All Forum Posts by: Dor Maymon

@Sheryl Sitman hi Sheryl I’m also looking for a contractor in Philadelphia that is investor friendly and reliable. Can you share the contractor you know of? Thanks in advance

Investment Info:

Single-family residence buy & hold investment in Phila.

Purchase price: $55,000
Cash invested: $55,000

Bought this property at a foreclosure auction and I inherited the tenants living inside.

What made you interested in investing in this type of deal?

bought similar properties in this area before for fix and flip

How did you find this deal and how did you negotiate it?

found it in an auction and I was the winning bidder

How did you finance this deal?

cash

How did you add value to the deal?

I did not renovate anything in this property. I bought it at a deep enough discount.

What was the outcome?

at first I had trouble contacting the people inside even with letters and knocking on their door regularly. after multiple attempts what ended up working was a hand written letter that made the tenant call me because he said it felt more personal.

Lessons learned? Challenges?

thankfully this one what not as difficult as the other properties I bought from auction because the tenants I inherited are cooperative and they pay on time and take care of the property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

no I did the analyzing of all the properties I was bidding on prior to the auction myself and also drove around to see them all from the outside.

Investment Info:

Single-family residence fix & flip investment in Philadelphia.

Purchase price: $55,000
Cash invested: $95,000
Sale price: $145,000

Bought this property from the foreclosure auction. Had trouble finding a contractor and when I did they left toward the end of the project, then had to find another contractor to finish the project. Currently finishing the project and will list on the market for 145,000.

What made you interested in investing in this type of deal?

Did several deals in this area that area and I applied what I already know to this deal. Still learning a lot and thanks to bigger pockets I think that now I will do better screening for my contractors by networking with other investors and going to Home Depot early.

How did you find this deal and how did you negotiate it?

I bought this at a foreclosure auction

How did you finance this deal?

cash

How did you add value to the deal?

Renovated the property first by adding a new heating unit, and updating the plumbing and electric, did a new kitchen with ss appliances, new doors and windows, paint interior and exterior, finished the basement.

What was the outcome?

Getting ready to list it at 145k.

Lessons learned? Challenges?

Don't trust any contractors, even family and friends. Better to bring 3 or more contractors from referrals and see what their bids are. Funding the project wasn't an issue but I underestimated the cost of rehab so I had to get loans from credit card (0% interest for 15 months), it did drop my credit I hope that it will bounce back once I pay it off. Additionally had to take another 15k in loans from somebody I partnered with before on a different project. Would like to become better at financing

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I represent myself for the sale of the property (also an agent), lender didn't have any I used my own cash would have done it differently though if I knew better. Looking to connect with lenders and interview them about how we can work together.