All Forum Posts by: Andrew Wentzel

Matt Lawrence I am probably not the best person to answer your post but from my understanding if he were to co-sign for one of your houses it would also count towards one of his. Lets say your bank has a 10 mortgage limit, you've now subtracted 1 from your combined total of 20 because of the co-signing.

It *should* be similar with the exception of the internet evolving during that same time span. Everyone seems to have a smart phone these days which leads to everyone having more access to websites such as BP, theres even an app now.

I am a newbie and heres why I wanted to get into REI. Since college Ive been working as an environmental engineering consultant and my clients are all over the northeast. Unfortunately due to the tools and equipment I need flying isnt an option. This leads to many days of driving from the Philly area to all areas of NY, Conn, RI, VT and NH(also plenty of nights stuck in a hotel room in the middle of nowhere). During these long stretches of driving I generally end up stuck in my own head which is a dangerous place to be. I always see for sale signs in my travels and one time I looked a bit deeper into owning a particular property out of curiosity. It wasnt feasible at the time but I started educating myself about the process.

At one point a few years back my company decided to upgrade our office digs. The company purchased a building for cheap because it needed repairs. They decided that it would be better to just gut the place and build it specifically for their tastes, they would still spend less than purchasing a property in better condition. Our bosses brother was a General Contractor and being a young guy I was asked to assist him. This is when my curiosity really took off.

Its been about 2 years since that time and I have continued to read as much as I can about the subject, figured out what I want my niche to be and have spent the last year running numbers on practically every property that has shown up within my niche. Im now in a position where I feel comfortable(as much as possible anyway) in beginning my pursuit.

Disclaimer: I have never paid for a Guru service and while I enjoy the HGTV shows I know the numbers are nowhere near accurate.

Hey Jeff Aponik! Looks like another one right down the street from me. Seems there are bunch of us in the Philly area who have just been lurking for awhile.

Jimmy Moncrief Say I were looking to buy a property and do a gut/rehab with a HUD 203k loan. Would the time the property spends under construction count towards the 1 year of living in the property before being eligible for another FHA loan?

Good to know. Thanks for the reply. Like you mentioned its the image you want to portray. I dont want to show up in a Tshirt and sandals when I am trying to show people I am serious about getting involved.

Thanks Steve Babiak! Guess I was just wondering if people show up in suit/tie or if its more relaxed. I see you are a short trip down 422 from me. Do you invest in the area as well?

Darrick P. Thanks! request sent. I am planning on attending but I do have 2 basic questions. Do I have to sign up beforehand? also, is it a formal setting or is it more informal and relaxed?

Mary B. Part of the problem was my AAA had expired so I was kind of stuck.

Good to know about the contractors though. A friend of mine is part of a group of contractors who work across the bridge in Jersey and I was just curious if I would run into any issues bringing them over for various jobs due to the presence of the unions. I suppose this would be a question to ask him next time we speak.

Hi Mary B.!

looking forward to chatting with you about the local market.

Andrew

Heres a big question I have for the Philly area investors. Do you find that the presence of labor unions interferes with hiring contractors in the city limits? I know they have some crazy union laws to the point where I had a car that broke down in the city and I had to hire a tow truck from within the city limits in order to get it outside the city to my normal shop... Not sure how they affect the rehab costs and the like.