All Forum Posts by: Mikielle Elum

Wow. Thank you guys for that. I definitely have a better understanding of the finance portion. 

When going into any deal I like to look at the possible pitfalls. 

-What happens if the property doesn’t sell? Or sell less than asking? 

-What is the lenders motivation? The interest on the loan? 

-How do the draws work? 

-what happens if the project extends the projected time frame? 

-What are some mistakes that a person can make? 

@Jose Lopez

Learn a trade (HVAC, GC, carpentry, roofing)… build your credit…save…network and get your real estate license once you turn 18. You want to bring as much as you can to the table that way you won’t NEED a partner. And if you do, YOU will be a solid partner as well.

Best of luck!

Hard money scares me.

I’m new to investing but I have two rentals that I purchased with conventional financing. I’m interested in flipping with hard money.

Can someone give me a break down of the process from start to finish and maybe some lenders in the Philadelphia area they recommend.

Thank you

@Bradley Smith

Thank you! I finished the house in late April and got it rented in may. I hosted a two day open house and received well close to a hundred inquires. About 40 people showed up and maybe got 20 applications. I did paper applications and sent over the link for the fee and background check. It was instant once they paid. I forget the service name but you shouldn’t have trouble finding a good service.

I settled on two best friends. Both with steady income. They have been great! I don’t hear from them haha. I haven’t had any issues except in May when the dryer went. (My fault because I was being cheap and brought it craigslist).

I brought the property for 80k and it’s renting for 1100. Tenants pay electric and gas and I pay water ($60 month).

Not sure if you’re interested in that area but if you are I’d say go for it.

I’m looking for my second property

Turbo tenet seems like a great option. Thanks for the great info! 

@Dan Armich

Thank you so much for the info! I will check both of them out 😊

I’m a new landlord and would like to know what people are using.

Is there an app:

-That will generate a lease and have an option to add/remove clauses

-Run background and credit checks

-Accept rental payments

I want to simplify the process and I’m curious if there’s like an one stop shop kind of app or software that you like

Also, any advice or tips before signing with a new renter

@Courtney Benson Great info! Thank you for sharing.

I have a rental unit in 19134. The area definitely has a long way to go but I’m hopeful.

What has your experience been with tenets?

Yes I do. I will message you 

Hey Nicole, I’m nearing the end of renovations on my property on rorer street. I think I got lucky with the block. It’s loud but the neighbors are nice and there haven’t been any issues. 

As Alex said run the numbers and do what makes sense for you. Maybe a fsbo and see what kind of interest you get. If it gets traction sell it. 

But Kensington is the long game for sure. There is a new police command center on the ave. And police presence is heavier. A step in the right direction.

What are your numbers? Does it make sense to renovate? How much work does it need to be rent ready?