All Forum Posts by: Irene Hunter

Who here is a wholesaler in Philadelphia, PA or New Castle County, Delaware? Let's connect! 

Hi Kate, I just sent you a message. Let's get this deal done!

Yes, in certain price ranges, and certain loan types it is normal for buyers to ask for seller concessions. Rates are high and certain buyers are strapped for cash so expect to be asked for down payment assistance.  As a last resort I would ask their realtor if it's an option to have them apply for a down payment assistance grant, instead of you footing the bill.  If all else fails each day on the market is more money out of your pocket and it may be worth it to take the deal so you can start your next project. Let's say you pass on their offer; but you have already set aside funds for your holding costs for X- number of days on market. Perhaps have your agent do another open house and some outreach prior to your 30th day on market. On the 30th day which is in a few weeks you may want to reduce the price by usually 5% which is $11k so you may actually fare better taking the deal instead of possibly spending more in holding costs and losing more money if you continue to rack up days on market. 

Hi Kelly, congratulations to you on your project! Some things I wish I would have done differently when I first started. 

1. Preclosing project meetings with your team; confirm the budget matches the designs and the materials are appropriate for your end game, whether you're renting it or flipping it. 

2. Prepare for extra holding cost expect budget and the timeline to be more than you originally thought.

3. Secure the property; even in the best areas I caution you to make sure the property is secure with an alarm system with cameras.

4. Systems and processes - your project manager or general contractor are responsible for weekly walk throughs, and material inventory.

Best of luck!

In this business you only eat what you kill. KEEP YOUR JOB! For now that is!! Use your income to fund your business. Time is usually what most complain about when working in RE part time. A remedy to this is to hire help. Network with other agents to show homes to your clients or a VA to answer calls or do admin work during your working hours. If you can modify your hours that will increase your availability to prospect, or tour homes, tour open houses on the weekends etc. I know it's a grind to do both trust me I jumped out the window and still needed an additional income while working RE full time as an investor. Take this time to learn all you can about contracts, negotiations, financing and human behavior. Find a "proven successful" mentor that can guide you in relevant marketing strategies so you don't waste your money on old marketing tactics that don't work. Wish you the best of luck!

Hi Ethan, 

Congrats on continuing your education! There's many questions you need answers to, that should help you make an informed decision. With STR are there any in the area you are interested in? Can you contact the owners and ask them questions about vacancy rates, costs, renter info, community guidelines etc.? Know who are you targeting, what's nearby that will draw these people to your rental specifically. How many ways can you use this rental during down times? What are the rent and vacancy rates, would you be able to afford the expenses of that property with no bookings? Depending on the area STR may be a great investment or not. LTR may be more consistent income, there's pros and cons to both.

Hi Matthew, 
I suggest you join Better than Success Real Estate Group and the Philadelphia REIA group. There you will learn about strategies, connect with lenders, contractors, other investors of all stages, realtors, private capital companies and so much more! I was able to start flipping with none of my own money because of what I learned in these groups. Have you decided on exactly what type of rentals you'd like to invest in? It's hard to answer your question. However, if you're new to investing in this area I suggest you connect with both of those groups to get the guidance you need. Feel free to reach out to me if you have specific questions about philly, we invest in here and the surrounding areas.

I would negotiate with your current lender if you have already had several successful deals with them. See if you can lower the interest rate on your next deal. All while researching alternative loan types such as private money or seller financing for your next deals. 

Congrats Dean on getting started in your Real Estate journey! Your experience in project management will definitely help you in real estate especially if you plan on doing any renovations! I have been the gc for my flips as well and trust me those skills you have are needed! 

Hi everyone! My name is Irene Hunter, I'm an investor in the Philadelphia, PA metro area primarily doing fix and flips. In addition, I am a licensed REALTOR in PA, MD & DE, an author and home inspector apprentice. I look forward to connecting with you all and am willing to assist anyone who is currently or looking to invest in the Philadelphia metro area!