All Forum Posts by: Marco Padilla

@Michael Doherty

So it seems like you are well aware of all the Pros & Cons

I feel maybe you need to ask yourself if you are an investor or a laborer? Remember how much your time is worth, if you hire someone out you are leveraging your time so you can use it to look at your next deal-or plan your next project, you would also be putting food on someone else’s plate not to mention a tax write off. On the other hand if you want to do it yourself you can to get the experience so when you do hire someone you would have an idea of what needs to be done, how you’d like it done & how long it should take. That way you can ask and tell the guys working for you what it is you want done. Either way you are in a win win situation. Now you just need to decide what and how you’d like to proceed. Good luck!

Wow this is one of those situations where I don’t want to hurt your feelings or anything however, you need to learn how to crawl before you can walk before you can run and run before you can fly. Another way you can look at it is what can you offer to an investor who may be able to help you out in this deal (in other words what can you bring to the table) you are 46 so you have to have some life experiences that may be able to help either you or a group of investors out. It’s not like you can’t do it it’s more like how can I do it or who/how can I help others do it and in the process gain the experience for another deal in the future. Anyways good luck and remember you have a whole community here that is always ready willing and able to help however possible. Good luck!

Hello Joshua seems like there is some information that's being left out. I guess in order to give you any advice I have some questions for you. First off what kind of neighborhood is it? A-B-C ETC. What's your budget looking like after closing? will you have enough for repairs? What are the comparable properties going for in that area? Are you handy and doing the repairs yourself or hiring out? there's a lot more information that goes into play when your asking if a deal is good or not. I am from Philadelphia PA and I can tell you this for this area that would be one heck of a great deal! hope this helps

I'm gonna have to agree with John Underwood he gave you the just of it. However make sure you do your homework especially in your own city as some LLC & S-CORP give better slightly different coverage in different cities. Good luck!

The area is up and coming. The location being right in the center of the West Kengsington section of the city. For the Investors this property is right up your alley, it's already been gutted you would have 1,152 square feet to play with and create the way you want it to be. It was a 3 bedroom 1 1/2 bathroom however it's been gutted and has enough room to expand. You would have 7 foot ceiling in the basement which runs the length of the house, which is also attached to a 3 car garage, also has a front yard. The whole area is up and coming new construction is popping up left and right as well as plenty of businesses in the area. This property is close to all transportation and shopping is nearby in all directions. street parking is also available out front as well. It is currently vacant and has all new electrical wiring done. New 200 AMP service has already been installed it is all just down to the studs ready for the right Investor. Current monthly rental rates in the area are going for $1000 ARV for similar square footage rehabbed homes in the area are anywhere from $250k to $325k

Contact me [email protected] (215) 743-1374

I feel it all depends on your past with them, if they've been good tenants and this is the most they have to complain about, personally I'd take it on the chin I would explain it to them like this. "This is not my responsibility, however due to you being such good tenants and taking such great care of the property I am willing to help you out." Make sure you make them feel responsible for part of the property even though it's yours if you make them feel good and responsible they (tenants) tend take pride in the property and the next time it may influence them to act on their own and fix the problem on their own. Again I am speaking from past experience with my own tenants and I understand and know that every ones experience is different. Good luck!

Wow very creative!!!

Have you considered Hard Money Lenders in your area?

Great information, I hope it still applies. Thanks

Okay thanks to every one, I did have a lawyer look at it and he says it looks fine. I am also in the process of finding out why the first title company would not insure the title, and how the second one did. I am still on the fence about this however I will get as much information as I can get. Again thank you to everyone.