All Forum Posts by: Julian K.

mainly cosmetic: stained floors, repaint, may need to replace carpet with hard wood, resurface cabnets, new shower, repatch water damage.  thanks

I have an opportunity to purchase a home around 350k from a seller I know. The home is as is, so it needs some repair. The ARV would be around 530k. I am thinking the repairs would be 80k.

How should I go about getting a loan?  I understand that conventional loans doesn't account for repair needs.  

Also, how should I present the offer to the seller considering that this isn't all cash?

Thank you

I might want to buy a fixer upper in Delaware.  This is my first, so bear with me.  Do I need to look for a real estate lawyer to draw up a contract? Can I do it on my own?  What are the average cost for a lawyer? 

Anything I might have missed?

Thanks!

I'm considering a purchase in triplex in the Philadelphia area.  The prior owner had one furnace, so as a landlord you have pay for the heating for all 3 tenants.  I want to get away from that. 

Does anyone know on average how much it would cost for a furnace and installation?  Would you have to get 3 individuals furnaces or can you get one for the 3 units but can determine the use for each unit?  Is there a specific furnace that you'd recommend?

Thanks! 

Has anyone worked with this organization - New Western? They are a wholesaling company and I've heard mix reviews about them.  They are based in Philadelphia. 

Hi Phillip, I have not invested in this area yet.   My slight concern is if the average salary in the area can justify the higher prices that we're seeing.  Another factor -  it seems as if the demand for housing is partially affected by second home buyers, not all people who would want to move here permanently.  Just my humble opinion - but I defer to the experts. 

Yep, I am a F&M alumnus.  Great to have another F&Mer on this board!

I am in the West Chester area.  Feel free to look me up as well. There are some good meetups I can recommend in Chester county.  

https://www.meetup.com/ChesterCountyCashflow/

Also, I participate in the DIG Chester County meetups as well. 

https://digonline.org/benefits/sub-groups/

-Julian

Great to hear from someone who graduated from a Lancaster college.  Which one, F&M?

-Julian

John,

I have also read that Cape Coral has one of the highest vacancy rates.  Is that still true?

Thanks!

Is a 10% cap rate still doable in this area?

Thanks!