All Forum Posts by: Rick Ortiz

@Kevin Zolea

Congrats on your purchase. I have done several deals in GC and am hopeful its up and coming due to proximity to Philly. As far as garage rents i think $150 is reasonable depending on size. Because your 5 min from S Philly (my neighborhood) you may get someone from there condidering garages can rent for $300 in the city.

@Matthew Jantos

What happens after you get you 50% ownership? You continue to manage at 25% plus you get 50% of profit as half owner?

@Mindy Bowden

The water dept here is starting to offer that service for about $75 - $100 a year. I think it covers the sewer line from the house to the street if it cracks. I havent yet subscribed to the insurance but was thinking about sincy Philly is an old city with old lead sewer lines that have been known to break. My fear with any such insurance is that they are a pain to deal with when actually needed. So not sure if i will buy it. But i know first hand if it breaks its an easy $4-5k to dig it out and fix.

@AJ Smith

Many posts offer great ideas. I would reitterate there thoughts and just try to educate yoursel by researching your market by either attending a meet up or on BP.

So many variables to consider so its kinda hard to sum up. One way is to try to get data on a sq. Foot basis. For example it may cost "on average" $50 sq ft to remodel. So rooms or more and some are less but its a quick avg.

Or just use worst case scenario. A whole roof cost $xxx of the cost to rewire a whole house cost $xxx. Then based on your property just work down from those numbers since it cant be more than that. Of course most accurate is a walk through with a contractor.

@Joe P.

No idea why my post showed up as Toan Hoang.lol But anyway you got the info.

@Joe P.

I did my first Brrr in Gloucester last year. Purchase price was similiar. My rehab cost were closer to $45k. So i was all in the deal for about 90k. The house appraised for $145k so i was able to get all of my money back anf keep a 75% LTV.

Property was 1150 sq feet. 3 bed and 2 bath at 1011 Market. I get $1300 month rent which covers PITI of about 1075 and water. So i dont make much on the property but in the end i own a place which cash flows which i didnt pay a dime for. Im doing another ptoject at 723 Jersey now in Gloucester as well.

Your numbers sound corect for your project and best of luck

To date I have only used brokers to secure financing since it just seemed to be all I knew and easier for me.

I have accumulated 20 doors this way.

But as I read more it seems like the serious investors have relationships with banks. Does anyone know of real estate investor friendly banks in the Philadelphia area. I need to start establishing those relationships if Im serious about giving myself financial flexibility for deals. Unless anyone feels that continuing to use a broker is viable option to double my portfolio.