All Forum Posts by: Michelle Romano

Hi Mike - I was thinking about Hone Depot as well.  Did you or anyone else ever go to Kitchen & Bath Wholesalers on Anerican St, in Phila.?   If so done feedback would be appreciated.

Thank you!

Hi Lesley,

Thank you you for your response and explanation of Cash Out.  I need to revisit my options, look at the comps again and try to make the best decision within my comfort level and goals.   (The fix & flips I did a few years back were so much easier).  

We all make errors along the way and this has definitely been a lesson learned.

Appreciate your time and input.  Will let you know the outcome.

My apology.   reply was for Brad.  

Hi Ken

So appreciate your time and information.  There is so much I do not know about this aspect of real estate and eager to learn.  I manage this myself - your right it is more work than originally expected.  Either rent or sell it needs the work.  My thinking is to use the money from the sale to buy another for fix & flip otherwise I don't have the money to move forward in that direction.

 One thing I don't understand is "cash Out" why take the equity when you have to pay it back every month?.  

My goal is fix & flip and would also like a multi family.  What I don't like about single family houses is the vacancy outlay between tenants.  

You certainly gave me much to think about.  I really need to find an actual mentor in this area I can work with who will guide me while Icontinue learning.   Wish I lived in CA!

Thank you again.  Your advice is so much appreciated.

Ken - thank you for your input.  My goals  are on fix and sell as I also enjoy the creative aspect of the process.  If I fix and sell then I will have some money to buy another property.   I also have a R.E., License with a referral company at the moment but I certainly understand that as a business it has to be about the numbers - it can't be personal.  That said, learning on my own without hellp or advice (besides negative from family) has been trying.  I made a profit on previous fix and flips but made some errors as well - used my money and now struggling. 

The above numbers on the rental are tight and although I can probably get 1200,00 monthly rent but the numbers would still be tight.  

Thank you for the advice.  Sometimes you need to talk it through to realize your goals and make the decision that leads you toward them.  

Thank you Ken!

Hello Investors - 

I posted this on another forum but want to run by the local market as well.

Need advice on whethr to continue renting or sell. I have a single family property that has been rented since 2010. The property is in Phila 19138 area. Tenants moved out 6/30/17. They were very careless and left the property in a mess. Need to rehab the kitchen, both bathrooms, doors, lighting, paint, exterior, etc. The property needs rehab either way but the cost to rehab depends on keeping or selling. Below are my calculations for each. 

Second problem, I don't have the money to rehab and will need to take out a loan which is not included in my calculations). I also have a HELOC on another property with rehab funding available. I did not have any guidance starting out and made some mistakes and now I am asking for your guidance and advice. If I sell I would like to use the money and learn the right way to buy, fix and flip. I also completed two flips in 2008 and made a profit with a partner who no longer wanted to invest in real estate.

I prefer not to disclose personal information on the public forum but would do so and discuss options privately. Its two weeks since the tenants moved out and need to make a decision ASAP - as time is of the essence.

Apprciate your help and suggestions. Thank you!!

Fix and Sell

ARV:                                  $ 145,000.00

Price or Existing Mtg:        (52,000.00)

Rehab Costs:                      (25,000.00)

Carrying Costs (60 day) -   ( 1,400.00)

Closing Costs 3%:               ( 4,350.00)

Agents Fee 3%                    ( 4,350.00) 

Margin Error 3%                 ( 4,350.00)

                                          $ 53,550.00

Fix and Hold

Rent Monthly                      $ 1,150.00

P & I Only Mtg Payment:      ( 471.78)

Insurance (monthly)             ( 105.00)

Taxes:                                      ( 120.00)

Maintenance:                        ( 150.00)

                                                 $ 303.22

Michelle Romano

Thomas - I was leaning that way as well.  I may be able to gt 1200.00 monthly but stil the cash flow each month goes right back should something need to be replaced or repaired and it always does.

Also, I have a HELOC from another rental with 54K avilable, Do you think I should use the money from the line or get a rehab loan? This is the area of real estate investing I need to learn.

Hello Heather -nice to meet you and thank you so much for the information on supplies.  I will definitely check them out and see how they compare with shipping charges, etc.  I also noticed the RTA Store as well.  Two great sources.  Always good to get referrals. 

Hello Investors -  Need advice on whethr to continue renting or sell.   I have a single family property that has been rented since 2010. The property is in Phila 19138 area.   Tenants moved out 6/30/17.    They were very careless and left the property in a mess.  Need to rehab the kitchen, both bathrooms, doors, lighting, paint, exterior, etc.     The property needs rehab either way but the cost to rehab depends on keeping or selling.   Below are my calculations for each.   Second problem, I don't have the money to rehab and will need to take out a loan which is not included in my calculations).  I did not have any guidance starting out and made some mistakes and now I am asking for your guidance and advice.   If I sell I would like to use the money and learn the right way to buy, fix and flip.   I also completed two flips in 2008 and made a profit with a partner who no longer wanted to invest in real estate.  

I prefer not to disclose personal information on the public forum but would do so and discuss options privately.  Its two weeks since the tenants moved out and need to make a decision ASAP - as time is of the essence.

Apprciate your help and suggestions.  Thank you!!

Fix and Sell

ARV: $ 145,000.00

Price or Existing Mtg:            (52,000.00)

Rehab Costs:                          (25,000.00)

Carrying Costs (60 day) -      ( 1,400.00)

Closing Costs 3%:                  ( 4,350.00)

Agents Fee 3%                       ( 4,350.00)

Margin Error 3%                    ( 4,350.00)

                                               $ 53,550.00

Fix and Hold

Rent Monthly                       $ 1,150.00

P & I Only Mtg Payment:       ( 471.78)

Insurance (monthly)              ( 105.00)

Taxes:                                       ( 120.00)

Maintenance:                          ( 150.00)

                                                  $ 303.22

Michelle Romano