All Forum Posts by: Jack Liberi Jr.

Hello,

We are currently seeking a Commercial Hard Money lender that has a product for retail/commercial.  This would be a purchase and renovation loan, with a refinance on the back end.  The property is located in Southern New Jersey.


There is no residential piece to this property.

Thanks!

Hey Jesse- I have done several projects on the “moderate-high end” scope in Philly. The good contractors ballpark at around $80-100/sq depending on finishes. Let me know if you need any contractor referrals, I can send them your way. Thanks! Jack

Hey- I have a few questions for the experienced out there: I am working with two partners and we want to start purchasing rental properties. We were thinking of purchasing the properties individual, alternating between us and having all three people on title. Is this the best way to go in terms of purchase? When rents come in, should we have them come into an LLC to divide equally at that point or does it just make sense to bring them in personally and just pay out the partners? As far as taxes go, how do we structure the properties to make it equal tax breaks for the three of us? For example if Partner A buys a property assessed at 120k and partner B is assessed at 140k. Again we would all be on title for this scenario. Any help would be appreciated.

Hey Mike, have a hard money lender in place but I am looking more towards a portfolio lender who will lend for property and Reno and then allow for refi at any time.

Thanks!

Jack

Hey- I am an investor who has been flipping properties but now want to start obtaining rentals in the Southern NJ. I am looking for advice on where to find lenders for BRRRR and if anyone has had any success with them in the Philadelphia or South Jersey Area? Thanks

L+I is always good to reach out for. I would do a search through Phila.gov and see if they are even licensed. They should hold a Commercial Activity License as well as a Contractors License that requires a OSHA 30 Card.

Would highly recommend going through the process and calling L&I as many times as it takes to get the inspector out to the property and let him physically show you what he wants done. It saves you a lot of head aches and restless nights especially if the job gets shut down. Usually the inspectors are decent guys and if you explain the situation they will pretty much give you step by step instructions on how to rectify the issue.

I just completed a flip in Philly which was basically the same scenario. In the beginning I tried working on things myself. Maybe a couple hours per night but it was an exhausting process that was slow moving and I was beginning to lose interest really fast. I tried several contractors until I found one that I truly trusted. Owning a security company, I put an alarm and camera in the property to monitor arrival/departure time as well as a camera to view general progress. It worked out well once I had the systems in place. I also recommend either a text/Email each day to get a daily scope and then a progress report at end of day. This helps keep everyone on same page as well as stay on schedule. Good luck!!

Price?

GCs in Philly that I have came across are anywhere from 80-115 per sq ft.