All Forum Posts by: Jeff Aponik

@Bruce Lynn and @Stephen DeThample -

Thank you for your responses and helpful information. We have looked at some of the apartment listing sites but were hoping to get some first hand guidance on neighborhoods..etc. She will be working for the Raiders, so I imagine they have relocation services that they work with there. Thank you again.

Hi BP - 

I have a family member who is relocating to Las Vegas in the next month to start a new job. We are looking for a local realtor recommendation to help secure an apartment prior to her move. Please keep recommendations to someone who have personally used. Thank you!

We primarily focus on buy & hold properties in Phoenixville and the surrounding areas. The majority of our properties are single family with a couple of multi's mixed in.  As @Troy Sheets said, there is a ton information available for every niche you can think of. Take your time to determine what strategy best fits with your goals and be realistic about the amount of time you will be able to dedicate towards building your business.

Hi Miguel,

Welcome to the site and REI. I'm from the Philly suburbs and started my education by attending the local REIA- Diversified Investor Group (DIG). Check them out- digonline.org. It's a great place to learn and network. Good luck

Welcome! Be sure to check out all of the available content on getting started.

Tom S. , thanks for the response. Sorry, I re-read my post and I wasn't very clear in my explanation. Our funds are tied up in another purchase that we are closing in early May. We figured the deal I outlined below above was dead as the seller indicated that he was going to try to make some of the repairs before trying to sell the property. We then moved on to another deal. I guess the timing is never ideal.

Hi gang,

I need some advice on a potential deal.

Here's the background- We own one side of a brick twin that we currently rent out at $1300/month + utilities. The owner of the other side is interested in selling and we already have a tenant lined up at the same $1300/month if we are able to purchase the property.

The numbers- He is asking $110,000 and the property needs about $25,000 in rehab. ARV is $135,000. We had some preliminary discussions awhile back and I walked through with my contractor to put the rehab estimate together. He declined my offer of $75,000 at that time.

The owner knows he's not going to get $110,000 for the property in the current condition. I think he would agree to $85,000-$90,000. Even at the higher purchase price, the property will cash flow really well as taxes and insurance costs are fairly low. The issue is that most of my available funds are tied up in another deal that we will be closing in early May.

I have not used a hard money lender before, but my thoughts are that the margins may be a little too slim. Am I on track with that thought? I may be able to convince the owner to finance a portion of the deal, but I'm not sure how to fund the rest of the purchase.

I must admit my inexperience in creative financing, but there seems like there should be a way to make this work. I appreciate any thoughts or suggestions from the BP community!
Any suggestions on how to creatively structure this deal?

Thanks, Steve. Sorry @? is not working. The header did not show when I was looking at the post on my phone, so I didn't see the location. That would be great if you could add me to the evite. [email address removed] Thanks again!

Where is the new location? Thanks!

ACV settlement can present issues in partial loss situations also.

Example- What happens if the damage is significant but not to the extent that it makes sense to declare it a total loss and knock down the house? Now you may only collect 70-75% of the cost of repair after depreciation and don't have the option to take the money and sell off the lot. In this case, you will most likely regret your decision to decline RCV for the up front savings.

I don't have the statistics in front of me, but a large majority of property claims are not a total loss.

Another point to keep in mind is that some "ACV" policies will also come with reduced causes of loss. You should know whether the policy covers basic (okay), broad (better), or special (best) causes of loss.

Just my .02 from the insurance agent/RE investor perspective