All Forum Posts by: Mike B.

@Joy Panebianco the treads look like stained oak (you can get that at HD or any supply warehouse).  Then paint the rest high gloss white.  The railing is metal.. can be aluminum or a painted metal, unsure if that matters to you.  At any rate, look for a metal fabrication shop and/or railing shop specifically.. they usually build them custom to your application.  Something like that design may be up to a $1000 per rail section (meaning the one pictured would be 1 section).  So if you have 3 floors that you need a custom rail.. may spend up to $3K max.  I think something more around $2K is likely though when all is said and done (assuming you need 3 rails). 

If you can't find anyone.. I know a company in Kensington (Philly) that does this sort of thing.  Unsure if they would travel out to Ambler, but you never know.   Great quality work and prices can't be beat. 

I agree with the horizontal siding.. light/earthy colors will make it look great (keep the rock bottom).  

@Hazel Wiggs - what I meant was.. any interest paid.. is paid to ME (or to you if you did your own loan).  It is NOT paid to a bank or other company.  That's part of the plan rules.  Thus when you take your own loan from your 430B.. you're literally paying yourself to borrow it.  Not that I encourage you to keep a loan out forever in this fashion.. just saying it's an added 'perk' in the finance world.  

Again, and as Mark noted above.. definitely want to check up on your plan rules from the provider.

@Hazel Wiggs you'll need to check the rules for your plan, in terms of withdrawl. Mine was only 1/2 of my contributions up to a max of $50K. I did take out a loan to finance reno on a property I purchased. Will cash out refi next month and pay the loan back. Best part is the 403B loan.. interest is paid directly to me! So really.. I'm paying myself back in the end two fold.. interest on the 403 and profits on the renovation project. Totally worth it to me; especially since my COC return on this project is 15%+ (in 3 month period of work) where as avg stock market return is only 6-8% annually

@Jervin Justin I use Zillow rental manager (it posts to Zillow, hotpads, and another website) and also list on craigslist.  I include all my info in there.. refresh it with new info as needed (in this case open house) and keep the ads short and sweet (bullet point the highlights.. eg NEW kitchen, washer dryer, etc).  IF you have a lot of foot traffic then you could also place a sign on the door/building indicating the upcoming open house (and then day off.. signs pointing to open house.. hang balloons, etc). 

@Matthew Hodge I think it's all area dependent.  What are the comps (other rentals in your area) offering?  Do they have central HVAC?  Or washer/dryer in unit?  In Philly, central HVAC isn't as common, where as more and more units will have their own washer/dryer.  When interviewing tenants in recent past, they all want the washer/dryer in the unit and are willing to pay more for it.  For our area, since we only have 2-3 months of really hot summer, central HVAC isn't as important as ensuring good heating supply during the winter.  An efficient system (read=low utility bills) is just as important. 

In my renos.. I never went off the 1% or 2% rule.  Those are more of a guideline... again I think it's market specific.  If everyone in your area is doing the same finishes, etc.. you need to have a "1 up" on the next guy to ensure your place is rented first.  To me, if HVAC could be installed for $7500 for 3 units.. I would do it.  I'm sure it'll pay dividends for years to come!  Also the washer/dryer.. I think is great.  And you asking another $100/month wouldn't be unreasonable. 

@Jack Alves - I've used SimpleGreen a lot.. works really well! And lots of elbow grease of course.  Bathroom.. there's a new product (forgot the name).. its a hybrid of scrubbin bubbles spray with bleach, but doesn't foam up like the normal 'scrubin bubbles' product.  Works GREAT in the bathroom / tile surfaces. 

@Patrick Longhi I hope you scored an off market deal! If so.. just lock it down.. you can always get financing later for rehab. Tough to answer your question though. How much rehab does it need? $5K? $10K? Full gut? That can change the answer of many people reading this. If it's only<$15K in renovations, just buy the home with conventional financing, and you can always get money later via HELOC, hard money, credit cards, etc.. refi within the year (after improvements) and pay everything back. Good luck

@Kevin Sayers - have you spoken with friends/family to work out a deal with them?  Parents, etc?  Sometimes people are sitting on money and if you're offering a great deal they may take you up on that.  Just be sure to draw up a contract with specific repayment terms, etc. 

@Brady Speers I havent personally been in your situation but if I were you.. would ask for proof of funds up front to deter people from "fishing" others.  May also want to have a contract in place with the original seller to ensure your deal with them goes through (and via the buyer next) vs. the seller getting a better deal with a shark