All Forum Posts by: Tim Stover

Looking to connect with other wholesalers in the Philadelphia and surrounding area here on Biggerpockets.  Last year we did over 100 wholesale deals in the greater Philadelphia area.

How can we learn and add value to each other?

Podio

Check comps in the area first to see ARV

I've used a couple different title companies in the past couple months, some have been better than others.  How much jockeying work does your title company perform for you?  Are you going out of our way to obtain all payoffs or is your title company doing that work?  Would also like to hear the timeline of some of your deals, ie. how long is the time between when you order title and receive the report, and then close?

Thanks for your input.

@Wendell De Guzman with a 70% LTV cash-out refi you'd have $3,250 coming out of your pocket. I guess it would depend on your market if that is a good deal or not. With only $7k in repairs, I could imagine the property being repaired quickly keeping holding costs down.

@Carlos Velasquez Interesting. I would like to post the steps I believe you took in your BRRRR and please correct me where I am wrong.

1.  Purchase a house using a conventional loan with 20% down.

2.  Rehab house using all credit cards. (This would involve finding a house with minimal rehab?)

3.  Rent (Use rental income to pay mortgage/credit cards?)

4.  Incur holding costs while you're waiting for the seasoning period

5.  Refinance and take your money out? (46k)

Thanks

@Chris K. Under the Philadelphia Fair Housing Commission, Landlord must give 24 hour notice to enter property unless it is an emergency.  This obviously does not currently affect future tenants because their lease is not in term, but I just wanted to note the fact that they stated an illegal provision in the lease.

I agree with what you said under your third point, however personally I would not want to sign a lease stating I could be pushed out in 30 days for my residential property.  I do not have those terms in some of the commercial leases that I execute.  I had some beliefs that the buyer would automatically assume the lease and couldn't take possession until the lease is over but maybe that clause would supersede that.

@Thomas S. Thanks Greg. As you mentioned the most important priority is having a roof over your head.

@Account Closed  All I have been told is that they were provided a release and told once they sign they will receive their money back.  As I mentioned earlier, it seems the landlord was trying to minimize holding costs if there house were to not sell, bad timing for the tenants.  I appreciate your input and will pass on the information now!

@Michaela G. Thank you.  Will try to look into it now.

@Account Closed Exactly.  They sent a release which they are currently refusing to sign because their current lease ends at the end of this month, so they will be out of a house.