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All Forum Posts by: Matthew Morrow

Matthew Morrow has started 50 posts and replied 416 times.

Post: First Real Estate Meetup - Success!

Matthew Morrow
Posted
  • Investor
  • Pennsylvania
  • Posts 421
  • Votes 159
Hi Matt! Congrats on your first meetup! And i see you just moved to Florida- but even better that you're from Blue Bell. lol Im from the Lehigh Valley and am part of the Villanova Nation. Go Cats 

I host a monthly virtual meetup if youre interested in joining. Investors from all over the country call in and talk about all things real estate. Hit me up and ill be glad to add you to the list. 




Quote from @Matthew Wilson:

Hey everybody!

I just went to my first REI meetup! I went to the Palm Beach REIA monthly meetup in West Palm Beach, Florida. I 100% recommend everybody get up and go to one! SO many people to meet, experiences to learn from, and advice from professionals!

I just moved down to West Palm Beach, FL only 2 weeks ago so this was something I made sure to do right away! As a rookie, I am looking for a small multi-family I can househack, and this was certainly the place to meet professionals who have been in my shoes!

I made sure to bring business cards and boy am I happy I did. Thank you to the Real Estate Rookie podcast for that tip!

Anybody in the West Palm Beach area interested in coffee or lunch hit me up!


Post: Best insurance provider for double wide on land .

Matthew Morrow
Posted
  • Investor
  • Pennsylvania
  • Posts 421
  • Votes 159

Try Agents Choice.  We’ve used them for a bunch of different applications, not sure if they will touch modulars, but worth a call.  

Post: What are the best real estate mailers?

Matthew Morrow
Posted
  • Investor
  • Pennsylvania
  • Posts 421
  • Votes 159
Quote from @Ruchit Patel:

If you don't mind, can I ask what is real estate mailers?

Thanks in advance.


Real estate related postcards. Very effective ways of getting in touch with the owner of a property to see if they like to sell. 

Post: What are the best real estate mailers?

Matthew Morrow
Posted
  • Investor
  • Pennsylvania
  • Posts 421
  • Votes 159
I have access to all of the backend information in our area as an agent, so the widespread application  of prop stream was not super important

I like deal machine specifically because of it’s driving for dollars function where you can have a map pulled up click on a parcel and send a postcard and include a picture of the property.  

We use it solely for postcards

Quote from @Juan David Maldonado:

@Matthew Morrow why else do you personally choose to use deal machine over popestream for example?


Post: Please help. Tenant asking for an insane relocation fee.

Matthew Morrow
Posted
  • Investor
  • Pennsylvania
  • Posts 421
  • Votes 159
Quote from @Johnny Lau:

Are they for real? They sound like scammers, the most I would do is 2k cash for keys, but try to get rid of them for 0


 Kinda my thoughts also, but they have a pre-existing relationship with the landlord. Sometimes people just like to prey on the nice guys. 

Post: Please help. Tenant asking for an insane relocation fee.

Matthew Morrow
Posted
  • Investor
  • Pennsylvania
  • Posts 421
  • Votes 159
Quote from @Jennifer Shaw:

They are month to month. And the 10,000 was for if they moved in May. Which they did not. So I’ll just wait until end of august 


 If this is all documented you should be covered. Giving extra if anything is a huge risk and kills literally a year+ cash flow to be "nice." 

Id call your attorney if you are concerned about the legality, but certainly is not advisable. The move and timeline was their choice. 

Post: What are the best real estate mailers?

Matthew Morrow
Posted
  • Investor
  • Pennsylvania
  • Posts 421
  • Votes 159

Not sure what your end goal is – but highly suggest DealMachine. Hands-down. 
Super easy to use, great customer support, and I believe there’s a code on BP somewhere for them.  Many of our deals have come from there

Post: 2nd Home to Rental After Cashout Refi

Matthew Morrow
Posted
  • Investor
  • Pennsylvania
  • Posts 421
  • Votes 159

Hi Matt,

In general Yes, however a few things play into it. If filing yourself or if its in your name then the property should be listed on the Schedule E form come tax time. It get slightly more complicated if with a partner / corporation- then you need a K-1. 

Regardless, This is very common and your accountant should know how to prep this in short order.

Post: A child in my rental tested positive for lead paint in PA

Matthew Morrow
Posted
  • Investor
  • Pennsylvania
  • Posts 421
  • Votes 159
Kevin, 
You are exactly right. This kind of thing is to be discussed much more frequently. Especially since so many homes in the Lehigh Valley predate lead-based paint issues by a Century.  
We should get this thread addressed on a higher level to see what others say. 

The disclosure is a great start, but fixing the problem to prevent future issues is more important.  

cheers. 

Quote from @Kevin Sobilo:

@Victor Lee, did you receive a copy of the inspection report. I have not personally dealt with this issue, but my understanding was that a report should identify areas that need to be remediated and what kind of work is recommended.

For example, maybe they find peeling paint on the ceiling of a bathroom. They might recommend installing a drop ceiling or dry-walling over the existing ceiling to seal it in because bathroom paint is prone to peel because of the moisture present.

If lead paint is on the surface layer, they might recommend painting over it as any contact with a top layer of lead based paint could create dust that is being ingested. This is one of the reasons that I typically paint every surface of properties I renovate. Then I know 100% that any lead based paint is encapsulated under at least once fresh coat of new paint.

Please let us know what your lawyer advises for you. This is an important topic and doesn't get discussed often enough. 


Post: How do you analyze a property?

Matthew Morrow
Posted
  • Investor
  • Pennsylvania
  • Posts 421
  • Votes 159

Hi Ryan, 

Lehigh Valley native, investor and agent here. 

Analyzing a property can sometimes be stressful and overwhelming.  The BP tools are wonderful to get started, and if you need help analyzing some local deals here – I would be more than happy to walk you through the process.  I host a local and virtual meet up and talk about these quite frequently.  
If you are looking at any properties in particular give me a shout.  All of our investments and clients are in the Lehigh Valley. Would be glad to help you learn more.