All Forum Posts by: Michael Lenahan

Originally posted by @Mayer M.:

@Michael Lenahan

Nice! Would you share your GC? I’m looking for one in Philly

Thanks

 Of course.   Please send me a direct message.

Originally posted by @William DeRose Jr:

Ray Dalio seems to think it will be soon. It's not a guarantee but it's a good read, and you cant discount that he runs the largest hedge fund in the world. Enjoy. https://www.bloomberg.com/opinion/articles/2018-09...

I noticed that publicly Ray Dalio is bullish on the market, but privately his hedge fund has been buying Gold. If he said how he truly feels everyone would freak and start buying Gold too.

In that article Ray spells it out perfectly.  That's how it is going to end.  I'm surprised he said that on mainstream media.  I guess he feels everyone's head is still in a bubble and people are still high on historically low interest rates for the last 10 years.

There is a global debt crisis coming and the Fed will respond by printing more money (as it always does) but this time it will  destroy the US dollar in the process.  They debt crisis will turn into the dollar crisis.

All levels of our government are over leveraged.  Once interest rate approach normal levels that is when the bottom falls out.  If you look closely that is what is beginning to happen.  Al Greenspan just talked about this last week in his interview with Bloomberg.

Recessions never look like the past one.  The coming recession will not begin or resemble the Great Recession of 08, but it will be worse.

You are delusional if you think a crisis is not around the corner.  

Investment Info:

Single-family residence buy & hold investment in Philadelphia.

Purchase price: $52,000
Cash invested: $40,000

Analysis : https://www.biggerpockets.com/calculators/shared/370773/3e693e96-668f-4496-b69a-fad0b0f92297

Link to Photos: https://photos.app.goo.gl/wxvf2axZseF4Jqu76

How did you find this deal and how did you negotiate it?

I found this deal on the MLS.

How did you finance this deal?

Cash and Personal Line of Credit

How did you add value to the deal?

This was a gut rehab. This was the first time that I added recessed lighting. I felt this was a good investment and added value to the home. It is also my practice to refinished the hardwood floors whenever possible.

What was the outcome?

House was appraised for 147K and is currently rented for $1,100.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I have been using the same GC and Electrician for years. I also work with the same lender on the refinancing. Message me for details.

It depends on where it is located.  Philly is block by block.  I tend to stay north of Baltimore Ave.

Looking for advice:

One of Tim Shiner's tips in episode #300 was to put the first $100 of repairs back on the tenant. 

I'd like to implement this is my rental business.  

Has anyone done something similar?  What is the legal language you are using in your lease or rules/ regulations addendum?

Thank you in advance.

Why are we debating this on a Real Estate forum?

@Mindy Jensen @Tim Shiner Tim, thanks for sharing your knowledge. One of your tips was to put the first $100 of repairs back on the tenant. What is the legal language you are using in your lease or rules and regulations addendum for that?

@Branden Sewell The overwhelming advice is to get FHA 203k loan and find a 2-4 unit building that you can add value to. That is the path of least resistance. TIME TO GO DO IT!

@Patrick Campbell I've BRRRR'd a number of properties in West Philadelphia. Feel free to check out my profile for numbers.