All Forum Posts by: Sean Buckley

@John Dougall I buy properties in Chester County on behalf of myself and a partner / investor. Send me an IM and I can try to help.

Sean

Hi all! So my business partner and I have created our LLC, put two properties under contract (already rented, OK condition) and are now on most of the wholesaler buyers lists, evaluating as much as we can. It can't be long before we pull the trigger on a BRRR, so I was hoping you could recommend contractors / GCs who can help us price out a rehab during acquisition (and, of course, perform the rehab if we get the property).

Thanks in advance,

Sean

@Clark Kirkpatrick yes to both! :-) thank you

@Clark Kirkpatrick, that would be great, thank you! I don’t have any Pottstown properties in my sights today (I’m closing on two in Royersford next month), but will keep looking. Did I see you sometimes wholesale also?

Bryan, I’ve only used them once, briefly in fact, but I found them to be very reasonable and knowledgeable and will be using them again: Clarion Law in West Chester.

Unfortunately I don't have any experience with STR in CC, but I am surprised that you're having issues if the property is well maintained, etc. Which township?

This is very helpful, thank you! Looks like his mortgages were a little higher than I expected, so I'll have to figure something else, but at least we're moving forwards! 

Hi all. I have a motivated seller who wants me to increase my offer a little. I suggested I could do so if he is open to seller financing. He's nervous, because he's 70+ years old and trying to retire (hence the sale), so that raises two concerns:

1. He doesn't want to have to deal with a loan default in the future (when he's into his 80s), and then have to sell the property again. 

2. He may not need 30 years of cash flows. 

I'd like to suggest a balloon payment after 5 years, an upfront payment to cover his existing mortgages (assuming they aren't too high) and a 30 year amortization period (so I can still afford the interest). This would align with my plan to do a delayed financing (LTV) within the first 6 months, and give me some buffer.

Have you seen any other ways to approach this? I may have access to private money but that isn't guaranteed right now, so I'd otherwise be limited to traditional financing LTC (and then the cash-out refi fees to get to LTV).

Thank you!

Sean

@Donovan Mitchell, that would be great, thank you! Have you been investing in the area long? I’m getting to know Pottstown from scratch but I think I’m finally starting to get a feel for the town.

Hello everyone! I've made a few MLS offers for multi-units in Pottstown, PA, but unfortunately cash buyers won those bids!

Either way, I expect I'll find something before the year is out, and will need a contractor to help rehab before renting. Does anyone have any recent experience they could use to make a recommendation? Pottstown can be a mixed bag of properties, but my goal is to rehab to the higher end (that the market will bear), to get better tenants and to help bring the neighborhood up a little (every little bit counts, right?). 

I'm looking at distressed properties only, MLS and direct marketing, so the minimum work needed would be new kitchen, baths and floors, and the maximum may be a full rehab. I'm quite handy (if I do say so myself!) and may try to add some sweat equity to the end of the process (to not slow the contractors down mid-job) by doing the floors or walls myself.

Thank you all, 

Sean