All Forum Posts by: Marc Oister

Congratulations.  Good start.  Keep the momentum.

@John Cohen  Didn't forget about you.  The 29 unit i was working on fell through.  But I have just sent out a 1000+ direct mail campaign covering my surrounding area so if your still in the market and any decent size multi units materialize I will let you know.

@Casey B.  Welcome to BP.  Im also a newbie.  Focusing on the greater Philadelphia area (Montgomery, Chester, and Bucks counties).  Just began my first direct mail campaign, trying to get my foot in the door wholesaling.  BP definitely has a lot to offer. Don't to check out the podcasts.

I just purchased a similar type of house in pottstown in january. The appraiser my brother and i used did a good job.  I cant remember his name but can get it from my brother if you would like.

Pottstown isnt far behind reading.  Some of the highest taxes in the state and foreclosures on every block.  The lack of local business isnt helping either.  Im born and raised in pottstown but have been focusing on other markets such as allentown and phoenixville which have really became hot spots.

 Im from the Philadelphia suburbs of Pottstown which boasts a dwindling economy and the 9th highest property tax in Pennsylvania an already highly taxed state for real estate investors.  I am beginning on getting into investing and am need of some bp family advice. I have been looking into a few markets, and was trying to come up with a strategy to begin investing.  I am looking to move from Pennsylvania all together within the next 3 years but feel that starting out investing home where I'm familiar with the market.  

  I am currently renting and have been looking at a property for 30k.  With about 10k of work it could appraise at around 60k.  The catch is the taxes are 4k per year, and the property will rent for 1000-1200 per month.  

  I was planning on purchasing the property and doing the rehab cash.  Afterwards I will have a decent size savings left over, and also will be able to offset the 1300 a month rent I'm currently paying.  Should I get into the property regardless of the taxes then after my rehab. Refi the property and continue with my investing, or just wait and save for another year or so to find a better property closer to philadelphia that actually would make sense on paper.

  The thing is I'm getting to the point where its now or never, and don't want to postpone investing for "the right time" with too much analyzing.

@Max T.

  Just checked and its zoned rsa-1 so i guess no duplex.  Still looks like a promising project if i can make the financing for rehab go through.

I am currently interested in a property I have come across in the West Mt. Airy section of Philadelphia. Its a 2300sq ft building. Has extensive mold damage. I was planning on doing most of the demolition and painting myself, and then hiring out for the rest of the work.

My plan is to buy the property cash, and then seek a loan for the rest. What type of options do i have for financing. After purchase i will have 20k left in reserves, and dont wish to touch that just in case of any unexpected costs.

Im hopong to convert the building into a true duplex and move in one while renting out the other. Since it would be owner occupied i dont know if that would exclude me from some hard money loans. Also I plan on keeping the property long term so i also think that would be a problem for many hard money loans. Any insight would be appreciated. 

I am currently interested in a property I have come across in the West Mt. Airy section of Philadelphia.  Its a 2300sq ft building. Has extensive mold damage.  I was planning on doing most of the demolition and painting myself, and then hiring out for the rest of the work.  

   My plan is to buy the property cash, and then seek a loan for the rest.  What type of options do i have for financing.  After purchase i will have 20k left in reserves, and dont wish to touch that just in case of any unexpected costs.  

  Im hopong to convert the building into a true duplex and move in one while renting out the other.  Since it would be owner occupied i dont know if that would exclude me from some hard money loans.  Also I plan on keeping the property long term so i also think that would be a problem for many hard money loans.  Any insight would be appreciated. 

@John Byrne

 I spoke to @Account Closed a week ago about coming to Pottstown which is on the tip of montgomery county at the berks and chester county border.  Haven't came across a project yet, but plan on giving him a shot when the next project comes along.