All Forum Posts by: Sean Beyrouthy

Are you saying the current use of the property (quadplex) isn't being ran legally since the zoning on it is not for residential?

Hello all! I wanted to post a question regarding a property I am inquiring about. It is a four-unit property with a 2B/1BR in each unit, thus under the designation for commercial since it is less than 5-units, but it seems like the property is carrying a building class designation of 'C' and property records show the land use description as 'Restaurants and stores'. I am assuming this property has since been converted from its original use, but is there anything I need to be weary about, and are there certain questions I need to ask on my end? I appreciate the help!

Hello all! I am an investor in Delaware county right outside of Philadelphia. I currently have two rentals properties near Widener University and looking for my third. I know finding a full BRRRR in the current real estate environment is near impossible, but I was curious how investors currently doing the BRRRR method are able to get out of their hard/private money and have the bank acknowledge the new value of the rehabbed house before the 1-year seasoning period?

All the banks I have talked to will only give me financing on the LTC rather then the LTV of the rehabbed house if it is before the 1-year seasoning period, thus I am not able to get as much money on the back end as I would like or I have to wait a whole year to refinance out.

Is anyone else having this issue? Would love to get some insight, feel free to message me as well, always looking for new connections. 

I am looking for insurance companies or agents that can help me with getting insurance on my college rentals. It is owned in an LLC, and the LLC has (3) members. We are also trying to find an insurance company or agent that offers an umbrella policy for the LLC. We are having a very hard time getting anything and any advice or the ability to point me in the right direction would go a long way! Thank you!

Hello! I am investor in Delaware county, PA. I am looking for some recommendations for some commercial lenders that are based in Delaware county. Looking to get financing for my rental properties in my LLC, thus I need to go the commercial route. Any recommendations are appreciated. Thank you!

Hello all! I am an investor in Delaware county, Pennsylvania. I have acquired my first two rental properties over the last couple months and have been rehabbing them myself. I am looking to take the next step towards real estate investing which to me is buying real estate and being hands off during the rehab process. Does anyone have any advice on whether I should hire a general contractor to just run the whole rehab, or should I hire the individual sub contractors myself to still have some more oversight. I've heard hiring sub contractors individually can save money as well. Also, can anyone provide me with a scope of work template I can use to give to a contractor so they can bid the job accordingly? Thank you!

Hey everyone, (2) additional partners and I just purchased our first investment property with all (3) of us on the mortgage/deed each getting 1/3 of the property. Although were are considered 'joint tenants' we were told a Will had to be created in order for our portion of the real estate to get passed down to whomever we decided. Since we don't have many assets we figured using a free online resource to create this would be sufficient at first. Does anyone have any recommendations on how to proceed and if they have ever used free online services?

Hello everyone! My partners and I closed on our first deal in Chester, PA and I have been fortunate enough to be in control of the accounting. We have decided to use Stessa and it seems simple, but I do have a couple questions on how to track certain information since it is linked to our business account and every charge shows up in the transaction tab in Stessa. For things like personal-deposits, credit card cash back payments, store reimbursement for products, how should these be categorized? Additionally, how do I show my acquisition and closing costs correctly too? Any help would be appreciated! 

Hey everyone! I am closing on my first rental property with some partners at the end of the month and are currently shopping around for insurance. We plan to obtain homeowners insurance (obviously), landlord insurance and an umbrella policy. Does anyone have a recommendation for a good/affordable company that can help us with that bundle? I am curious if anyone has experience with one of the bigger insurance companies (state farm, USAA, etc) and can lead me in the right direction. Thanks in advance for the reply!

I know I am late, but thank you everyone for the replies! Being a new RE investor I do appreciate you guys taking the time to give some advice!