All Forum Posts by: Rebecca McClellan

I am still relatively new to investing, but I would look at a few things. First off, are the rents current with market value. You might be able to increase cash flow. Are tenants responsible for all bills/utilities/etc. Does your monthly fee include annual taxes, if not, how much will those impact your monthly cash flow. If you are comfortable with your figures after evaluating that, it seems like a decent deal to me.

I would caution against the last comment about sale price does not matter as long as you get good terms. I live by "you make all your money in the purchase of the property." If he has to sell quickly, have you negotiated the sale price at all. Seems like you have the upper hand a bit here.

Hi Joseph, i am in the philly area. Where are your Multi-units? What areas of Philly are you looking to buy? I am currently working on my second short sale, and first lease option, and short payoff. I would be glad to connect with you.

Thanks for the replies. From what you all said, the 80% LTV is not a surprise. What is a surprise is the waiting period f up to 1 year and the fact that they won't lend on $50k ARV after my rehab. Guess I will have to shop around a bit.

I agreed to purchase this property "cash". It is correct to say that I can not come to the table with a mortgage. Or is it just that I can't have the deal dependent on a mortgage? In other words, would I be better off going to a local bank now and closing with a mortgage as opposed to borrowing cash from my friend to close and then looking for a mortgage after the fact?

My personal credit is very good. However, I am purchasing this property in the name of an LLC which has 1 rental property that has been cash neutral for 5 years or so. Therefore the cash flow of the business is not good.

I am working my first deal and have been awarded the contract to purchase a property at $35k. My plan is to fix it up a bit using about $6k and then rent the property ($900/month). I estimate the ARV to be about $50k. With closing costs, my total in the deal will be $44k. I am using a cash lender (a friend of mine) and don't want to borrow her money for longer than about 3 months. What are my options after the deal closes. I was hoping to go to a bank and get a mortgage. Will this work? How much do I need down on an ARV of $50k? Any other thoughts?

Thanks for your help.

Ann Bellamy; Rashad Shaheed
One other piece of advice on CL...to prevent ghosting of your post, change not only the headline, but also the first line of the post too.

@shirley : The UPS store has boxes you can rent monthly or annually. It is better than a POBox because your address can look like a business address and the UPS store can sign off on packages if you a signature is required. Better than a PO Box for sure.

Nick, I am starting out in Marketing with postcards and yellow letters. How has your success rate in converting the 1% into deals. have you broken even on your marketing investment. Hopefully you have done better. Any advice for me?

Benjamin Ellis - I sent you a colleague request. I think it would be great to share our experiences in REI groups in the areas we are focusing on. Additionally, we might be able to swap deals if they are in each other's geographic areas. As you build you buyers list and I build mine, we can help each other out.

Andrew Massaro - thanks for the welcome. Yes, I agree it is time to get out there. I have a mentor who has been to a few leads with me so hopefully I have already had my "misses", but I am ramping up the marketing and I hope to get a deal in the next few months. Thanks for your involvement on BP. I see you on alot of the posts I have been reading.

Brandon Turner - Thanks for the articles. Once I have my marketing on cruise control for the next few months (which I should complete today), I am going to turn my attention to the details of the articles you sent me. Really appreciate it!

Hi, my name is Rebecca McClellan. I am 34 years old and have been networking in the Philadelphia/Montgomery County real estate area for approximately 2 years. Having purchased a few courses and dabbled in a few different areas, I have lacked success. I have recently made the decision to focus my business goals on wholesaling. I carved out a monthly budget and am targeting a few different lead types. Fortunately, I listened to Jerry Pucketts podcast this month and will be making a 6 month commitment to my marketing campaign.

My long term goal is to leave my day-time job (Project Manager for pharmaceutical research trials) and spend time RE Investing as my source of income and spend time with my children (10 weeks old and 3 years). I am on maternity leave until August 22nd so I hope to get a good lead generation system in place prior to my return to my full time job.

I look forward to hearing from other members in my area.