All Forum Posts by: Brian Miller

Just looking for an honest recommended electrician and plumber for a property I have over in west Philadelphia. This will be for a rewire, panel upgrade, and adding plumbing for a half bath. Guys who are affordable (not cheap by cutting corners) and reliable. 

The deal is I am buying my parents house with mother in law suite to live in and rent out the 1300 sq ft mother in law suite. It is a big purchase to me so just want input. It is in an A class neighborhood (18966) with great schools. I am trying my best to get the loan. Both houses are in great shape. Is this a no brainer deal? My only dilemma is with Covid my company was shut down for 6 months so my income dropped, but previous 2 years I had a solid 100k+ income.

appraised value: 500k

Pp: 420k ($600 mo in property taxes)

mother in law suite rent: $2200/mo ( if I rented both sides out, would easily get $4500/mo)

I am buying my parents high end duplex in Southampton,Pa in June with an FHA loan. I have a probate property that fell in my lap in Philadelphia that I can get for 50% of FMV, but I am afraid my money will get tied up and it will somehow stop me from purchasing my parents duplex. I just became approved to get the 420k needed for the duplex, just very nervous to do any other deals until I have the fha duplex in June.

Exactly, my partner is my father and I rather not involve him in my personal investment. I do not mind creating an LLC but it would lose this deal to take that amount of time. Here is the deal

philly 19121

pp: 45k

rehab: 40k

Arv: 150k (conservative)

Will rent at $1350/mo. 

I got the contract in hand, and need to secure this somehow someway. 

I am getting a HML using my current business QMasonry Inc which I have 49% ownership. I am in PA and the lender is saying I need my partner to sign as well even tho he is not part of the deal.

@ Carl Fisher

Yes I am 49% owner of commercial contractor (s Corp). I just became part owner 6 months ago, so only reason I finally have been able to start saving. I can borrow cash off the business, but nervous to ask the majority owner. I guess my question is more, should I wait until I am more financially independent to do it on my own, or go after the deal if I am able to get it. Here is the deal

4/1.5 1500 SQ ft house

1/1 ADU over the 2 car garage/ own entrance

PP: 134k

Rehab: 55k

ARV: 270k

ARV and rehab very conservative. I did a complete walkthrough and then added 10k to rehab budget for unforseen problems.

Question 2: Being I have a credit score at 600, will I be able to cash out refinance? 

I am fully committed to becoming a REI, and am itching to get a deal under my belt. A divorce destroyed my credit a few years back and I finally got it back to a 600, but it still is not enough for a bank loan. I also only have 20k at this moment in savings, so too little for a hard money loan, who want 20% down payment. I have found a sweetheart deal, but I am 14k short of cash needed to get the hard money loan. Should I just wait, build my credit another 100 points, save another 30-40k then regather, or push the envelope?

Each has its pros and it's cons. Even Grant Cardone started with single families. My take is, pick a particular niche for yourself, and location and focus on that. There is no right or wrong answer. Buy and add value.

Alex Capozzolo I seen fire alarm pulls but they looked disconnected for one reason or another. I didn't realized they would need these things being under 5 units, but then again I don't know everything. And yes it will generate sufficient income, but I also was concerned about gaining equity also. I am confident however I can raise rents a minimum $100 per door to match surrounding rent prices. My end goal is to rehab, get it running efficiently, and sell 5-10 years down the road. 

I can not find a really good comp or the exact market value, as this is the only 4plex within a few miles. Duplexes with similar amount of bedrooms/similar conditions within .3 miles average around $230k. I may need to just get it inspected and appraised