All Forum Posts by: George Bittar

I have done some searches in here and see mixed opinions in these areas. I have been looking at West Philly closer over the last 60 days and need better perspective from investors in this market. Are you in investing in these two neighborhoods and if so what dollar amount do you like to be all in on 3/1s, rents collected and what ARVs? Cash flow and appreciation look good on paper, just need more supporting data. 

Please email me more info to [email protected] @Sakina O'Uhuru

Hi @Denny Faircloth , what about cap ex allocation and management?

@Kirk Johnson are you still selling this home or have it under contract, If so please PM me details

@Ceasar Rosas sent you an email, would like to connect tomorrow.

TY

Hi @Ceasar Rosas, how do you manage this property from the Bronx or are you local to this market?

Thank you for the encouragement @Erania Brackett ! I agree, while we want all our deals to be profitable and not put our money in harm's way, mistakes will happen and we may experience failure and setbacks. With that said I need to step up in my due diligence and analysis. Obviously, there are things that will go wrong that were are out of our control and then those that we kind of should used better judgment. I believe this property is one of them, but I will keep it moving forward and the education will make my future deals that much better.

@Percy N. It was a quick and simple rehab at a low price point, I did deviate from standard buying criteria which was mistake #1. It was set in motion to have a happy ending as I had set it up within the timelines I had anticipated, but the bottom fell out very quickly. Mistake #2 was buying with limited exit strategies for a situation like this. The buyer declined any counters and will only accept their offer with a warranty at $500. I am confident in the comps, but not confident that an appraiser will feel the same way and that is a problem now. Yes, my tuition bill in on it's way, sir. I guess I come out ahead then the guy who pays $25,000 for the guru seminar at the hotel and never takes action.

@Ian McKeown I understand, but our value came in extremely low. I know there is no fighting city hall in this situation and my opinion may be bias. but now I have too much riding on an appraiser agreeing with our assessment. We have been on the market since July 10th, but we went under contract at asking price within 5 days of our listing and unfortunately lost the buyer following the week of Labor Day due to the low appraisal. So it has been about 3 weeks now back on the market with little to no appointments being booked.

@Nathan Gesner Yes, it's detached. I like the idea, but that will require board approval most likely and other steps and approvals that can cause further delays and time is not on my side Thanks for the suggestion and being out of the box.

@Patrick Liska Thanks for the suggestion, I have to confirm renting out the garage in the bylaws. They do say that rentals are prohibited and the only exception is hardship which they would have to review and approve if requested.

@Paul Martin Not at this time, but if I was this would be my immediate strategy on this deal. I was thinking of exploring a wrap/subject to deal also but seems like alot of moving parts that are out of my expertise and I still would have to take out the HML with a bank loan to make a wrap work in my favor.

Thank you all for the support and feedback.

George

Hey BP PROs!

So here is my situation and welcome any input and suggestions. I have a condo that was a very quick rehab (mostly cosmetic in nature). One of the key features is that this unit had a garage. This makes it a standout within this community as well as with existing condo inventory in this market as these units are not common to come with a  garage. With that said my last buyer fell through because of the appraisal not checking out at what we needed it to appraise for. We disputed the value with a thorough analysis through our realtor, however, we lost that battle and contract was canceled. 

There is a lack of recent comps and units with garages so would need an appraiser to really be out of the box to drive the desired value.

My challenge now is that this was a very marginal deal out of the gates, I received a new offer this weekend but $10k below my asking price (ARV I based all my numbers on). We would be taking a $7k loss on this deal if I accept. If I pass I continue to roll the dice and hope the stars line up, but my second challenge is that traffic has been very light since relisting after the last contract canceled. If I wait out and even get a new contract at my asking price- my destiny is in the hands of the appraiser again taking all things into consideration.

Unfortunately, I have no other exit as rentals are restricted by the HOA, though I may put a call out just to see if there are any exceptions. I am not hopeful in that being a possibility knowing how HOAs treat this. I would love to just be done with this and stop the bleeding. As the days go by motivation increases due to carrying costs. I know...this one is just ugly all around.

@Darren Sager I can't believe this. Clearing my weekend up to try to be there!