All Forum Posts by: Mark Gallagher

Any latex house paint should work fine provided that the roof has a pitch. I'd spray it on (make sure it's not windy and you don't paint the neighbor's house/car!) You'll lose the granular look, obviously. I once sold paint, and someone wanted to paint an old Pizza Hut roof yellow. He used simple latex exterior paint. I still drive by the building and 7 years later, it still looks fresh. 

I'd be more concerned with 2 things:

1) The drastic temperature change the house will experience in going from white to black shingles

2) A home inspector for your end buyer who might throw up a red flag since he won't run into something like that very often.

Most everything that @Andy Thompson said is spot on. 

It seems you're looking to get your foot in the door with little credit/income. If the guy is an investor, I would tell him what you're trying to do. See if he'll do some owner financing so you can obtain your first property. The price you pay might be close to "retail" but you'll own a property. If you can rent a room for $400, see if you can't get him to work out a scenario where you pay him about $600 a month. If you can rent a room to a buddy for $400, and can come up with the $200 difference plus $100 in taxes, you'll be on your way to owning a house for $300/month! Once you start making income, you'll be able to refinance the current owner out of the house. If you're lucky, you'll have enough equity to do a cash-out refi, and get maybe $20,000 to use as a down payment on the next one! Good luck - the first one is tough, but it gets easier! 

For all the negative press, you'd think Airbnb would offer the guy something like $10,000 just to get the heck out if he signs a release of all claims type of form. 

How much is the water bill in question? Their contract would likely state that they can cancel the contract at any time, but with a refund of your deposit. It also should say that they will provide clear title, which an outstanding water bill inhibits. Unless you were planning to buy the property without clear title per the auction. I would bid again on the same property but less. You'd be surprised but they might take it. In regards to your deposit, why doesn't your attorney handle the matter? 

I think one of the first questions to ask no matter what your goal is, is how much do they owe on the property. If you're looking to purchase something below market value, and they owe $100,000 on a $100,000 property, it might not even be worth continuing the phone call. 

I didn't read through this whole thread, but HIRE someone to do the work. On my first one it was my biggest mistake doing some work myself. It is always cheaper to hire someone! Get to know how much things cost, get 3-5+ bids on your project. Put together a scope of work so each contractor can bid the job the same, and then compare prices.
Thankfully my friend listened to me on his first project, and he was finished in a little over a week. If he had done it himself part-time it would have taken him about 3-4 months.

I have holdings in PA & NJ. Had offer in Florida become a backup offer as of yesterday. Will be putting more offers on Florida properties in next few days. I will travel anywhere; have focused on NJ and PA as I can drive there, and FL I have connections there. But I've looked at deals in Texas as well, but haven't made offers on anything there.
I look at SFR as well as anything up to 20 units, but I have not done anything above 10 units.

I am an investor in Eastern PA. I have a few years experience doing elaborate rehabs, and currently hold 7 rental units. I flip and sell or flip and hold myself. I am looking to network with people who are looking to lend. I have a very good relationship with one lender, and a new relationship with another. I'm looking to develop more relationships so I can take my business to the next level. I have done SFR as well as Multis. Please contact me for spec sheets if you are interested.