All Forum Posts by: Christos Philippou

@Brian J Peterson I don't plan on doing any flips, actually, and only buy and holds. Since you're not in the Wilmington area, it's difficult for you to speak on this location specifically. That's not a big factor here in Wilmington. There are 100 private schools within a 15 minute drive. Anybody interested in private schools can access whatever school they want from practically anywhere in Northern Wilmington.

Although @Brian J Peterson has some good advice, the whole schooling thing doesn't work so much in Northern Delaware. As you might know @Zachary Foust, everybody in Delaware goes off of "what school did you go to". I came in from NJ and noticed that Delawareans immediately open up with that question. It seems that more people are actually going to private schools and caring more about schooling if they are going that route. In Wilmington specifically, I don't think school district plays as big a part in investing as an outsider might think. I don't know, maybe that's just my opinion.

If you want to check out crime by location, you can check out the crime map which I have used before: http://php.delawareonline.com/news/evergreen/crime...

Type in the address on the right. The only thing is though, there are a LOT of street blocks in one section. I live at my primary residence in a block that is RED meaning a lot of crime, but I live on a very safe, quiet street. That's why it's really tough investing in Wilmington if you don't do drive bys or know the areas.

I can imagine so ya... I'm not flipping places, just buying and holding.  We are finishing up development on our second property now. 

I'm sure the horror stories are endless since it's Wilmington.... If you're flipping, the investor with the most knowledge of the area may win. But it's also knowledge of your business. I.E. getting costs and expenses down while you flip. If you're buying and holding, you need knowledge of the area, average rents, and proper tenant screening.

Wilmington is really tough. My belief is that unless you're here, or very familiar with the area, it can be really challenging. The city is 100% block by block. Of course there are great neighborhoods like Trinity, Cool Springs, and The Triangle, but even those have their spots. 

I've tapped into a solid market of hispanic speaking low-income tenants. They don't speak English while my wife and I both speak Spanish. Works out really well. We have a place on 4th St which is a pretty rough spot, but it works perfectly for us because of who we are going after.

If you find a property and want an opinion, shoot me a message. I can drive by any properties for you too since I live right here if needed.

I currently have 2 investment properties, 1 is a 4-plex and the other will be a 2-plex (currently wrapping up development). I have been  using an excel sheet to track any spending relating to the properties (1 excel sheet for each property). Any home depot trips, repairs, materials, labor for my contractor, etc. gets tracked. 

I am able to see exactly how much gets spent each month compared to the rental income. Now, I'm pretty new, only have 2 properties. But this seems like it's going to work out fine for me for the time being since I am small.

Feel free to explain to me why this is a bad idea, or what I am missing. 

Nothing like reading a thread like this in the morning to wake you up.  GET A NEW PARTNER. DON'T BOTHER. I'm not sure how many posts it takes to wake you up and find a new person to work with.

Thanks for the response @Wayne Brooks ...  When you say conventional loans, are you referring to LOCs as well? I am just looking at the best way to leverage the 2 properties I have that are paid off. 

Hey everybody.. I hate feeling like I don't know anything and I get stuck doing research on my own without any valuable answers, so alas I turn here...

I've been doing a bunch of reading about LLCs and "should you create one or not" etc... I don't need advice on whether or not to set one up, but I do have a specific question about leveraging what I have...

My situation: 2 properties, titled in my name and my wife's name, both are fully paid off with NO mortgage/loan on them. What I figured I would do over the next X months, is leverage these two properties by pulling out HELOCs/LOCs and continuing to grow and acquire more properties. Now, my question is...

If I move these 2 properties into the name of a newly formed LLC, can I go to the small local banks like I had planned on and still get these HELOCs/LOCs?

If so, will the rates, fees, terms etc. be significantly "worse" than if I was doing it under my personal name? Thanks friends.

@Jake Hartnett with some beast math knowledge! Thanks man!

Dang... so it's up to me to tell them @James Mc Ree  if they don't automatically reassess it? Seems like a lose lose with a big renovation like this hahah