All Forum Posts by: Matt A.

@Taron Jackson, I own and am actively buying more multifamilies in the valley... of course I live here as well, so that's easier for me.

What specifics are you looking for regarding the area or investments? feel free to ping me directly.

So reviving a month-old post... and a HUGE lesson learned on waiting for someone to get you a signed contract. That said, one of my realtors called me on Sunday, also sent me a MLS link to what appeared to be a great deal. Spent a few minutes gathering info from the county website, and running numbers. All said this new deal really DID look great....

Was able to get into three units today and this place is 2 out of 3 complete rehabbed (one unit needs freshening, but its in great shape and very clean, just cosmetics). On this one the seller wanted to be there with his agent, and we hit it off. He had at least 6 other prospects coming to see this in the next few days. Did a quick calculation and pulled him aside - "what will it take to sign a deal NOW, and take this off the market".... A little banter between us, pulled out my phone and dialed into the CapitalOne creditwise app to show him my score and we have a deal!

The look on our realtors faces were priceless - I had a couple blank contracts in my portfolio so we wrote it up at 4pm outside... almost freezing as the temperature is in the low 40's. 10 minutes of paperwork and the originals are at my abstract now. Also found a portfolio lender today - so getting this into our LLC should be MUCH easier (meeting with them tomorrow).

Not to count the chickens early - but I do have a SIGNED agreement... this time :)

Jim - you can list my number... Ill take the calls for you :-)

Seriously, while I dont have all the answers Im happy to chat over a coffee sometime soon. I may be interested in some of the properties that your not - we should connect in the near future.

My openers - Why selling, where is it, how much do you think its worth, any mortgage (liens).... know your exits before making an offer. 

Mike - I have been looking in Allentown, but havent pulled the trigger on anything here (although I do have properties in Easton). I would not value that any different that a single family - not until its a true commercial though.

Check that its a LEGAL 3 unit (you can see that on the county website), and your also get some other insights to the property as well.

I agree with #Eric E. that the seller is looking for a sucker... While it may be grossing decent rents, with section 8 Im not a fan of relying on that as you have a tenant that cant afford the rent if things turn bad for them. I just launched a section 8 tenant myself - albeit I do have an empty unit that's proving challenging to rent at this time of year :(

will always try OPM first. <if> its become s an issue then I can revert to cash. Just pi$$ed that I didnt get as much as a counter after a verbal acceptance.

6 weeks ago we put an offer on a quad near us, roughly 100 year old property in surprisingly decent shape (where I invest 100 year old's are the norm). I had finally gotten an agent to get me inside to take a look and I put together a quick estimation of a budget. All said around 60k in work needing to be done immediately.

Our offer went in, then silence... couldn't get a return call for almost a week (I make my offers 72 hours then expire). Finally was told that the seller accepted a verbal offer (this one is also an estate, so lots of parties involved). Several weeks went by and I asked my agent to follow up (another long story, but the net is I fired that agent). After having a new agent re-submit essentially the exact same offer, we were contacted that it had been accepted! FANTASTIC.... BUT, I need the signed contract (details). After 3 days of asking we come to find that a VERY similar offer was made yesterday but all cash - and they want to take that one. Hell, I can and will pay cash for this (and close soon as I can verify liens... but 'interestingly' never got the opportunity to do so.

So, form finding and supposedly getting a great deal - Im back to looking for the next.... Arg!

Jonathan - Tink Wig is such a long drive from NYC (too far if you ask me.... wink-wink). If those lots are waterfront we should talk... my wife would give our first-born for waterfront at this point. In seriousness, that looks like the Poconos area, and personally Im not in a hurry to move there myself. (Im outside Allentown - from you a straight shot out I78 to Dorney Park... Im 8 minutes west of that). YOur lots would still be a considerable drive from me. I would take a close look at the marketability up there however - Ive got friends that live up that way and while somewhat inexpensive in many ways, they are paying for it in others (a discussion Id rather take off-line).

Absolutely approach your uncle, he may have many lessons to share, and quite possibly be the best source for you as well. Id corroborate that with what the community is telling you till you get some deals under your belt as well. You never can quit learning. That said, focus on passing the NCLEX first, then venture into this field... school isnt cheap and you cant afford to miss a year in that program (my daughter is in the Nurse Honors program at DeSales... Real Estate is also paying for that program, well sort-of... I need to buy more). If something falls into your lap during school your uncle might also understand your ambitions and be your lender as well. Guess what Im saying is get the education finished first, then you can spend your free time finding deals. I know how addicting it is analyzing everything that crosses my screen - Im teaching my wife how to look quicker at the MLS crap as I really don't have cycles to go through EVERY one that she sees (and most on the MLS are turds anyway). When a deal hits you've got to move fast, and all the little things WILL suck your time.

Where are you planning to acquire assets? Are you staying in Queens (might be expensive) or looking out towards NY / PA areas? Id suggest getting comfortable with a market before finding a deal - know how that's reacting otherwise you may get whipsawed by not seeing the larger picture. Congratulations on getting involved as well. Lastly, there are some fantastic hospital networks out this way in the Lehigh Valley (if your looking for a decent area to grow in both your careers)

I did a quick all cash close in 48 hours about 8 months ago. In full disclosure I had already searched the property for liens (and knew its history), but the net is yes, its absolutely possible.

Bryan - you might consider a joint venture? Are you looking to flip this or buy/hold the property?

Ive done deals both ways (and actually recently flipped a condo in a very similar situation). THe last time a realtor said they could "probably" get X sum for a property I asked the seller to inquire if the realtor would buy it for that... the story changes real quick (meaning Ive been 'working' on one in Whitehall - its a 1950's 3br that some realtor claims they can get $225 for. caught in an estate currently and its been vacant for 6+ months with zero interest or showings at that number. Ive offered cash - significantly less, but the place needs $50k in updates to even get close to that ARV.... then you have the risk of carrying it... or you have to lease it).

Guess what Im saying is whats your exit strategy? If your holding it I personally would be leary of 1200 rent on a 130k property... CoC would seem to be low for me, then again if you can 100% finance it it might pass the sniff test (you have to run a full analysis on it first). Can you convert it to two units? I've got a conversion in Easton - one a 2br that Im getting 1170 for, the 3br upstairs is going on the market for 1200 in a week... I had an inherited tenant in that and HUD was only paying $825 for it. A conversion can dramatically increase your cashflow.

Bryan, sounds like you have several things to consider. Im more than happy to chat off-line if you have interest. Good luck!

Brian - welcome to the community. Feel free to ping me off-line, Im in Upper Mac and currently invest in Easton. This weekend is a little hectic as I have a lease being signed as well as some maintenance to get done, although most anytime next week is good if you want to get together and chat.