All Forum Posts by: James D.

Nate I am Mr. Philadelphia, when it comes to philly property. I have bought and sold for myself and have found plenty of deals for others as a networking investor for the last 10 +years.

Any who- I think that your potential to maximize your income with these properties depends on your finished look and how you manage your property. I personal like philly in general for buy and holds- and flips.

Hope this helps!

Chris when option 2 takes place is rent paid until the tenant is out? Also do I have to send a letter to S-8 notifying them of the tenants behaviors?

Should I just get another section 8 tenant?

Thanks'

So, I have a section 8 lounge term tenant that I want out of my property due to late rent payments on a monthly basis. Also her rent contract is not at market value due to her being there for 7 plus years. 

I would like to do some quick improvements to the property and rent it out for $1000-$1200 a month, which is greater than what I currently get for the property and it is the going rate for the area.

How do I proceed with get them out and what are my options? How should I proceed with this situation?

Thanks in advance BP family!

that is so awesome! I also took a hiatus from buying real estate. I have 4 rentals and I have spent the last years managing the business(hap hazardly or passively) and some grad school work. So I have been playing the sidelines! One thing for sure is that I was always educating myself and keeping up on real estate.  

My Bigger pockets family continues to motivate and educate me to get in the game again.

Awesome stuff.

 So,

What type of business entity should I establish for my RE investing business? LLC-S-corp?

My plan is to buy and hold and to flip,etc.

What do you suggest?

So, I asked a property seller for seller financing on a 35k single family that I plan on renting for approximately $900-$1200 per month. This is what the seller offered:

1. Sale price 35,900.00
2. Down payment 10,000.00 (We can discuss this amount)

Financed 25,900.00 @ 7% monthly payment 5 yr term 1 1/2 year balloon =

$431.00 principal and $151.08 interest total $582.08 a month

The balloon means in 1 1/2 years you need to do one of the following to the balance 1. Refinance 2. Payoff 3. Refinance our terms. I would prefer #1 or #2 as I do not want to hold debt.

This would be in writing and a mortgage would be put on the property.

Should I take it? This will allow me to put this property into my business (S-corp) and refinance in about a year in the business.

Hello all!

Thanks for the welcome. I will be sure to request  you insight on many topics.bone of my goals is to build a team and I am sure you meet the qualifications.

Thanks!

I am establishing an S corp.

This is what the deal looks like:

1. Sale price 35,900.00
2. Down payment 10,000.00 (We can discuss this amount)

Financed 25,900.00 @ 7% monthly payment 5 yr term 1 1/2 year balloon =

$431.00 principal and $151.08 interest total $582.08 a month

The balloon means in 1 1/2 years you need to do one of the following to the balance 1. Refinance 2. Payoff 3. Refinance our terms. I would prefer #1 or #2 as I do not want to hold debt.

This would be in writing and a mortgage would be put on the property.

So here is what the deal would look like:

1. Sale price 35,900.00

2. Down payment 10,000.00 (We can discuss this amount)

Financed 25,900.00 @ 7% monthly payment 5 yr term 1 1/2 year balloon =

$431.00 principal and $151.08 interest total $582.08 a month

The balloon means in 1 1/2 years you need to do one of the following to the balance 1. Refinance 2. Payoff 3. Refinance our terms. I would prefer #1 or #2 as I do not want to hold debt.

This would be in writing and a mortgage would be put on the property.

The property will cash flow $300-$400 per month.