All Forum Posts by: Miguel Torres

I currently have a 1 acre lot with 2 properties on it. One is being rented, the other I plan on demolishing and adding new construction (Possibly 4 lot Townhome build with parking.) Property is in the suburban Philadelphia area. I know the lot is currently zoned for multi property & multi family use. Should my 1st step be to reach out to GC's / builders, get estimates, and let them deal with local township ? Also, Looking to bank loan the construction. 

What are the typical requirements for banks to loan on new construction? 

What is your experience with the resell of new construction (especially vs. Flipping)?

Looking for all input as I have experience with a few rental properties but this will be my 1st new construction venture.

purchased a tenant occupied home, the tenant was moved in by previous landlord during the buying process which I was ok with. Long story short, the lease signed between the former landlord and tenant states that there should be a washer and dryer in the home which there is not. The tenant has asked me about this and I have tried to reach out to the previous management company with no luck. 

Who is on the hook for supplying the washer and dryer to the tenants myself or the previous landlord? RE agent says previous landlord but I just wanted a few more opinions on the matter. 

(All lease terms are the same from previous owner until the lease is up then I will write my own lease up for current/next tenant)

New investor, not looking for rental income but rather flipping at the moment. $100k hard cash budget. (Purchase + Reno). Which Philadelphia neighborhoods should I be looking in to make a profit and also not have to wait long to sell. Is this a possibility with this budget? Should I look into an investor-friendly Real Estate agent? 

Summary: Loan taken out against the home by father, Father passes, leaves home to daughter, daughter can't take it over due to financial reasons, bank keeps contacting her for remaining debt. Told me the remaining balance has to be paid that's it. (The amount she specified is the amount owed on the county website.)

Hello. I found a home (non MLS) that is scheduled to be auctioned in 2 months. I was able to get in contact with the owner and get inside to check it out. If I want to purchase this home for the debt owed, do I go through with a real estate agent or just myself, the owner, and bank? What do I need to know about this process and what should I look out for?

Hello @Joseph Scorese,

Thanks for the advice. I just pulled up some upcoming REIA meetings to attend in the new year. I have secured funding and now just need to make the connections to find properties and get the ball rolling.

I will be in touch.

Thanks!

I live in the greater Philadelphia area. I am seeking advice from my fellow Philadelphia investors. With so many neighborhoods and homes listed for sale, which neighborhoods are on the up and up at the moment and going forward? looking to stay under 90k purchase for a buy and flip. It seems that there are more neighborhoods than even on the rise in Philly.

Question for investors who have had multiple flips.

Do you find that your profit margins are higher when buying a shell, rehabbing it, then flipping to a landlord of first time buyer? Or...

When you buy a home that is already livable but you want to upgrade it to make it modern and fancy?

I know there are a lot of variables missing here but I just want to know what I should steer more towards for my first flip. Shells are easy to find but require so much more work during the rehab process, while Livables are rare at a good price with heavy competition, but a lot less rehab worries.

Looking for suggestions.

Thanks. Needed the reassurance. The search for the first one has been long. Learned a lot on the way though.

Is it a bad idea to forgo an inspection on my first flip? What reason would the seller terms be "no inspection, close less than 30 days."? Home looks good and has been well kept. I have not agreed to anything and so far I am leaning towards finding a different property to flip. Any thoughts?