All Forum Posts by: Benjamin Seibert

@William Kwong I'm sorry to hear of all the pains you went through with your first deal. I'm glad you shared it with us though so we can learn from it. Sometimes real estate isn't very pretty! I hope it doesn't set you back from moving onto your next property. Best of luck!

Hey Kenneth. A loan for that amount can be tough to get on the commercial side especially if you don't have much prior investing experience. You could try to have your mentor finance the properties for you and accept a lower down payment in exchange for a higher % APR. If you can't come up with the money you could try to wholesale the properties and find a buyer in exchange for a fee or a percentage of the deal.

@Alexander Ball feel free to message me with any specific questions!

Hey @Adam Rudolph, in real estate investing there are always deals around (even in a hot market). It just helps to have contingency baked in to help mitigate the risks. I recommend listening to the recent podcast with @J Scott (6 Rules for Investing in Real Estate in the Coming Economic Shift). It will help show you some principles to follow to stay away from a sinking deal. Best of luck with investing!

Congrats on the awesome first deal! Hopefully you can take this and continue with the momentum! Great job!!

Not being from the area I'm not familiar with specific names. The only general tip I have is to find a really small credit union or similar bank. Some of these will have really lenient policies where they can help you get this done.

@Michael Bridgett it is finishing up well. Have the second side to be rented on 3/1/2019.

Not really. I used my PM as the liaison to find a contractor so didn't really speak to them. Am going to be going through the hiring process soon for an exterior painter but unfortunately, don't have many contracting leads. 

Gotcha. I'm assuming the higher price tag is due to the development in the nearby area. Still sounds too expensive though. 2.65 acres isn't really enough to be subdivided by a lot. Have you found any recent comps in the area?

@Kevin Washington Do you have an approximate address of the site? I am from Williamsport so I am very familiar with the area. $500k still sounds pricey for the area though. Maybe a house in solid condition with about 5-10 acres off Sharsburg Pike would fetch that but this sounds too high.

@Kevin Washington it depends on where the 2.65 acres is located in Hagerstown, but I doubt it should be worth $500k. That seems like its definitely too high for the area (unless it's right downtown)