20 plus years while a full time PD motor cycle officer 15 years next to neighboring Philly and a corrections officer for 3 years prior to full time PD... whew fun times in another life. I have actively been in residential/ commercial RE for over 25years, currently with small resi portfolio and partnered with industrial group. I am a commercial finance broker for small cap balance investors. Enjoy linking up with like minded individuals plus not many people out there understand First Responders and the crazy lifestyle. Thank all of you for services.

Greg, 

I would check with local small banks and credit unions as they are usually the better options when seeking portfolio lenders. Be prepared to call multiple lenders. I deal with a portfolio lender located in Chester County, PA and I know they provide funding in certain areas of Lancaster County, not sure how far into the county they go. As always, if they are good performing assets, this should be easy to handle.  You can DM me for further information.

Good Luck

All great comments and everyone's opinion is hopefully based on their own experiences that they have had in the communities, mentioned. If you are operating in Class C-D areas then you have a more labor intensive asset to manage hence the higher cash flows but lower appreciation. I own in Clifton Hts and Upper Darby in areas considered to be class B-C and rely on very competent property management to stay on top of my assets. I find that tenants that are coming from the class C-D areas will have to take a little tenant re-education as to what is expected of them, especially if they were renting from landlords who were not professionals or who just didn't care. 

So if you are buying in Darby Borough, be ready to manage the tenant from the beginning, screen, screen, screen and do some more screening. There are good people in these areas both on the Section 8 program and not who deserve a competent, professional owner and/or property management company. If you set the expectations from the start, you can reduce (not eliminate) some of the more serious headaches.

Good Luck

Bring your buckets and your muscles, LOL. Like @Jared Forman stated, is very regulated because of all of the safety involved. You are disturbing the original foundation and supports for the building and not to mention any attached buildings so you will need experts input to determine load, etc... This could required a licensed engineer. The city code officer will guide you as to the requirements. 

Good luck

Like @Blake Ingram stated, a CCIM event is a good start. There are plenty of great books on BP's and Amazon. Some of the books are written by people who actually work in the business and others are written by those who only teach. Not knocking the teachers but the books I have read by the those who only teach were a little too dry and sterile for my style, just my 2 pennies worth of advice. 

As to summer internships, look to the large corporate commercial real estate companies such as CBRE (CB Richard Ellis), JLL (Jones Lang La Salle) and Marcus & Millichap as well as others in your area. I would move quick on obtaining an internship as they fill up quickly.

Good Luck

That depends on what the lease states... The new owners purchase the property with leases in place and they know they must honor the lease terms for all tenants. They should be circulating an estoppel letter/certificate to each tenant which has the tenant verify to the buyer that the language in the lease is correct, if the lease has been amended or modified, current landlord has performed as they should and tenant is up to date with all of their financial obligations. 

Review the tenants lease and observe the language pertaining to lease expiration, does the lease automatically review for one year if either party has not submitted the proper written communication to inform the other party of its intentions to stay or vacate the premises? Does lease revert to a month to month agreement, etc...

This is the part where I advise everyone to seek competent legal counsel and have them review the lease. Your fiance may be able to negotiate a lease extension with the new buyers.

Good Luck  

Depends on the lender, some will want the property to season for 6 months to 1 year before they will do a refi. If you have access to to a real estate agent, ask if they will pull comps for the property to learn if you truly have a steal. If the property is a great opportunity, look for a lender who will do refinancing quickly and be sure the original lender lender does not have a prepayment penalty in their language. As always, have good people on your team, real estate agents, mortgage brokers, accountant, legal, etc... that you can go to for grounded advice. Join your local real estate investment groups, attend the meetings, this is where you can find the answers to most of your questions as well as the BP's forums.

Good luck

Ok, so you have all this cash but no cash flow, take the cash which is more times cheaper than private money and HML and find another investment that you can put the cash to work in to. Hopefully the next one will cash flow enough for both of them. You have to move the money quickly because its the velocity of the capital that makes it work, meaning how fast can you deploy your capital and then have it come back to you. If you sit on the cash out money too long and you start to erode the principle by using it all to pay for the mortgage on the subject property, you will loose the money's ability to do its thing.

Good Luck