All Forum Posts by: Nour Belkadi

Very well done @Connor

I was also a UD student and I could never imagined myself investing while I was in college. I admire your courage. I am also from Middletown and in the process to start flipping. I would love to see some pictures of the end result, keep us posted and best of luck!

Thanks Aaron and Corey, I wish I had the little bit of knowledge that I have now back then. Offering 3k for closing, I am assuming so I can sell it fast AS IS? Or do I need to put a new roof and fix what needs to be fixed then put it on the market?

Hi BP folks,

In 2005 a bought a 2 beds 1.5 baths townhouse where I lived for 5 years. In 2010, I bought another single family house as the townhouse was too small for us. Not having a real estate investor mind set I decided to rent it out even though it had a negative cash flow. What I though back then is to consider it as a saving plan for college tuition for my 2 kids, assuming I will have a good equity from principal and appreciation in 15 years ( presumably my kids will attend college in 2025). Now that I am interested in becoming an investor and started learning about the real estate, I realized that renting my townhouse isn't the way an investor may have done it. So I need advices from the pros in BP to tell me what they think. Here are the details:

Purchased price $146,000 in 2005

Actual estimated value: $165,000 (based on comps of $175,000 and $180,000 same neighborhood slightly bigger).

Balance on the mortgage: $132,000

Apr: 6%

Monthly payment ( including prop tax and PMI): $1245

Monthly rent: $1100

Property management: $88

The townhouse was vacant for a total of 3 months for the past 5 years

We brought some upgrades to it of a total of  $9000 in the 5 years period

Townhouse in desperate need of new roof and vinyl sidings (quoted $10,500). Also need but not urgent 2 windows and the driveway to be redone.

My goal is to start flipping and buy/ hold starting next year. Should I refinance my townhouse and keep a tenant or fix it and sell it?

My credit score is in 800s and the reason I didn't refinance while interest rates are low is because I had a business and didn't do well, so my income to debt ratio was high. Now my business is sold and went back to full time job, just recently, so I should be able to refinance or purchase a new property in the near future. Thanks in advance BP

Hi Jeffery, I live in Middletown and work in Wilmington. I will be happy to meet you guys. Let me know when and where. Thanks

I've been living in Delaware for the past 15 years. I graduated from college in 2003 and since I have been working for a small to medium size family owned restaurant chain. So far it has been great managing restaurants but as everyone knows it becomes challenging to balance work and family time once you have kids. I own 2 properties, one used to be our primary residence that we switched to rental once our 2 kids were born, and the other one is our actual primary residence. I am interesting in flipping at first and buy and hold in the future. I found bigger pockets while looking for podcasts, I listened to the first episode and got hooked.