All Forum Posts by: Troy Sheets

Welcome @Matthew Mehring! If you're looking to house hack, don't overlook tri's and quads as well. My first investment was a quadplex house hack here and I can't recommend it enough. 

Yes, same one. I'm being somewhat conservative but a near identical property just sold for $180k a block over, but I'm happy to hear that! Looking forward to hearing about your lenders.   

Call Bob Sobel, he handles most of my insurance and he should be able to help you out. Good luck! *Edited to say I have to DM you the number, can't post it on the forum. 

I'll send you a DM with my guy's info, he's a pro and can knock it out for you. 

As the title says, I'm looking for private lender to fund the rehab of a single family shell in Philadelphia. It's a rental, not a flip, so I won't get stuck if the market turns. I paid $10k for it, it's worth $70k+ as a shell with building permits in hand and ARV is $180k. Rehab should take 6 months max, plan on lending for 8 just in case and so I have time to refi, and be flexible to go out to 12 months worst case. Shouldn't need more than the 8 but you just never know. Happy to pay an extra point if we go past the 8 months.

You'd be in first position protected by $70k in equity. My partner and I have excellent credit and reserves. Yes, I know we can get similar terms from a HML, we're just looking to build a new relationship that could grow into potentially investing in projects together, etc. Thanks!

 Yes, please add me! 

There are definitely major delays with L&I right now, such that I still have two new construction projects that should have been permitted ~3 months ago (without the pandemic of course) that haven't been issued yet. That said, I received permits for a single family rehab that didn't have a make safe but had extensive structural work needed, engineering, etc. and it was submitted around the same time as yours and I got my permits a month or so ago. Sometimes the architects forget a requirement and you get kicked back to the start, sometimes your plans reviewer quits and they don't reassign you to a new one for a few months (that happened to me a while back), and sometimes the person spearheading this for you drops the ball. Could be any one of those things or a dozen more but you need to get proactive and start advocating for yourself. Ask for emails proving they've done what they said. Squeaky wheel gets the grease. 

Spring Garden Lending is the best I've found that is a cross between a traditional bank and HML. I'm honestly not sure how they weight loans (project merits vs. borrower financials) but you should check them out. Another thought is to partner with someone with cash or a strong W-2.

 Solid plan, I was curious how you were going to deal with the turnovers from afar. Best of luck! 

Very cool and good info, thank you. How do you handle the turnovers? Do you use a cleaning person for turnovers between guests?  What does that cost roughly per cleaning?