All Forum Posts by: Mary B.

most closings are going to be during the day time so if you are needed at the closing table you will be working a few hours during the day. weekends are when most open houses are done. its super rare that r.e. agents work at night unless you mean working in the office and putting things together for your client(s). If you get off work at 4pm and want to get into real estate work around 4:30 to 7pm that would be up to your broker. Its not like you will be showing homes hours after sun down. my coin.

Kudos,

Mary

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Its been a while since I've searched it but the FHA / HUD website used to have 203K approved contractors, if I'm not mistaken.... as I said its been a while. I'm looking for one or two reliable L&B contractors in the areas myself, that can keep their word / appointment.

Kudos,

Mary

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Philadelphia, Pennsylvania

Hmm, I'm not sure how I missed this post about 2 years ago at the height of my BP addiction. ;-)

I was googling one thing and this link popped up so I figured I'd check it out. I do recall being on the receiving end of many of Mr. Yancey's emails back in the years. I would receive emails from him regularly pitching one thing or another and much of it was pretty good advice - Webinars and whathaveyou pertaining to REI. I haven't paid anything besides attention to Scott's information. People learn differently - so long as they are learning is what's most important. Unfortunately the lesson learned by the OP was very pricey. Its quite tragic because good contractors are super hard to come by...in my region anyway. Hopefully this experience won't be paid forward in your profession. Sorry if I dug up bad memories...the post is somewhat dated.

Kudos,

Mary

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@Zen Fan

Basic / standard coverage doesn't but extensive coverage does. the latter costs more.

Kudos,

Mary

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Philadelphia, Pennsylvania

Originally posted by @Soleila Gonzalez:

By the way, @Mary B., I see your post was over a year ago, how are things going?

Hey Soleila,

Still working the plan, though I haven't touched it in some time, I may need to tweek it a bit for the coming years... imo, after its written all that matters is working it thru to success.

Kudos,

Mary

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Originally posted by @Christos Philippou:

Flash back about 7-8 months ago when I am finally ready to get a loan for my first primary residence. I am currently renting an apartment, but I have purchased and renovated two buy-and-hold investment properties in the past 8 months. It was finally time to get out on my own and get my own primary residence.

Flash forward, I am working with X lender (not sure I want to put them on blast too hard). They are asking all this crazy stuff, making me bend over backwards to get this loan. I understand they do that. BUT, it's maybe 10 days to closing, I am in Europe enjoying my honeymoon, and they tell me they won't give me a loan. They said because I have 2 investment properties and now I am trying to buy my own home to live in with my family, they won't do it. So they make me write up a LOE for this, saying it should do it, it should work for the UW. A few days later, nope. Not going to work. They found: posts on an investing forum online. They trolled the internet to see posts like these, learning about real estate.

So I ditched them and went with my realtor's recommendation: Wells Fargo. They closed the loan in a little under 4 weeks. They couldn't care less I had 2 investment properties and now ready for my own. They were extremely friendly, personable, and were extremely happy to see me into my first home.

Odd success story here, I know. But it's time to get moving out. Fresh paint goes on tomorrow, some recessed lights in the living room, etc. I can now focus on future investment property deals with peace of mind in my own new home haha.

If you care to know who the original lender was, shoot me a message and I will tell you. It's a pretty big bank.

Some times the ones that we've been told to run from turn out to be the one that does right by us when the so called rescuers aren't looking out for our best interest after all.... We're somewhat neighbors - Delaware county, Pa & Delaware State. :-) Nice place by the way. Congrats on your primary residence purchase.

Kudos,

Mary

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Hmmm, is there a bubble or not? Brexit, Amerexit...something big is still to come that's for sure. The thing is that there are about 4 brand new developmental hi-rises under construction in the Univ City area right now, not including 2 that are less than 3 years old. They are building non-stop in that area be it apartment buildings, office buildings and at least 2 mixed-used buildings. Even in the heart of Center City they have some newly developed hi-rise construction under way. There's lots of competition in the Univ City area so there most certainly is a demand. My guess is they are rentals rather than condos for sale. Even if they are including condos for sale its in the minority compared to the rentals.

Word is that the Philadelphia Trolley Works have been bringing people down there to visit. People have talked about limo convoys unloading people as well. DNC will be in town next month.... Take my statement with a grain of salt but I'd say if they are in fact rentals there is much profits to be earned for investors on those developments. Now, which building to choose or if you can afford it do you invest in more than one....? My coin.

Kudos,

Mary

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Philadelphia, Pennsylvania

That story seems to be about illegal subletting of sorts, which caused people to be ''displaced'' aka homeless. Sounds like a pretty good answer to your question, imo.

Kudos,

Mary

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Finding an experienced RELIABLE business savvy contractor in the housing market that you are working is harder than ever nowadays, imo.

Kudos,

Mary

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Originally posted by @Eamon Heggarty:

@Theresa White

Perfectly explained :D

And yes Appreciation is a mayor factor in me investing as the area is expected to BOOM in the next 10 years due to train links to London and student population & jobs increasing significantly.

@Mary B.

I wouldn't predict any repairs within the first couple years as its a new build.

As part of the deal with the developer they secure me 5 years of income through tenants at a monthly rate and charge 8% for all management fees.

Expecting mortgage to be $600/month and rental income to be around $1000 - (8%management) = $920. So cash flowing $320 per month. Save up money for repairs when they come years down the line. But pleased at my first investment.

ALSO to point out i live in a different continent than the UK/europe (but im originally from there) so its a totally hand off investment and plan to relocate back in 5 years and start Flipping/buying&renting.

ok, rental income is $1,000/mo

mortgage pymt is $600/mo

mgmt fee is (8% of mo. rent) $80.00/mo

What about additional expenses such as trash collections, property tax, insurance etc. Being over seas I'm not sure of what you all pay as owners....

Kudos,

Mary

0 Votes

All Forum Posts by: Mary B.

Mary B. has started 17 posts and replied 1764 times.

Post: Part-time Real Estate Agent

Post: 203k Contractor and Lender Recommendations in Philly

Post: yancy events

Post: Title insurance commiment question

Post: starting to think writing business plan is the hardest part of opening a business

Post: The Biggest Battle: My primary residence

Post: Schuylkill Yards

Post: Why everyone is cracking down on Airbnb

Post: Looking for contractor

Post: First Property at 22 and a NEW way to Invest OFFPLAN.