All Forum Posts by: Tim Orenbuch

Do NOT back out of the deal and forfeit $6K...absolutely no reason to do that. I would stay on track to close on the 27th...but the title company may extend the closing, depending on what's going on with them and their office. A settlement can all be done virtually, but can't be done same day because some docs need to be wet signed. 

You are right that the lower end of the market does not get hit nearly as hard as the high end. You are obviously a smart guy and know your numbers...it's a good investment with what looks like a good cap rate. (at $900 month rent.)

Updated 3BR, 1BA twin on a cul-de-sac in Cheltenham, with good tenants paying $1450/month, but due for a $50/month increase. Seeking investor to purchase property and keep tenants in place. I'm an agent and my client doesn't want a lot of showings...tenants are already freaked out. Figured I'd try this forum to see if anyone is interested. $155K purchase price...very nice property in great shape.  Some updates:

new fence April 2018, new sump pump August 2018, new chimney liner (for boiler) october 2017, new boiler January 2010, new refrigerator November 2017, new deck and house painted May 2014, new windows throughout July 2007 new fridge December 2009 (Sears and I have the lifetime warranties, which are transferable,) new deck and exterior house painted in 2014, new 100 amp electric panel 2005.

House was previously lived in by my client, who then rented it and bought a new house. She would like to sell to update her current house and isn't a big fan of being a landlord anyway. 

Look up my number or email on the web and contact me directly. This thing is too clunky to have a good back and forth.

The area where the property is located is not the key to the strategy. The key to the strategy is finding value in a property. If you are using the BRRRR strategy, you need to find something that will be worth more than the buy cost + rehab cost once your done. That's ideal. If you find something equal to the cost of buy + rehab, that's good too, because a lot of people can't do that because they overs spend on the buy side, on the rehab, or both. In terms of turn key rentals, you'd like to find something that rents at 1% of the cost of the property. For example: a $150K property should rent for $1500/month.

I'm a Realtor, and I hear "You gotta be in Port Richmond" or "You gotta be in Fishtown" or wherever. That's nonsense. "You gotta find a property that has good value." That's the key. 

I'm happy to help if you'd like to talk. Tim Orenbuch, Realtor, Berkshire Hathaway Jenkintown

Where are you putting a dumpster on a small street? There's no room on to put a dumpster at my rehab in Wynnefield. And if there was....What stops the whole neighborhood from filling it up while you aren't there?

Just an FYI...I just started a rehab in Wynnefield and bagged up a bunch of debris and the trash guys took everything. Don't make bags too heavy and tie them (if you can. Not all ours were tied.) Between this and the metal scrappers, I'm hoping to do this without a dumptser or junk removal.