All Forum Posts by: Brandon Ribeiro

Thank you both for the input. i figured as much- i guess i will just have to wait and save some!

Ive noticed more and more that there are many distressed homes in the Bucks and Montgomery county, PA area and in light of what is going on with the economy right now, the market in this area is still very hot. I have a background in construction, both

residential as well as industrial- so I believe that I have a fair amount of experience to well evaluate a property's full potential and ARV. I also have a close relationship with a realtor that would be able to pull comps for me to assure that I get the most accurate breakdown of numbers.

Where am I able to post a deal that I have once I get a contract signed?

https://www.zerohedge.com/economics/property-tax-assessment-nationwide-rico-scam

Any thoughts on this?

I am looking to buy my second property, this one would actually be for myself to live in and i would be renting my current home. A few things to consider:

- My current home is financed through FHA

- The new property is around 300K

- I do not have much saved up (about 5k) due to using it to do work on my current house

- The new property is in USDA territory, but i was told i would not qualify for that

- I do not have any debt

- my current income is 80k 

I found a house I would love to buy, however considering the above, what are your suggestions? what can I do to get into this new property. My goal is to purchase this house for myself and S/O and ideally keep my current house as a rental, and continue to purchase more rentals. 

@Nick Runske Congrats on the flip! Sometimes you need to take things one step at a time- all the guests on the podcast are experienced investors, so when they say they do 2,3,4,5 or more flips a month, its because that's their main focus. Props to you and your dad for doing it aside from your full time jobs. 

Originally posted by @Garth Kukla:

@Jaysen Medhurst

First, thank you for the info.  Can you explain the rebates for mini splits if that is a fair question?  I know using the ducts would be difficult but mini's seem to be better for big spaces and my 7 unit has many little rooms so I'm not sure if that would work?  And what if you had a property with a builder and no ducts?  Would you do mini's or perhaps put in separate hvac and maybe do exposed ductwork?  Again, I'm trying for higher-end units 

as a former HVAC tech- they have many different output sizes for the mini splits. you can even do up to 5 zones with these systems operating off 1 outdoor unit. let me know if you have more questions, but i definitely thing in this case mini splits would be the way to go

Hi @Will Fraser, thank you for the advice. My problem is that im not sure how much value i have added to the home- id have to have it appraised. My current rate is 3.75%

The properties I am looking at are actually in USDA territory, i would love to learn more about those loans too

I am coming up on my 1 year mark of owning my first home financed with and FHA mortgage. I am looking to rent my current home out and purchase a SFR for myself and significant other to move into. how can I go about doing this? The broker I used was great, but he doesn't seem to have much experience in working with investors. Ive done a lot of exterior work to the home that should add value so hopefully i can either refi, or take a heloc.

what are your thoughts? any recommendations or referrals to brokers in the Bucks/ Montgomery county, PA areas? even Lehigh county

Originally posted by @Jaysen Medhurst:

@Brandon Ribeiro, lots going on here:

• Let's start with the ARV. How much other work is needed other than the septic? You could be looking at $20-50k depending on how extensive the work it. Hard to believe that alone would force the owners to sell at 60% of FMV.
• Since the septic isn't working, you won't be able to get conventional financing. What are your financing plans?
• It would be worth seeing how large a mortgage the current owners took out and doing some math to estimate how much they probably still owe.
• Is this a good deal? Who knows? We need way more info about rents and all expenses. Provide that and the community will be happy to help out.
• Have you done a full rental analysis of your current home to determine if it will make a good investment property? Often times primary residences do not make good investment properties as the rent-to-price ratio is so far out of whack that cash flow is impossible or they deliver terrible Return on Equity (ROE). Zillow says that the median home price in Landsdale is ~$335k. At that price, no way a SFH makes sense as a rental.

Both septic replacements were quoted at $40k. The property was listed for sale august 2019 for $550k and has since dropped to its current 310k. It is actually located in Green Lane, pa not Lansdale. its tough to say what the rents would be- I still have to go look at it in person. the images make it seem that it is pretty much livable, just cosmetic work on all units including the main house. 

I might also add that the ARV for a property like this in the area it's located would be easily 500-550k.