All Forum Posts by: Marco Padilla

@Frank Nouma

Morning Frank

Just wanted to know how did you come across your numbers? Mainly ARV & rent prices? Be sure they are as accurate as possible. Although they are very tight unless you have a team ready to go and are also have some experience you're going to learn quite a bit on this deal and hit a few brick walls. Most of these homes were built in the early 19th century which means to bring up to code may be a problem due to the square footage of these row homes. Just make sure your numbers are accurate. Unless you can renegotiate the PP I'd be very careful, seems right and not saying it can't be done. However you will learn quite a bit very quickly.

Good luck 

Thanks Krystle!

@Krystle Khoo

We are also looking for a good PM in the area.

Hello Will and thank you for the input. 

Well what I meant is there's not really much going on there. No people moving in and no one really moving out. At least from what we can gather. None of the rental platforms have any rental prices for that area. Again we are in Philadelphia PA

Hello, 

We currently have a few rentals here in the Philadelphia PA area and are now branching out to the Fayetteville NC and Tabor city NC. The first one in Fayetteville is about 20 minutes from Fort Braggs, the purchase price is $135k the property has been rehabbed fairly recently sits on half an acre has a pool, gazebo, nice outdoor living space, separate 2 car garage. And after speaking to a few property management companies in the area with and comparing to other rentals in the area with similar amenities the rent on the low end would be $1,250 and we've seen others going up to $1,500. We were also thinking of making the 2 car garage living space and putting it on the market for AirBnb. Just wanted to know if anyone had any more thoughts on this one? Thanks

The second one is a duplex in Tabor city NC, purchase price of $55k it's about half an hour from the beaches in SC but there seems to be no movement in the township it's in. This one would need some updates, and after calling a few property management none of which cover this area we are still on the fence with this one. Any input would be greatly appreciated. Thanks

@Darius White

Remember there will always be properties under $100k the most important thing to remember is everything goes in cycles. What goes up must come down and what goes down must come up. Yeah I’m some areas the properties which are cheap are only going to be cheap for so long and then they’re going to go back up and in some areas where the properties are expensive the market is going to go down. If there’s anything history has taught us is that everything repeats itself. Good luck and make sure to do your homework regardless of where you begin your investment career.

Thanks for the input Don, I truly do appreciate it. My biggest concern is I found a few FSBO here in my market however so many wholesalers have already tainted the sellers and who knows what they've already been through. However they talk and act like as if they've been through a lot with other investors. Now they don't want to deal with any one who has HML on their paperwork. LOL

@Don Scott Thanks Don very informative. I have a question though. In your market how is the competition? Is it crowded like here in the Northeast (Philadelphia PA) to be exact.

@Nicholas Brady well in that case take full advantage of it. And make sure you get something that’s gonna help you out. Besides with a W2 you have options for funding. Not to mention you’re in bigger pockets. Between the podcasts, the forum’s and networking in here is pretty much all the information you’re gonna need. G-luck