All Forum Posts by: Scott Smull

Hi everyone,

I am concentrated in the Philly market place and would like to start doing duplex and quad deals. I always refinance the homes after paying cash but in these instances I need more cash then I have to do a cash out refinance.

Any recommendations for me  how to secure loans in this  investing area ? I have excellent credit. Plenty of experience with single family  rental properties.

Thank you,

Scott Smull

Does this make sense? Do you deduct repairs and closing costs after the 65%.

100000

- 65%

65000.00

-3500. closing costs

-5000. repairs

= 56,500 * should be your offer

Hi group,

Any suggestions for a bank for business lines of credit in the Philly area? Credit is excellent and been in business since 2009.

Thank you,

Scott Smull

Ok I understand cash on cash ( I think) If I paid 50K all in with rehab costs, holding costs on money, etc. I have a gross of 11,100 in rents and 3200.00 in expenses leaves me 7900.00. Then I take mortgage payment out of that 310. X 12 =3720.00 =4180/ 50,000. All in the deal that I will roll into a CASH OUT refi. Pay back my credit lines within 90 days and then do it all over. My cash on cash is : 8.3 % is that correct? Cap rate 15%.

Thank you,

Scott

Group,

Wondering how to go about finding a lending source for lines of credit rather than utilizing low rate cc's. Already deal with portfolio banks.

Thanks,

Scott Smull

Correct address for all of bp's calculators?

In need of a good contractor in Philly area. Doesn't have to be Van Gough but should be reputable and some one you used and liked. Trying to purchase a property or two and want to line up a good contractor. I know some one out there has one.

Than you,

Scott Smull

Please let me know in need of the same.

Thanks,

Scott Smull

Wondering your thoughts if putting up a for rent sign in a tougher area sets you up for vandalism and more aggravation?

Thanks,

Scott Smull

'Slow your Roll" as you are a family man that needs to make sure whatever direction you go in comes up aces. First start an LLC. which is easy. Leave any mention of the term real estate or investing out. Like Family man LLC. not Family Man Investing LLC. Make sure all your personal credit for both you and the wife are excellent. Pick an area and hold one property first to get a feel for the entire cycle of dealing with the permits, rehabbers, banks, accountants, tenants, lawyers, (did I leave any one out?) Find a small community bank that will loan to a first time investor. Learn that through joining a local real estate group near your home. Lastly my personal view do not invest more than 45 minutes from where you live. Take it from me slow and easy wins the race. Be honest and practical and don't shoot for a apartment building with 25 units rather start small and learn.