All Forum Posts by: Garrett M.

I am looking for the next deal. quick cash close. Prefer Mt. Airy, Philadelphia. Looking for cheap places.  Please get in touch  

Hi @Maritza Pedlar! Welcome to BP! 

Best of luck in your search for the right property! My best advice is to keep in mind your price to rent ratios to make sure you are not paying too much for a modest return. Its sometimes hard to find a unit that cash flows correctly, that you can also buy at a discount and still want to call home, even if only for a while. Keep us up to date with your progress!

Hi @Daniel Adema! If you have equity in your primary residence, then look into what a heloc can do for you. I'm in pretty much the same boat as you, age wise, and we used a heloc to tap equity to get started. I looked for properties to buy with my "cash" and use @Brandon Turner BRRRR method to Buy and Rehab a SFH in my market. Then Rent it out and Refi your cash back out. The last R in BRRRR is for Repeat.

You could also use a heloc to flip a property to grow your seed money faster. A flip is basically a BRRRR deal minus the rent and hold part.

Some folks like using a hard money lender instead of using your own money/leveraged debt, but I myself haven't tried that yet.

What you do ultimately depends on the nexus of your skill sets, time available and the opportunities your chosen market presents. Is it a better market for flips? Multi family? single family? Maybe there are no good buy and hold deals where you live. How far are you willing to travel to handle a renovation, or future upkeep of a property?

Notes do seem interesting as well but I have a lot to learn in that realm before I feel confident to take action in the Note buying/seling world. I know BRRRR worked well in my market so I will stick with that and aim to scale up my portfolio. My goals are very similar to what @Jacqueline Coombs stated as her goals. 20 doors in 10 years or less.

Check out Mark Ferguson who is an investor/agent in the Greeley and Denver markets. He has a good you tube channel and knows a lot about the local market there.

Stephen Gantz Ronald Perich Andrew K. Hello all! I also use Rentometer pro for rent comps but be sure to check Craigslist as well. I find it to be more accurate and to have more data. You can search like Rentometer by street, neighborhood, number of bedrooms etc. And the pictures on Craigslist help to compare the conditions of comps to your own. I find this helps to find the perfect price point to set to maximize rent and minimize time on market. I also like hotpads.com for rent comps. It has a feature which tells you how many times a property has been viewed and also how many people have emailed the landlord to express interest. This helps me gauge which units are desirable and priced attractively. Best of luck!

Corby Goade Shawn Coverdell I heard someone on BP refer to this magic idea- And I'm wondering if it's true... Is anyone on this thread familiar with the idea that once you have 10 conventionally financed (i.e. with a bank loan) properties you can package them and refinance the whole group into its own loan? The idea being that you then have a clean slate to purchase more conventionally financed properties. Sounds like a unicorn! But maybe?!

@Jon Peterson

I second the vote for Sears Outlet. 

You can buy online from local inventory or go to the store that has the largest inventory.  I'm in Philadelphia and there are 5 different Sears Outlets nearby, including NJ and Delaware. The new scratch and dent stainless is great, especially when the scratches will be hidden or hard to see. I was able to jump up a couple quality levels on a recent kitchen, and still pay less than the $1600 for the basic stainless Frigidaire stove, dishwasher, microwave and refrigerator package one tends to see at discount appliance stores.

Interested in all the recommendations and will check them out!

Many on BP claim you can get a Heloc on an investment property if it's owned in your own name.

Hi Marc Bresseau and Joshua D. Why not use a Heloc? Leverage a responsibile amount of equity, keep the asset. Thanks!

James Brand Thanks! I'll be following this thread with interest. Hope everything goes your way.

Welcome @Karen Pitt!

That's exciting that you are planning to start your own thing. I'll bet being an executive assistant at KW is a great foundation on the transaction side. I have some experience in Northwest Philly if that is any use to you. Lots of great folks from Philly here on BP. Enjoy!

Best of luck to you!