All Forum Posts by: Kay Bush

Hello!

I've been on BP for a few months trying to decide if I want to pull the trigger. Well, I did! I purchased my first property. I'm currently rehabbing it and I hope to be done early June. So my question is...what next?

I'm considering several options. I listen to the BP podcast religiously. I'm not sure if I want to wholesale, flip or buy and hold. It seems like the dynamics of wholesaling is a lot different than that of flipping. However, I will do whatever to takes whether I decide to wholesale or flip. I thought about purchasing properties from sheriff auctions, as well as tax liens to get properties a bit cheaper. I'm just not sure which way to go next. I would also like to network and find out more about how to get good deals. I am interested in investing out of the state as well. I wouldn't mind partnering up with someone. I feel like a sitting duck and I want to avoid a lapse in having a property lined up. I feel like I should be looking for another property now. Is this too early? Should I wait until the property is completed to find another one? I plan on using the BRRRR method.

Once my rehab is completed, are there any suggestions as to how I can get equity out of the property? My DTI is off the charts right now due to the rehab. Any guidance is greatly appreciated. I'm all over the place!

I have reached the HVAC portion of my rehab. Does anyone know someone with decent prices in the Philadelphia area?

Thanks everyone!!

 My rehab is in the Strawberry mansion section of Phila

Funding for an entire project @Michael Hong

I got my first property in Philadelphia and the rehabbing games have begun! Does anyone know where to get a good price on building materials, windows, sheet rock, etc. It is completely gutted. I also need bath tub (freestanding soaker). Are there any places that sell them and I can get without having to wait for delivery?

So now what..

Property is under contract. Im purchasing for 30k. Rehab is estimated to be about 60k. I'm looking to either go the hard money lender route or heloc route to get it rehabbed. What do the hard money lenders ask of you? Do they need actually plans drawn up by an architect? What are my next steps while the property is under contract? What should I be doing during this time besides title insurance? Should I have contractors in there checking it out? I feel like a sitting duck..

Are there any loans or grants for a Philadelphia rehab? If so would it have to be owner-occupied?

Are there any loans or grants for a Philadelphia rehab? If so would it have to be owner-occupied?

I just spoke with him and he says if they can't produce a free and clear title, I will be refunded my EMD. I just wanted to check out the plumbing to be sure I wasn't going to get screwed, but it sounds like I put the cart before the horse.