All Forum Posts by: Kevin Dougherty

@Michaela G. Some of the dialers have a setting to send the call directly to your voicemail without ringing your phone. You receive the message they want you to hear and it doesn't interfere with your day of answering robo calls and hanging up.

Agree with the other post, would not do a 5th bedroom. Definitely new kitchen and in the Philadelphia region we can do new a kitchen for way under $50k. As far as converting the garage into living quarters, you now are in the area of zoning, plumbing , electrical & building codes and additional timing and expenses. Unless the market calls for having in-law quarters, carefully consider if the added cost will bring you the investment return you are seeking. Investing is all about having capital velocity, how quick does your money go out and return to you so you can do it again.

Our PM always confer with us prior to signing leases, we look at the tenant's history and give the thumbs up/ thumbs down on each one. The PM should be able to guide you if they think you are in violation of protected class, etc... Protected class,  etc... are not given a pass when their past rental history reveals them as a risk to the new landlord because they didn't pay, destroyed property, evictions, unregistered persons living with them, arrest for criminal activity at their previous residence. These are all good reasons not to rent to them. Documentation is a beautiful thing when making a decision.

Hi Ryan - Best thing to do is have a real estate attorney review your lease and listen to their guidance.  

These are some of the great learning lessons we get when we are active in our businesses.

Hope it all works out.

@Miranda Simon,

All great advice from your one simple question, there is enough information here to churn out at least one book, Hint Hint BP Community...

Follow BP Forums and learn as much as you can but also get in the trenches and do it, this sometimes is the best education.

Today's market is super hot, everyone is chasing the same deals and driving the prices up, make sure you are getting access to opportunities that have not been shopped to the world. "Know the numbers" because they tell the story, "know the numbers", "know the numbers", oh did I say "know the numbers?"

There are deals in every market and your success is in the journey as just as much as it is in the destination. If you can remember this and believe in it when things get tough and they will get tough, you will do great!

Good luck

Kevin

I recently became a lending “broker”representing multiple lenders including traditional, alternative and private lenders. I became interested in the lending side of the Industry after being involved as an investor and utilizing all three capital providers and getting an upfront closeup view of the lending world. 

I have been a member on BP since 2014 and admittedly have not been an active poster, I guess you can say I was more of an active stalker, just following everyone’s post etc... and generally enjoying the forums, post and accessing the tools available for PRO members ( you should all try to become PRO members when you can) the tools are worth the cost of membership.

I too have been weary of lender scams and schemes and thoroughly vet every one I have spoken to and met (you should too). 

I reviewed many companies to independently represent prior to making a commitment to my current company and wanted to align myself with professionals who have been in the trenches and are here for the long haul. We are as transparent as we possibly can be and will let you know if we can get you funded with 2-24 hrs of receiving your information. 

Upfront fees other than appraisals and title insurance (which are3rd party) should always be a red flag to potential borrowers and you should start looking elsewhere when a broker or lender starts off with them. Some lenders may have minimal upfront fees to do credit and background checks, legal and other out of pocket expenses once the borrower excepts the lenders term sheet but for the majority of the lenders we represent their fees as well as our fee come out at closing, meaning we got you funded and it’s a good day with money flowing back and forth and high fives all around.

So do your lender/broker due diligence just like a property inspector does what he/she does... thoroughly.

If you have any questions about finance products, just ask and I will do my best to answer them for you And it won’t cost you a dime.

Kevin 

Hi Rick,

We offer many programs that fit your requirements. As each borrower and each property are unique, we work with you to deliver the best finance product to ensure your profitability for the long term. With access to over 100 different lenders (we can always catch one on their good day, LOL) and over 10,000 loan products, I am sure we can help. 

Please visit www.brandywinefunding.com for more information and when you are ready, call me

Kevin

@Kenneth C.

 We use a CPA in Media, PA who has been very thorough for a couple of different businesses, including real estate. PM me for his details if you are close to him.

Like Brandon Ingegneri stated, you have to prime everything, we used the Kilz oil based primer on every wall, ceiling and floors.  We also used bleach spray as well as Natures Miracle odor and stain remover for cats.  Lots of odor absorbents while conducting the rehab. Replaced all of the accessible HVAC duct work and used a reputable duct cleaning company to scrub the in-accessible duct work (cost $850 for the duct work cleaning).

We purchased a house for $.20 cents on the dollar. It came with the lovely cat urine smell as well as dead mummified cat carcasses. The cats had crawled into every crevice and piece of HVAC duct work they could find to mark their territories... Owners were also hoarders. 

Lots of cleaning, scrubbing and Kilz paint along with a reputable HVAC duct work company to sanitize the 

in-accessible duct work (located in a slab floor).

Purchased the house on April 30 and it was rehabbed and sold on July 30 for a $40k profit. 

House was located in a great school district that people wanted to move into.