All Forum Posts by: Ray Realdine

Chris,

I too am in the Philly area and love real estate investing.  I currently have 2 rental properties with another mid rehab.  Would love to connect to see if we could put something together.

Take care

Ray

@Caleb Heimsoth

Thanks for your response!

No flips yet, but 2 rentals that both needed rehab work.

I have 4 comps that sold in the last 90 days that range between 185 - 240.

The house needs a ton of work. New kitchen, new baths, electrical work, paint, flooring, windows...the list goes on.

Hi all!

Looking for insight:

Would you do this deal:

4bed/1.5 bath

Purchase price: 75k

Rehab: 75k

ARV: 220k

Hard money 9% +3 points

Up front Out of pocket cost: 21k

Holding cost (6months): 11k

Net profit: 17k

ROI: 53%

With the prices of real estate soaring in and around South Philadelphia, what markets do you guys recommend for the buy and hold investor?  Does anyone have experience with the rental markets in South Jersey? Runnemede? Glendora? Deptford?

Hello everyone,

My brother and I are in the middle of flipping a property in South Jersey.  It was a significantly distressed property, as almost all of the interior framing was damaged from termites, in addition to a number of foundation issues in the rear of the house.  Our issue is that we both work full-time jobs and do not have alot of time to work on the property, aside from nights and weekends.  We need to hire someone to help us finish this project.  Can anyone here recommend a reputable contractor in South Jersey area?

Thanks for the response Aaron. I apologize for not being clear in my question. I did qualify the first LLC as a Foreign Limited Liability Company. I probably answered my own question then...if its the same LLC, just qualified as a foreign entity, then essentially its the same company and I wouldn't need a separate account. Is that a correct interpretation?

I have an LLC in PA for my rental property and just formed an LLC in New Jersey using the same name and same EIN. My question is do I need to have a separate bank account for my LLC in New Jersey? If so, what is the rationale?

Thanks

Ray

Hi I purchased a property on March of 2018, rehabbed it and now have it rented. I’m looking to purchase another single family home to rent out, but here’s my problem: I’m not sure whether to pursue a Home Equity Line of Credit, a Home Equity Loan or a Cash out refinance. Here are the details of my situation: Purchase price: $92500 20%down: $18500 Loan balance: $74000 Interest Rate: 5.25% PITI: $700/month ARV: 135000 Equity: $61000 What is the best strategy to get my equity out?

Hello everyone!  Wanted to share an update on my first property.

You can check it out here: https://newjersey.craigslist.org/apa/d/welcome-home-clean-3-bedroom/6569847416.html

Hi, Newbie real estate investor...bought a property in mid-March, spent the last month fixing it up and now it is ready to rent out. I am using Cozy as my rental application platform, but I think it’s an obstacle for my potential tenants. I am thinking about using a paper version of the rental application. Can anyone in the BP world direct me to or share with me a rental application? I really don’t want to have to rewrite/retype an application. Thank you in advance Ray