All Forum Posts by: Stephen Franco
Stephen Franco has started 12 posts and replied 175 times.
Post: Heating Thermostat Control for 5 Family Building

- Scranton, PA
- Posts 201
- Votes 44
I think it's roberts or robertson that makes a thermostat (not Home depot, but go to a real supply store like Johnstone) that can be remotely (think basement) located. Then it can have up to 4 sensors in the living space, it averages the temperature of the 4 sensors and uses that as the "room temp", ignoring the temp of the basement.
It wont be a matter of setting it to 68 and leaving...finding the right temperature will take practice. I suggest getting the wireless "weather station" remote thermometers, putting the "outside" sensor in each apartment (one per) so you can see downstairs what temp each apartment is. Then take a couple weeks and play w numbers and comfort/complaints.
Post: new at this

- Scranton, PA
- Posts 201
- Votes 44
That may get you started in my area (PA) where a turnkey rental (done, rented and with management in place) would run you about $65,000. Sometimes less, sometimes seller financed. It may not be doable in New England, but in Northeastern (Scranton) PA it's not hard.
Post: Tax deed deals and lending in PA

- Scranton, PA
- Posts 201
- Votes 44
I do tax sales in PA. Judicial sales. Doubling my money. It's fun.
Going to start hard money lending to people facing tax sale. Win/win as I see it .... win if they pay me off and I get my interest, win (since I do my diligence) if they don't and I get the home.
I am putting together people with lazy money to go after the deals...always a good return
my question is I hear the term 'predatory lending' . If I am clear with people on what we're doing (plain language, simple numbers) is this enough to be non predatory?
Post: Looking for partner/JV to buy, rehab and sell mobile home

- Scranton, PA
- Posts 201
- Votes 44
I am interested in doing this. I can work nationally, but focus on PA (lots of great returns) and NY/NJ (lower returns but more people) and New england.
Post: Emerging Markets for Flipping

- Scranton, PA
- Posts 201
- Votes 44
PM me . I have a few ideas. My local market is a low-risk, good return market but has slow on-market timelines - perfect for you to play the "live in it 2 years" tax game. Other ideas I have also...let's discuss.
Post: Deals with little/no money down

- Scranton, PA
- Posts 201
- Votes 44
Above answer is correct. also, it depends on the market. Where I am in PA it's a buyers market (but great cap rates on rentals), so I can get income property sellers to be very creative.
Post: What Would YOU DO had POF but no DOWN ?

- Scranton, PA
- Posts 201
- Votes 44
1. i do alot of no money down deals ...I can PM some strategies
2. if your lender wants proof of down payment, ask if that down can be another (second) lender. if yes, go hard money. If no....then PM me.
3.seller finance maybe. but see #2
4. increase sales price and ask for seller credit. again, lender may (likely wont) not go for it.
5. all seller finance. or start with a smaller deal.
6. for me, 8% cap is low, especially if it doesn't take into account 10% maintenance, 10 vacancy 10 management.
Post: Can't find deals

- Scranton, PA
- Posts 201
- Votes 44
I also would love to chat. here's a few things I do
tax sales, estates, probate, obituaries
Buyers must give company bio or POF to prove they're real and not just another wholesaler. I'll send anyone my "list" of properties...but if you want me to "find you a deal" you gotta prove you're worth the time.
Post: How to use BP calculators/ estimate ARV for a buy and hold?

- Scranton, PA
- Posts 201
- Votes 44
I do my math slightly differently
income
-1/3 for maintenance/vacancy/management expense
-hard costs
-desired monthly FREE PROFIT (say $100/mo each door)
balance tells me the mortgage payment I can afford
that, in mortgagecalculator.org at 6.5 for 20 years, is the value of the house.
If you have to (in some markets) sacrifice mainenance/vacancy pads (as ************* and others teach), I guess...but there's a risk.
I love my market in PA. 15% returns AFTER all that. and usually mortgage pays me all my money back.
Post: Multi unit properties

- Scranton, PA
- Posts 201
- Votes 44
I am in an unusual market. with 30k per door to get a multi bought, fixed, and ready to rent and rents around $700, we see 15% cap rates easily after maintenance management vacancy pads. Not too shabby.
When you look at single-door (SFR) properties, there's alot of great value there, but the per-door and per-month cashflow will be thinner. There are advantages, but it's a tradeoff.
Always, one-roof, many doors will have better return and lower risk, since a single tenant failure or move out won't bring the property income to zero and hopefully will still keep it at least alive if not cash flowing.