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All Forum Posts by: Michael DeLuca

Michael DeLuca has started 2 posts and replied 6 times.

Post: New Member in Philadelphia Metro based out of NJ

Michael DeLucaPosted
  • New Jersey
  • Posts 6
  • Votes 0
Originally posted by @George Blower:

@Michael DeLuca

Welcome to Bigger Pockets.

Thanks George.

Post: New Member in Philadelphia Metro based out of NJ

Michael DeLucaPosted
  • New Jersey
  • Posts 6
  • Votes 0

Odie, my man thanks for asking.  I'm currently analyzing a few deals (3 out of state buy and holds) while working on this South Philly property.  I appreciate the ask, accountability!

Post: Question about Financing Rehab

Michael DeLucaPosted
  • New Jersey
  • Posts 6
  • Votes 0

Thanks everyone.

And J Scott, I agree on the risk/reward.  I'm only following directions at this point.  I haven't made my recommendation.

Post: Question about Financing Rehab

Michael DeLucaPosted
  • New Jersey
  • Posts 6
  • Votes 0

A family member has approached me to run the project for them selling a property with which they inherited. Property is in Philadelphia, PA. The property as is worth is between 150-160K. I am still performing due diligence on the ARV but it looks to be in the 250-260K range after about 50K of rehab. Having said this, the property is free and clear. Can they get a HELOC on this? Can you do cash-out refi? Do I need to form an LLC and then apply for a business LOC? I appreciate any info you guys can provide. Thanks.

Brendan and Alexander, thank you for the pointers.  I'm always looking for advice and criticism and I plan to be more involved with the BP community.  Port Richmond is definitely an area I've been looking at.  Recently had someone approach me with a portfolio but I'm not prepared for that yet.

Just wanted to take the next step and introduce myself after lurking for a while.  Brand new investor from NJ with a lot of varying interests.  I work for a major food manufacturer and finally received the kick in the *** I needed once we were acquired by an even bigger food manufacturer.  I've been a podcast listener for about 6 months and want to thank the Bigger Pockets community for the wealth of information provided there and on these forums.  I'm currently researching my first deal and the goal is to have 3 or 4 behind me by the time I am unemployed so that I can focus full time on becoming a rei business owner.  

Just finished reading "Building Wealth One House At A Time" by John Schaub and must say it's a terrific book and I will probably read it a few more times in the next couple years.  Next on my plate is "Investing in Real Estate with Low (or No) Money Down" by BP's own Brandon Turner.  

My vision for the future is for putting together large multifamily syndication deals.  I plan on spending the next couple years learning as much as I can through flip and buy and holds.  Sales is a strong point of mine, so I'm going to try and do as much as I can with that focus in this space.


Once again, thanks for all the information and discussion.  You can't put a dollar value on what people get out of these forums.