All Forum Posts by: Ryan Wosick

Hi @Aris Mantalvanos, did you ever go thru with the duplex purchase? How did that work out for you?

Hi @Tim Cassels it is really rare right now to find a BRRRR that works in Durham. As @Christopher Anderson mentioned supply is really tight here right now and this does not help the rent:price ratio. There are some other surrounding areas that work well for BRRRRs (i.e. Fayetteville), but Durham is more for flips right now

@Joe Villeneuve Hi Joe, as I mentioned in my original post and as @Matthew M. said well, cash has a lot of advantages. Speed and security is definitely 2 big ones. It gives you a big advantage making offers. Also some deals (i.e. off-market with wholesalers) only accept cash so that would help there too. I hope this helps!

Hi @Henry Bass it really does depend on the bank. Most require a 6-12 month seasoning period prior to refinancing. But I have seen banks that will do without the seasoning period. 

@Joe Villeneuve this is called delayed financing. It often is used to allow a buyer to make a more attractive offer if the property is listed on the MLS or when the seller needs to close quickly, like when dealing with off-market deals and wholesalers. People also use this method on flips or BRRRRs. Same idea as using hard money, but without the additional interest and lending fees.

Both! Depends on how busy I am at work at the moment. I try to do as much as possible myself, but often things just are not worth my time. At that point, I'll act as my own GC and sub out what needs to be done

What would a Trump win do for the real estate market? What would a Biden win do? Would either candidate really make an impact on the market or is the market indifferent? 

Moderator Note: Stick to facts or your post will be removed. This is NOT the place for political discussions or commentary about your preferred candidate.

Hi @Clara Brashear, I agree completely with @Theresa Harris the best way to start making this decision is to look at the other higher end rentals in the market and see what they do/have that your units do not. It really all depends on your market and what it prefers. For example, some markets may prefer carpet in the living room, while other prefer LVP. Some may allow for an in-unit washer/dryer to increase rents, others my be indifferent. It really all depends on what the higher end comps in your market say. And if there are no higher end comps, perhaps your market does not support higher rents. 

If you are struggling to find higher end comps, contact a local real estate agent and they should be able to help you out without a problem. Good luck!

Hi @Nate Volker looking at deals that have closed within the last 12 months is a good start. Do not use properties that are in a different neighborhood within Lancaster (i.e. do not cross major roads, leave subdivisions, etc.). Make sure the properties are as similar as possible. I used to work in the Pottstown/Reading areas and noticed those areas have a lot of houses that look similar and initially seem similar, but when you dig into the types of sewage systems, heating systems, and other major systems they can be very different (i.e. well water v.s. public water). This can often make differences in the $10k range and could really affect the accuracy of your comps. 

Good Luck!

@David Spangenthal If you're in Bergen County I'd recommend the Lehigh Valley and surrounding areas. As far as rentals go, price:rent ratios there are great and the best part is you can easily drive there. Parts of Bethlehem are great, Phoenixville is great, but a bit more expensive, Pottstown is kind of a middle ground that is starting to see some population overflow from Reading. Bottom line a lot of great areas within a few hours of you!

Hi @Ruark Adam Barrientos I think the most important thing in real estate investing is building a team early! I am sure you hear it a lot, but it can't be stressed enough. Try to find handymen beforehand, vet out a bunch of lenders, talk to property managers in the areas you are looking to invest (they are great sources of local knowledge and may be used in the future!)

Investing in Illinois is tough because of taxes, as you mentioned, and the fact that it is not the most landlord friendly state. That being said, there are still some parts of IL that can make sense for rentals. I know the Fox Lake/Round Lake area seems to still cashflow decent and if you are looking a bit farther south try places like Joliet or Aurora. 

If you are looking for appreciation same principle applies. IL as a whole definitely won't be awesome, but some markets will still work. Know your market! Generalities don't work in this game unfortunately. Good luck!