All Forum Posts by: William Strehse

@Mary Mitchell - it's sad to see the Scrooges coming out but I agree that showing our tenants some holiday spirit is a positive approach. Its does not need to be elaborate. And if you scale to a point where this becomes too much I am sure it would not be expected from tenants other than your long term residents. And if you dont see the importance of them.... Happy holidays :-)

Thanks for the replies.  I was hoping someone may have had experience in this - was thinking if the bank did not need to go through the cost of a foreclosure and also have to put it back up for sale they may be an option to offer them less.

I have a friend who knew we were REIs and had a neighbor who lived in Drexel Hill who past away.  Her daughter is now deciding what to do with the house and came to us.  Unfortunately her mother had put a reverse mortgage on the house and owes $123K on house where the As Is value is probably in the $135 range.  Would anyone know if the Daughter would be able to go back to the bank and ask for a Short Sale and what the chances of getting a positive response would be - and if Yes what should an expected value be?  The mortgage was completely in the Mother's name so the daughter could just walk away and let it go into foreclosure but she said she does not want to go this route.  Suggestions?

I applaud you Jackson.  Many people when faced with the burden of debt you had would simply bury their heads in the sand hope for something to change or ignore the debt doing nothing to improve their circumstances.  You took action - a rare commodity. 

Also, many of the investors on this site talk about the deals that were made after the 2008 crisis - profiting from the losses of the mortgage companies & banks. I understand those banks caused their own problems by lending money to borrowers who they knew couldn't afford what they sold them (sound familiar?) but when you have an opportunity to take positive action after seeing that you made choices and you do what you can to make things right, how is that unethical? I love that you saw you needed to do something to better your current situation, were not afraid to pick up a phone and negotiate down your old debt, and are now on your way to restoring your credit - great work. If you keep that attitude and perseverance up in your REI career you would be a very successful investor. Good Luck!

@David Dachtera

@David Dachtera

This is a great thread everyone!

@David Dachtera - we have just purchased our first property - paid cash and looking to fund the renovation with a HML. Found out first hand that not any want to loan unless to a company so we just went out and formed the LLC. We close on the property in 2 weeks - is there a way I can close the property in the entities name vs. personally since we are paying cash? The LLC is in the works and I expect will take just over a week but should be done by the time we close on the 16th. Thoughts?

@Vee Vu - personally I don't see the need for the website just yet, but you can lock up a company name and email address relatively cheaply and use that for business cards - always good to go to the REIA with some cards - great networking tool.

@Shawn Greeves - thanks for that advice! I will reach out to the title companies as I have already established a relationship with a few, and it sounds like I need to get the LLC in the works. Thanks everyone for the tips.

@John Leavelle - I have taken those steps - most of the National lenders showed little interest - next steps will be to look towards longer term lenders and how quickly I can flip this into a conventional loan.

@Ann Bellamy - thanks for the advice - I am finding it more difficult than expected.  I was thinking if I used my own money it would show I had "skin" in the game but most of the national groups have already said they are not interested.  I am getting some interest from local lenders but one would only lend to an Entity, and the other wouldn't lend to first timers, which is ironic since I have a lifetime of remodeling, but none as an investment property.  I manage as my Profession over $45MM in Redevelopment of apartment homes a year to boot...  Keep on grinding though - I will get it.

@John Thedford

@John Thedford- Thanks for the insight - what would put a HML more at ease given the difficulties? I have no worries that this will pencil when completed - my numbers are pretty conservative given the rental market in the area and the timing of when I expect to have it ready to rent. May/June is when the rental pick up in this area and have seen rentals $150-200 higher than my current projections from last year.

I have my first deal under contract. SFH purchased for $25K in Clifton Heights, PA. I am estimating the Rehab cost at just over $50K. We are using our own funds for the purchase price and closing cost and have funds for the Rehab but would like to borrow those funds instead of strapping us. The home will be a Hold and should rent for approx $1,200 a month. Our goal is to rehab, fix and then Refi and pull our borrowed money and the majority of our initial investment back out. ARV I am estimating conservatively at $110K so we should be able to Refi at $70-75K.

Conshy is a great market if you can find the deals.  We have a rental in West Conshohocken and make a great return.  Are you looking for Flips or long term holds with rentals?

I saw Robyn last night and was very impressed - doing a little research on her as I am looking to go the the all day class the weekend after next.  For the price (under $40) you can't beat it, but I am sure there will be the Pitch for the bigger gig.  Personally, I think the more you hit your local REIs (don't just go to one group - there's plenty of help out there) & network with your local people you can gather a lot of the information to get your business growing.  If your into the hands on thing - I have heard a lot of people talk the talk but from what I saw Robyn is a no BS down to earth person.  Loved her story and the presentation.  Good Luck!