All Forum Posts by: Chris Purcell

Is there a seasoning period or can I buy rehab and immediately get a loan?

I know quite a few people who have bought houses, rehabbed, rented, then refinanced, cashed out and did it again 

Does anybody have positive or negative experiences doing this?

I'm looking to buy houses cheap ($5k-$10) the rehab get rented section 8 and go to the bank

I guess a huge risk would be not hitting your appraisal number and coming out of pocket

Any other advice would be appreciated 

Always a good time to buy :)

I do the same thing .. Bought and rent out rooms. I went from paying $1600/mo  rent to now making $700/mo by living here

You can get 5% conventional loans - would look into that before FHA

Unfortunately I do a ton of business on craigslist .. Haven't had a bad experience yet

That's why I'm not hesitant

 Do you have any contacts for full rehab guys who are reliable?

 Right but couldn't references/pictures be complete BS?

Just take photos from other contractors and have them call your boys for solid references 

Everything could work out just stating the possibilities 

He literally has zero online presence which scares me. Your right - I guess I could start of small (pay him to do the flooring for example). If it turns out right then keep going if not move on

I guess the risk would be

A) him stealing materials - nothing I can do about that

B) him not actually doing the work - in which I wouldn't pay him

I'll probably get smoked for this topic .. But have some questions

I'm looking to buy cheap, fix up then rent, refinance out and keep buying

So I'm looking to team up with a contractor and don't have really any contacts 

I went to craigslist, posted an ad on what I'm trying to do

One guy responds, goes and takes a look. Doesn't have any internet presence but tells me he has around 12 guys under him, been doing this for 13 years and sent some decent pictures 

His price was great ... Would I be insane to take a chance like this?

I would be very cautious on the first experience, buying materials myself, not giving money upfront, only paying in increments when work is done

I just bought a house in Kensington (northern liberties part).  There are currently around 100 houses being built from scratch in my neighborhood it's insane

I know pretty much every block of philly so feel free to reach out if you have any questions