All Forum Posts by: Bill Goodland

For what it's worth, I try and stay updated with alerts to my email from Trulia on philly properties that are for sale and for rent. I notice theres plenty of inventory and renovated rentals in Kingsessing, Onley and Germantown. Looking invest in philly myself once I'm finished with grad school and seems like the area where investors are clearly active may be a good place to start.

Welcome to BP Josh. I too am from Long Island and moving back to Philly for grad school in august. Send me a PM if you ever want to connect.

Wow, awesome rehab! Did you get a GC, manage subs, or do the work yourself? Looks like $20,000 went a long way. I'm assuming you financed the whole property and paid cash for the rehab?

 Also curious how you came to your cash flow number. Did you allocate a flat number, percent or cross your fingers assuming no vacancy, capex, or repairs considering the quality property you have that you'll only hold for 5-7 years.

What other expenses are you incurring besides debt service? Trash, sewer, water, taxes, insurance and approximately how much for each?

I'd be interested as well.

Thanks for the input everyone. I understand I should focus on one deal at a time. But always love to bounce ideas off people more experienced than me to prioritize future strategies.

I'm curious how everything ended up as well. Great thread! Hope everything worked out.

Rehab looks awesome for only 4k! Mind me asking if you replaced the tub, just scrubbed it really well, or got one of those replacement cover things over it?

Also, I must say those cabinets now look great. Did you stain them yourself, have someone do it, and at approximately what cost? Thanks

I have heard that finding a lender to refinance your property after buying, rehabbing, and renting it out can be difficult and that this strategy really leaves you at the mercy of the bank. In everyones opinion, does trying to do as much volume as possible to BRRRR SFRs and small multis a viable strategy considering many banks won't let you get more than 4, or 10 loans depending on who you ask. I understand portfolio lenders exist and can be hard to find, but I'm curious if people who rather move to higher price point properties such as commercial buildings to prioritize value per loan, or try your best to bundle multiple properties on one or a handful of loans?

If you can afford the house and like it, I would say go for it. Especially if you plan to stay there long enough to ride out and dips and peaks. I would also remember to evaluate whether or current primary is worth holding as a rental or whether or not you'd get a better return on your equity in a different property. As far as whether it's worth it to bid more I would say it depends on if this house is the "one", or if it could be one of many that come on the market and you could just buy the next one without a bidding war.

I was just curious about creatively finding off market deals for either buy and hold or flips. A lot of people I read about or listen to on the podcast recommend finding off market deals by word of mouth, marketing, etc. My question is, if you're not using an agent and communicating directly with a seller, is it still possible to finance those deals through a bank? Or only with cash or forms of it such as hard/private money, HELOC, business LOC etc. Thanks in advance.