All Forum Posts by: Rafael Norat

@Philippe Schulligen

I have a great contact in the philly area that lends and rehabs himself. PM me and I will forward. He really knows his market there.

I would suggest just listing your areas of interest and then taking time to personally make contacts there and see which one fits your bill. Where I invest in PA is pretty hard to get good property managers and rehab crews off the bat. Even with references. So, I would suggest doing some investigation in you areas of interest to make sure you have all the right people around you to make it  a successful venture.

Philippe Schulligen Congrats on getting started Philippe. I would say take your time and look into each area of interest and get a feel for what fits YOU the best. Whether Long Island PA or NJ, you can't go wrong if you have a good team and process. I went PA about 3 years ago and don't regret it. With that said, there's plenty of good opportunities to be had in all of your areas. Go to some meetups in your areas and network to get more opinions. I'm sure it'll open your mind up to more as well. They only way you'll fail is not doing anything at all! Best wishes.

Cons: you live in a multi an lose a little privacy. Pros: everything else!! Save money, more deductions, get land-lording experience and more! Hey yourself a realtor that owns property themselves or at least has some good experience with other investors. Best wishes!

@Account Closed

Seems like you're on the right path and have some lessons learned to guide you. How are you planning on buying the $150k home and investment property with only 5 to 10k? That's what you mentioned as down payment?

As I sure you already know, it seems like you may have to look outside your area to find better numbers to work for you. That way you get your duplex to live in.

I live in NJ and had similar issue, as my duplex doesn't cash flow. But I FHA'd, pulled $20k out, built up business credit, and got going with investment properties.

@Eric Lerman

Hey Eric. I would use only comps that match your end product. So, definitely agree with you on not using new builds to comp. If this one can be upconverted what other rehabber are doing in adding a 3rd story, I would use those solds as the ARV. Do you have a realtor on your team? It'd be great to have an MLS scan and have good numbers to show to your buyers. This is a wholesale, correct? Have it under contract?

Baylie Sappir Is their enough real estate and spread to convert to 3,2? That would be your apples to apples.

Rita Koroll Congrats on getting started! I would suggest meeting with local members either here or through real estate networks by you which I'm sure there's plenty. That'll give you an idea of what experienced investors are doing and what's practical in your area. Tampa, Orlando, Jacksonville are just a few very active places I hear of.

Josette Reynolds Congrats! What type of numbers down your way?

WOW!! Great to see such a good community building and working together at all levels of the real estate spectrum!!

Attention Lenders...

We are seeking 1 year interest only funding for the purchase following project (see link):

This is an 8 unit project with 6 units near or completely done (4units rented) and 2 units to be completely rehabbed. 3 miles from Wilkes Barre University. Sits at a good location.

Purchase Price = $82.5k

Rehab = $60k

ARV = $210 (conservative estimate based at 8 cap)

We are seeking 2 points, 10% Interest, 90% purchase costs, 100% rehab costs

We own 22 units in the Luzerne County area (portfolio sheets provided upon request) and are on pace to expand to 60 units by end of 2017. We are looking to establish a long-term relationship as we build.

Deadlines:

- October 14th: End of Inspection. Would like commitment established at this point.

- November 7th: Closing Date

A detailed property package will be available with work scope, picture, finances, and all supporting property, business, and personal documents by Monday, October 3rd.

Feel free to contact me with any questions.

Thanks.

Rafael Norat