All Forum Posts by: Steven Goldman

@Gage Coffman

Is this in Philly?  If the code enforcement has condemned the building than they will force the tenants out after the notice to quit date. Good luck with the property. Were their numerous code violations? With Covid sometimes the City has been lax to move forward with enforcement and this could factor into your situation 

Your best bet is a real estate based bank they have the lowest rates. If you do not qualify for a bank loan than there are a myriad of funding companies who calculate LTV on debt service coverage. They have 30 year fixed options. They are 1 1/4 to 3 points higher than the bank depending on your credit score the debt service coverage and the type of property. Good luck with your refinance.

While this is a real estate investment platform I would immediately meet with a financial advisor and have them review your spending and also your income to establish a long term financial plan. You are young and time is on your side. If you want to invest in real estate he can make some suggestions on how to posture your financial picture to make you attractive to lenders and investors. A personal budget will only carry you so far. You need to have a long term comprehensive financial plan so that you are always moving toward your long term goal. Good luck!

I suggest you attend the meetups when they reconstitute. It will give you a chance to talk with some of the investors who have been working in the valley for years. Most of the meetups have a open mike session where people come up and present the properties they have for sale. Good luck. 

I agree with @waynebrooks

It is standard in the industry to calculate your rehab costs and then add five percent of the total budget for contingencies. The same principal applies to the entire deal. If you believe you are all in at 75 percent of ARV. Than that might be thin. What controls the outcome is the size of the deal. A small deal at 100K ARV 75K cost does not have a lot of room for miscalculation. While a bigger deal with an ARV of 565K. Purchase: 280 Rehab 125K ,all in 452K with lending and closing costs, is twenty percent clearance but much safer.

Really great to see fix and flip success!!!! 

Your question is both financial and personal. I have five kids and I would be very unhappy if they paid off their significant others debt. Before you plan on getting married you should discuss the situation with her and have an agreement and plan on how you are going to merge your finances. As a father, I would not advise my son to pay off a partners debt. Good luck!

While I generally agree with most of the comments the answer can be wildly divergent. Are you looking in the rural area or the city? Are you planning to BRRR or flip? Is it a C quality rehab or B? Pa prices will definitely be lower than New York. But the factors are as follows:

1. Location

2. Size of property

3. Quality of rehab.

4. Quality of contractor

When you know the answers to those questions, you will be able to get a reliable answer to your question. Cheaper in the Poconos than Philly. Cheaper in Pittsburgh than Philly. Cheaper in central pa than either Pittsburgh or Philly. Good luck.