All Forum Posts by: Scott DeLange

Thank you nick for the great information.   

Yea Chris I'm not looking to do anything fancy with it.   Just average materials that will hold up well 

@Nick Fitzpatrick could you explain your thought process for not wanting to refinance after say 18 months ?   i am new to this and still learning but my thought process is if hypothetically get all in for 170k-175k and i can get a bank to appraise it later on for 205k or more then i could get all that equity out to continue investing with 

yea I don't have to refinance after one year.    

But it will be a full rental after the first year.   

I would just want to refinance at some point so I can do another FHA loan

I do have a lender who has done a fair amount of 203k loans in the past 

So i think i have found a really good first investment property.. ill provide all the details, please let me know what you think. Ran everything through the calculator and the numbers all seem really good to me. Will be doing a FHA 203k loan on a duplex, unit 1 is 1bed/1bath unit 2 is 2 bed/ 1 bath

Price: $140,000

Rehab: $30,000 Estimate

Mortgage: $170,000

ARV: estimated around $205,000

Taxes: 5,200  average for the area

Rent:   unit 1 = $900       unit 2 = $1,100 - $1,200

Doing the Rehab does not bother me plus i think this could be the perfect BRRR property.

Unit 1 is currently rented out already and does not need any work

Unit 2 is the one that needs all the work, there is no kitchen and i wanted redo the bad and a few other things around the house

Will live in unit 2 for a few months before i try and rent it out as well and move on

missing anything?   opinions welcome from anything, specially if you have done a 203k before

Does anyone have any opinions on the lawncrest section of NE philly.   I live just outside the city and don't know a ton about that area, but i may have a good deal in the area and wanted peoples opinions who have or have had rental properties in the area.

Thank you,   also does anyone recommend a good property manager for that area ?

I would definitely be interested in a meet up 

Ok so i would like someones opinion on my plan of attack. So i am currently in the market for my first rental property and have been looking at duplex in the bucks county area. What i have come to realize is that the house wouldnt cash flow for the first year because it would be an FHA loan and i would have to live in a unit. This would clearly inhibit by ability to save up for my next property.

So my new plan is to find a Single Family home in the area.   I can get a loan on the Single family for 4-5% down, have to double check the specifics with my realtor.   So this way i can continue to live at home ( which i am fine with ) and rent out this single family home and add the positive cash flow to the money i already put away every month for a house.    This way i will be able to save faster and get my next property which would be a duplex for me to live in.

Thoughts?   good / bad    am i missing anything

Thanks !

@Tim Mensch this may be a dumb question but do you find that SFH in bristol rent ok ? Another thought i had instead of a MFH was to purchase a SFH in bristol do some rehab to it and rent it out. A SFH can be bought for pretty cheap 60-80K and depending on the work needed could still generate some good cash flow

thank you i appreciate the help. Yea my brother currently has a duplex in Bristol so i know the area a little and i was just looking at one in Bristol the other day myself. I would eventually love a few SFH in levittown