All Forum Posts by: David Hudson

Good morning all. I have a duplex that I'm about 90 percent completed. I'm looking for recommendations for property management in the Brookhaven, Parkside and Chester areas. Any help would be greatly appreciated. 

@Colleen F. they did indeed tell me 30% without looking at the cashflow. I have also considered the owner financing route however I'm not sure if the listing agent would be interested in passing on that idea. Do you think I should approach the agent with that suggestion?

Thanks for the response Chris. I have considered a partner on this deal but currently my network doesn't have anyone that would be able to help out with a number that great. I would have maybe 5k left for reserves but honestly I'm not sure if that would be enough. I am however weighing all of my options. I'm not sure how it would work for me if I were to take a loan to bridge that gap. Then id be dealing with that extra expense that would be covered but the cashflow of the property. But I'm not sure if I would even be allowed to do that.

So Ive been looking at small multi families in my area (Philadelphia metro) Ive come across quite a few duplexes and I recently made settlement on a duplex. I'm riding the wave right now and I would like to continue buying. I have a few other duplexes on my radar but earlier this week I came across a small multi family (5 unit).

I called the listing agent and he stated that the sellers are very motivated and are looking to take any offer. Armed with that information I called my credit union and spoke with the commercial department and was told id need 30 percent down plus other associated fees. Ive driven past the property and to see its exterior condition and I feel it is worth pursuing and the analysis I did has the property cashflowing at $900 per month.

The property is listed at 115k. I currently have 15k in cash.

My question is what options do I have in order to make this deal happen? I'm familiar with hard money/private money but don't have any experience in those arenas. So at this point I'm looking to all the professionals to help me out with this one.

Thanks in advance.

Sounds interesting. I have had some questions recently about foreclosures.

Yes Trace I do mean a small loan something manageable. Not to spend but borrow and pay back. Use that to establish yourself credit history. Just one method. And I agree with everything that Alexander Schaaf mentioned all great ways to learn and establish yourself. Your in the right place.

Those do indeed sound like good steps toward the goal. Have you considered applying for a small with your bank as another means of building your credit. I used that method to expand my credit profile and it worked well for me.

Trace what is your time frame on your goal? 

Congrats Ryan. I actually bought my propertyin Clifton Heights. However I am currently looking at a couple of duplexes in that area. There are multi family homes there in C+ areas for a decent return on investment.

I really appreciate all the welcomes I've received so far. This really is the place to find goal oriented people who are not only interested in their success but I help others achieve as well. 

That's great to hear @Ryan Craig. What areas are you investing in? Im interested in areas of delaware county and some of philadelphia.  Currently looking at a couple duplexes in darby? What are currently investing in?