All Forum Posts by: Michael McDermott

Does anyone here have any experience challenging the tax assessment of your property in Delaware County? Going through the county website I found my neighbors property is assessed about 40K less then mine after a borough decrease. Any help is appreciated.

Thanks

 @Ryland Taniguchi:

Thanks for the advice, I am going through that process now. Just need to find someone willing to lend a small portion to make a good return.

I am looking for someone to come in this to fund %20 of a 91k downpayment and %15 of a 45k Rehab budget. I am using a HML to secure the rest of the finacning and have had my contractor though the property to give me an estimate. I am also a realtor so I have comps for the property that support an ARV of 185-195. The numbers work for a decent profit. Shoot me a DM if you are interested or need more info. No tire kickers please, I have until the 12th to complete inspections.

Thanks.

 Financially I am in good shape, have enough in savings to cover the down payment but would rather not use my own cash reserves just in case. I work full time and live in a duplex where almost %100 of my living costs are covered outside of student loans, utilities and food.

And if I follow what you are saying; this is the only deal I have in the works right now. I had originally planned to source the down-payment through private money of someone I know but it doesn't seem to be happening right now. I was going to offer %10 on her money and this personal loans looks to be cheaper then that, so I'm leaning towards pulling the trigger, just looking for outside perspective.

Through a wholesaler associate of mine I have the opportunity to acquire a 3 bedroom, 1.5 bath, 1500 sq foot single family home. The agreed upon price is $91,000 with a $40,000 rehab (had my contractor come out and give me an honest estimate with me there, I've used him many times before). He said he could finish it in 4 weeks, the sales comp I have is right across the street for $189,000 and it took 2 months to sell. I know the area well as I grew up there. I also am a licensed realtor so I can save at lest %3 on the sale. 

I am ready to apply for a HML at around %12 but am having a little trouble coming up with the %20 down payment for the loan. I am thinking of taking a personal loan out from TD bank for $25,000 at %8. I ran all the numbers through the flip calculator and being very conservative with all the numbers I'm still looking over 20k profit. My question is; am I extending myself to far for this deal? And does anyone have any recommendations for HML in Pennsylvania?

@Rayman Shakuri

Did you ever hear anything about this? I have read a ton of reviews, please PM me if you have any first hand experience.

@Scott Hearne

I have been checking in on this thread since you posted it. I am curious how brokers/agents approach someone and solicit all of there services ranging from a cash purchase to listing on the MLS. If you have come across anything that answered your question shoot me a PM, I would really appreciate it.

I just spoke with someone at their company and it seems like a good idea but I want to hear if anyone has had any experience with it.

Thank you

Like the title says, I'm curious how full time investors pull out cash after the rehab without W2s? What lenders do you use? Or do you just structure your private money deals for a longer time frame to avoid this? I have private money set up, am finding deals but am curious how to navigate this step.

Hey Guys/Gals,

I am from Delaware county, I currently own 2 properties and am looking to expand. I listen to the pod-casts, read a ton of books and forums posts but need some one-on-one advice and possibly mentoring specific to my situation. If you have any recommendations for REI groups near me or if you have found success in the field of buy and hold real estate and would like to help someone out please shoot me a message!

Look forward to hearing from someone.