All Forum Posts by: Jeremy S.

It's possible but banks will wants to see where your down payment money came from and may even require seasoning of the funds. You could do this with an FHA loan up to 4 units for 3.5% down if you intend to live there.

Awesome, keep us updated. Good luck

Will you be listing with an agent? It doesn't appear you accounted for that expense? 

Will you be assigning this contract or actually do some improvements yourself? Transfer taxes?

How will your marketing be better than the previous owner that you can get a better price for the same product?

Hello BP,

I'm looking for a private money loan to fund a fix and flip deal in the Harrisburg Pa area. I'll start with some information about myself and my experience.

- I work full time as an electrician (night shift) and I work part time as a licensed RE agent

- Credit score: 700+

- Salary: $85,000

- Gross rental income: $45,000

- Equity in my RE portfolio: $190,000

My experience:

- I own and manage 5 single family rental properties all of which required significant renovations to make rent ready.

The Deal:

- Detached single family home

- 2200 sq ft

- 4 bed 2.5 baths

- Desirable neighborhood and school

Purchase price: 117,500

Total repairs: --- 45,000 (10 weeks)

Expected days on market 30-45

ARV= 235,000

I would be willing to provide the following information for anyone interested in this investment:

- Personal credit reports and scores

- Copies of all documents that would be used to secure your interest in the property, including the mortgage and promissory note

- List of recent comparable sales for the property you will be lending on

- Photos, list of repairs and financials from all previous projects

Thank you

thank you everyone for the advice but we went in a different direction completely.

First off, my fiancee is now my wife and Junior will be here in september! We bought a 3bd cape cod in a great neighborhood from a flipper. We moved in here in september and we love it.

As for investments, we purchases 5 single family row homes. 2 were already rented and we are finishing up rehab on numbers 3&4 but it looks like i let myself stray from my business plan on number 5 and that will require extensive work. I have had good experiences being a landlord so far and I've had an unbelievable amount of help from friends and family in my rehabs. you would be surprised how many people around you are "thinking" about investing and would be happy to roll some paint in exchange for some of your knowledge.

To answer your question, I'm holding them all in my personal name

Thanks again for your replies and good luck with your investments!

Hey Geoff,

I grew up just north of lancaster and I now invest in Harrisburg PA. What is your reason for wanting to buy in lancaster?

you will have to include all utilities as part of the rent payment if they are not metered seperatly

I would think it would be very similar to a traditional duplex as long as the conversion was done correctly and with permits

nice work, I'm thinking about trying a similar strategy myself

you could actually live there for a year or 2 and also prevent the short term capital gains tax... I thought about this but I have way too much stuff to keep moving