All Forum Posts by: Stephen Franco

I am an absolute complete fan of the wilkes-barre scratch for kids in Pennsylvania.

I also have investment in over 25 units there. Cap rate after 10% maintenance 10% management 10% vacancy of well over 15%

Fully managed professionally, completely turnkey operation

I would be happy to help you or collaboration anyway. I've been flipping for the last seven or eight years in northeastern Pennsylvania

Maybe I can answer a few questions for you and perhaps we can find some deals to do together

I personally have never double closed

 In my title agent has never had me pay double transfer tax neither has my attorney

. Basically, their logic is because I have signed the deal before closing the name of the deed only changes once. 

 I did hear yesterday that some attorneys are required double kids for taxes because  the state is saying and equitable interest  from the original contract is enough to require a transfer tax, but I have to yet to face it an actual world . My title agent says its not apply

I believe it can be argued that you are charged a consulting fee you. Assignment contract and no equitable interest does not apply.

This doesn't look too bad, in my market for $1000 inrents you want to be about 40 to $50,000 in total investment on the property. Buy fix everything. 

So you are within that parameter. 

I would not trust zillow values, I would if I had to pay a different agent, not the listing agent, for comps. 

Although I typically don't care much about comps if it's going to be a long term rental. 

Comps matter for refi or loan 

One thing I would say, is at least in my area is very hard to find a 30-year amortized loan for an investment property. Everything around here for investments, that is properties owned in an LLC, is 15 to 20 years max.

So it's not an awesome thing you was a 30 year mortgage. And also you assuming 4.8 something which sounds like a personal Mortgage number, I prefer to do my numbers using six and a half of 7, because I want to make sure the deal makes sense with a commercial mortgage. 

Feel free to PM me if you want my specific formula I'm happy to share it.

podio.com has a management tool

I'm always willing to check out deals for people, or to set up other types of arrangements. Also, don't ignore private money lending. I'm always ready to write mortgages for people on deals on doing at 10 or 15% or even more annual return, purely guaranteed by Morgan. Meaning we love the property makes money or not, you still get paid

@Brett Tousley is right on the money. That's exactly what I do. In fact, the business cards I just ordered us a quote the investors realtor. I'm even considering doing a seminar for realtors on how to be investor-friendly and how to run the math to help your clients

56k 

Minus 30% pads (mgmt maint vac) 

Leaves ~40

Minus 14 costs

Leaves 26

Minus 100/mo/door

Leaves ~17

Divide by 12...math for 6.5% 20 yr loan

I would value the property between 189 ( 20%equity) and 220( after down PMT)

Does this match the offer

I have many rentals up here, plus I also wholesale in both luzerne and Lackawanna counties

Please pm me 

@Account Closed.... I guess what an NOI of 20k says to me is that your gross must be high (assuming same pads), which would mean the buy in is much larger...

Our market has small (dollar) NOI but great %, with small buy ins. If you're budget is larger and you want more cash NOI (at same % or whatever) we can take you to other markets. No problem