All Forum Posts by: Robert Haworth

Plus, you can't buy property in your name and then transfer the title to an SDIRA. You must buy it within that structure.

Check with your custodian. Generally an SDIRA with checkbook control is required to have an LLC as the name on the account the funds flow to.

Unless it's a 401k with a present employer, you could consider a self-directed IRA that can invest in Real Estate.

Looking for syndicator experienced in PA to facilitate an emerging deal to convert existing 25-room historic hotel in Chester Co. to 8-12 apts., plus renovate and operate 12 add'l units in two bldgs. adjacent to it. Complex has good bones but is terribly managed now. In-demand town w/great schools, attractive upside after this work is done. Have myself and two other investors, just need leadership to make it gel.

We have one single family in Phoenixville and the rest are twins/townhouses, bought at foreclosure, etc. We bought one from an Estate that is near the R5 station in Downingtown and just put another under contract, settling early March. The numbers/formulas are here on BP (ARV minus 30% minus rehab and holding costs). Make sure you account for all holding costs. Stick with your numbers and don't be afraid to pass if you can't get it within your MAO, there are always other opportunities. We try to select houses with features appealing to tenants (garage or off street parking, 1/2 bath on first floor, storage space). We make sure all the infrastructure is new/refreshed or otherwise solid, saves headaches later.

Hi Cliff,

Welcome to BP! We live near DC and are buy and hold investors who have several properties in Chesco: Phoenixville and Downingtown. It's great that you have a goal and are preparing yourself in your 20s. Our niche is rehab and rentals. We haven't done much wholesaling, and we have a fix and flip property in Baltimore. We are also in learning mode and want to buy small apartment buildings. If you learn how to run the numbers right and don't accept marginal deals, you can manage risk, esp if you hold the propery long term. Rental trends are strong. If you buy solid houses in areas that have job and population growth, you should do well.

Good Luck,

Robert

Happy Birthday, Josh! Love the podcasts!

Hi Amber, We are experienced buy and hold investors with several properties in Chester County. Would recommend that you focus on marketing, deal flow and one strategy at first. We live in VA so are trying to make local connections for partnerships. Good Luck, Robert

What's the accepted Cap Rate for a 10- to 20-door, C-class apt. bldg. with mostly efficiencies and 1BRs in No. Chester Co., PA (specifically, Phoenixville)? Could it be as low as 7.5?

Immed. surroundings are C-class as well; complex has plenty of OSP and rentable storage bldgs. on site. Reasonable rents & vacancy rate but poor, unimaginative current mgmt might mean an oppt'y for me to force appreciation in the short term.

Wanna see it this weekend -- need expert help!!

I have one in mind that's been on MLS for about 90 days in the high $50s, however sellers are moving out of state and are thus said to be "quite motivated" on price. I have toured it. It's a 3/1 two-story brick T/H with bonus room & a det. single garage. Built in the 1890s, it's in excellent cond. -- owners are a prof. couple who send their teen to a fancy pvt. school nearby (athletic awards on the walls prove this).

The place has been KEPT UP and is very stylish. Slate walks, window-filled 3-season room, lighted ceiling fans, polished wood trim. All it needs to enter service is $6K in wiring (my electrician's est.) and $1K in incidentals.The street and block it's on are OK, the alley behind it is a little rougher, and the street immed. beyond that not so good.

If I could get it in the low $40s, should I still consider? It's at the very NW edge of the trad. Pottstown "downtown". I would be looking not for just this one, but 3-4 within the next 18 mos. There is a chance I could get this place VERY MUCH under ask -- maybe as low as $35K. What factor does price play for you in Pottstown, and in this potential deal?