All Forum Posts by: Mike B.

@Jonathan Dempsey - let me know if you have any specific questions. My past rehabs/flips have been documented before (see my previous posts/diaries) with pictures, numbers, etc.. check them out for details. Current flip-to-rent project is unfortunately in a standstill while I await drywall :-(

@Blake M. - also forgot to note I'm doing another rehab currently in west passyunk (I just recently posted about it in Investor diaries and Phila subgroup). I also have another post on my previous property (which is still rented).  Search through my profile/forums and you can read about the numbers on it. Good luck with your search!

EDIT*

I looked on the West Passyunk Neighbors Association (WPNA) website. To clarify, this area is actually:

18th to 25th Streets and Mifflin to Passyunk Ave (zip code=19145)

http://www.westpassyunk.org/who/

Affordable, lots of potential still, safe neighborhood, commercial & transportation conveniences.  Great neighbors too!

@Blake M. - I'm investing in West Passyunk area (just above Girard Estates, just below Point Breeze). It's a niche area with low to mid $100K homes, some are lightly rehabbed ready to rent. Others are diamonds in the rough which can get a good cosmetic reno and after Refi, produce a good COC return. Check it out.

Snyder south to passyunk ave.. 24th to 16th st (approx.).  On google maps its literally a triangle shape.  5 min walk to grocery stores, HD, petsmart, gym.  Few min drive to 76. Septa buses running up and back to the city (and stadiums). Eateries, etc.  Great potential there!

yes, have to wait 6 months to START the refi process.  I work with Everest Mortgage Company (ask for Amy), off of Girard Ave in Philly

@Steve Babiak thank as always for your feedback! Much appreciated on the recs for the covers (ceilings are about 7.5' high so I didn't even consider it, but it's a good point)

Rent I'm going to ask $1600/month based on recent comps (rehabbed 2/1s asking $1500).  It's definitely a solid $1500/month rental though. 

Rehab budget.. approx $30K (and based on purchases thus far and upcoming I'm pretty close on that budget)

@John M. - what are your concerns exactly?  

Things I noticed: 

(1) Your ARV was mis-entered.. I believe you're missing an extra zero (240K, no 24,000)

(2) Are you owner occupied for the FHA loan?

(3) Are you locked into that mortgage rate? I only mention as I heard rates are going up (something to think about)

Otherwise, numbers look good.  If you are living in one unit (I suggest the smallest, to maximize your rent roll), then the other 2 units should pay your mortgage letting you live there rent free. 

Go for it!

@Ryan B. - I am the acting GC (coordinating everything), doing some smaller projects/work that's usually difficult to have my main contractors do.  Basically subbing out most of the work to each specialty tradesman.  

Starting the Refi process right at the 6 month mark hasn't been an issue.  I use the same mortgage broker (and have been for a few years now).  I have all my documentation in order, ready to upload to dropbox so when we start the process, I send everything immediately, along with updates/additional info when requested.  The big thing is to be on top of the paperwork.. if they ask for something.. the sooner you send it the better, because they likely need to FWD it to an underwriter, etc. 

Hi all,

I started a thread of a new project I'm working on.. and then realized I posted it in the wrong forum. 

---CLICK HERE FOR THE THREAD---

Mainly sharing for the newbies/people afraid to get their feet wet.  My advise is simple.. JUST PULL THE TRIGGER

Buy your property, start working on it, rent it out (or flip it or whatever your goals are).  Else you may be on the sidelines forever. 

I pulled the trigger a few years ago and am still doing real estate on the side; happy I got into it, definitely rewarding! 

Any questions, ask away

PS - also if anyone knows how to move my topic to the right forum I would appreciate that info as well :-)

wow that's awesome! 

Talk about goals to have! Congrats!