All Forum Posts by: Rick Stein

I try to avoid banks like Covid 19. They are too restrictive and they will only allow you to have so many loans. I use private (NOT hard) money almost exclusively. The lender is your dentist or someone with cash sitting in a CD at the bank collecting dust. You offer him 4-5%. There are no other fees and the property would probably cash flow nicely. He has a secure collateralized investment The loan can require no downpayment. I closed on 3 properties last week. Not only idd I not use a dime of my own money, I get back $28K at closing. 

Hi, Phil,

You'd have to check the rules in those states. Make sure you have reliable boots on the ground in those states before making an offer. Signing a contract on a property that "looks good" may be a disaster because of its neighbor hood or what is across the street from it.

227 Hemlock Ave in Bensalem, PA is our newest rehab project. We closed on it 2 days ago and we shall convert this 1 bd, 2 bath home into a 3 bd,2bath. Here are a few pics. I will post the full "before" video as soon as I get it from our videographer. In the meantime, you can se some of our other projects at Youtube/RLSProperties.

I lived in East Windsor (Mercer Co) for 40+ years prior to moving to Austin, Tx 2 yers ago. I am a broker in NJ and managed an office for Berkshire Hathaway for 13 years and have invested in central NJ for a couple of decades. I am still a very active investor in central NJ and Bucks Co with my partner who lives in Bucks Co. I'd be happy to connect with anyone and see how we can help each other

My partner and I, after years of investing successfully in NJ have ventured into Bucks Co. PA where we are closing on our first rehab on Aug 16th. We are looking for more Bucks Co properties. With all due respect, please do not offer me over priced properties or junk. We are experienced investors and my partner is also a general contractor. We are open to residential 1-4 family homes or buildable lots. We don't mind paying assignment fees as long as the deal makes sense. You can send me a PM if you have anything that meets this criteria. I look forward to doing business with you.

Thanks

I stay away from properties where the rehab cost exceeds my purchase price. You'd have to get this property practically for free. if you rent it at say, $900/mont, it will take you forever to recoup your rehab costs. Run the other way, quickly. This is not a deal to be considered.

Hi, Sean,

Although I am now living in Austin, Tx I was a resident, real estate broker and investor in Mercer Co, Nj for 35 yeras., I am still quite active there. Currently Im involved in seeling a flip, buying a renatl and andother flip in Bucks Co Nj with my partner who loves there. 

The LTV is figured on the ARV, (Loan To VALUE). The purchase price is $181,500.

Good day, I am under contract to purchase a single family property in Bensalem, PA. The ARV is $355K. The rehab is $80K and I have that amount secured in second position. I am seeking a $165K private loan to be in first position. The lender's LTV would be about 45%. I am not looking for hard money. If you might be interested, I can give you more details. Please send ma a PM. if you wish to see the kind of work I do, please visit my Youtube Channel : RLSProperties.

I would go for a turn key property using an FHA loan. You don't have money for extensive repairs and you will not get a hard money loan without a substantial down payment.