All Forum Posts by: William C.

Let’s do it.  We just bought a property in Green Lane with an outbuilding large enough to hold 15-20 with plenty of space to “social distance”.

September 9th 6:00pm. 

Anyone interested In attending shoot me a DM.

Interested to see how this plays out.  Also, you need to be very careful of the exact language the Agent uses.  For example when I am asked if we have any offers, and we do not, I let them know how many I am "expecting", sometimes within the next few hours.

Every time I said 'That agent is lying, there is no way they got an offer after this long on the market"  It's sold to someone else...

If they are lying, it will become obvious when it's still available in 24 hours.  That's when you make them pay with an even lower offer.

We own a property free and clear. We’d like to borrow $50k from a private investor. We’d like to sign a note and attach a lien so the investor is protected.

What are the mechanics to made this happen?

Attorney drafted note? Can we draft it?

Is it just a matter of having a title company file it with the recorder of deeds?

Thanks!

@James Wise

https://www.google.com/amp/s/www.inquirer.com/news/murder-cheltenham-township-montgomery-county-20200316.html%3foutputType=amp

They caught the guy. Ironically I tried to buy the vacant property they claimed to have met at, the seller turned down my offer , full asking? and has been sitting on it., leaving it unmaintained. Might be a good time to ask the township how they feel about the vacant building.

Can someone smart in the room define "over-leveraged". Is it based on LTV or ROI? Seriously trying to take inventory on my portfolio. We avoided a 100% financed fix and flip on narrowest of narrow margins in time for the crash. But, I have a few rental properties, eaxh leveraged at about 70% LTV pre corona. Each with net cash flow of $14,400/year. A class. I could afford to cut rents 40% until I would be cash flow negative. I haven't been concerned about the affects, but then again we don't know there the bottom is.

Were banks leveraging beyond 70-75% on investment properties?

I was too young foo 2008.

We backed out. We would have been way too leveraged with very narrow margins in an extremely volatile market. Our exit is projected to be 69 days from close and anything last that eats into those already narrow margins. We were prepared to walk from a $6000 deposit but the seller opened the door for us to exit with no penalty.

Interested to see what others think. Personally I am still bullish on real estate long term. The next few months will be unpredictable but people will always need a clean and safe place to live. Being stuck in your house for a few weeks will make that more clear than ever.

My tenant texted me what seemed like immediately following her call to 911. A man was shot outside of one of our buildings last night. It’s a “safe” neighborhood, gun violence or a shooting like this would be the last thing I’d ever expect, but crazy **** happens everyday.

How have landlords handled situations like this in the past?

I asked if my tenants needed anything from me, the answer was no.

I literally met with the incoming students planning to take over the unit in when the current students graduate this May. I am assuming the news will be shared and the students will think twice about living there. Just when I thought corona virus wasn’t going to stop me from renting the unit, this.

https://6abc.com/shooting-in-cheltenham-leaves-one-injured/6017486/

Update.  The handle is confirmed broken.  It has now moved into repair category.   Who has tenants handling repair requests under a certain amount of money?  Like they are college students.  They could fix this in an hour.  Or pay $100 for someone to do it.  Or I can waste 2 hours doing it?  It is rusted.  Glad they started making them plastic...

Do any seasoned landlords out there have any advice on how they’d handle this situation? Truth is, I hear from these tenants about once a month or so, maybe less, for stuff like this. With 1 or 2 properties, stuff like this isn’t really an issue. 2 hours trip to the property round trip included to make this repair is no big deal. But with 25 properties, this could become a full time job.