All Forum Posts by: Ley Nezifort

Hello Allison, regarding point #2) I shared the same sentiment towards hard money when I just getting started, but now that I've got some experience, I've realized that was mostly out of fear and not knowing. There is nothing wrong with Hard Money if you do your due diligence and the numbers make sense. Now I mostly only use Hard Money for my BRRR Deals.

Secondly, since you mentioned your credit is great, you can leverage your personal credit to get Business credit cards, lines of credit to fund the down payment. 

@Heath Jones Hm yeah I’m not too sure but I think you can do that on the BP marketplace.

Hello Philly Investors, 

Any recommendations for local lenders to refinance stabilized assets? Preferably lenders that can go up to 80% LTV. My partner and I have a few projects that we'd be looking to refinance within a couple of months.
 

@Yuriy Skripnichenko Interesting post, Thanks for sharing. Other reports I've read claims that the Philly market is HyperSupply phase, but I guess this report slightly contradicts that given median days on the market is decreasing

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $167,500

Contributors:
Markus Jackson

3 Units BRRRR Deal in South Philly! This is the first part of two off-market deals (6 units total) that my partner and I just closed on. The purchase was $167,500, the rehab is going to cost us around $200,000 and the ARV appraisal came in at $610,000. So all in all, we are expecting to refi out our entire investment and make a pretty nice monthly cash flow.

What made you interested in investing in this type of deal?

Big fan of the BRRRR strategy, so this deal presented us the perfect opportunity to BRRRR.

How did you find this deal and how did you negotiate it?

Off-Market deal that was brought to us from a wholesaler we've been building a relationship with. Initially, they wanted a pretty high amount (I believe $230,000), but we were to mutually agree on a price that works for both parties.

How did you finance this deal?

We used a combination of hard + private money to fund this deal. The hard money lender was able to finance the entire rehab amount in addition to most of the purchase. Our private money guy then funded the difference and the cash that was required from us to bring at the closing table, while we give a pretty substantial return on his money.

How did you add value to the deal?

It's currently a two-story shell that we're going to convert to a 3 story triplex with higher-end finishes given that's what the area supports. The building also came with zoning and building permits, which allows us to go in and start the renovation right after closing.

What was the outcome?

Pending

Hello All,

I know it's the holidays, but I also know some of you never stop thinking about Real Estate. I was wondering how you guy go about finding rental & sales comps if you don't have access to the MLS? I'm getting a lot of off-market leads from a wholesalers, and I need to confirm their estimated ARVs.

Thanks & Happy Holidays!

Hello All, 

My partner and I are looking for an investor who's completed 5+ flips or has 5+ rentals to JV with. The deal is a packaged deal, a triplex and a duplex that are adjacent to each other in the Norris Square area. We are offering 25% equity paid at Refi. Please message for more info, we'd like to close before the end of the year.

Thanks,

@Martin Neal Yea it’s definitely been interesting viewing other’s viewpoint on this. I certainly agree with you. Good point on the tax write off though, wasn’t even thinking along those terms.

@Nancy P. I share the same sentiments

@Joe Splitrock I definitely understand where you’re coming from. Thank you for sharing