All Forum Posts by: Beverly Buella

Hi there,

I wanted to see if there are any wholesalers/investors local to Philadelphia that have their Pennsylvania RE license, to discuss how you decided to select the broker you currently hang your license with. 

I currently wholesale and purchase/fix/sell properties.  I think that with my license, I will move away from wholesaling and focus on purchase/fixing/selling, however- I'm not sure at the moment and wanted to talk with some people to see the pros and cons I should be mindful of.

Please send me  a private message or feel free to discuss on this thread.  I have a few brokers in mind already, but want to see if there are any questions you may have asked or prevalent differences that came up when you interviewed with various brokers.

Thank you-

Bev

Hi there,

I have a property in West Philadelphia that I'm looking to move, on the 53xx block of Chancellor Street, 19143.  The property is in solid shape, but it's been lived in and would need to be updated to make it a rental.  I won't post a rehab estimate because contractors all have different prices, but here's a description of the main items that would be needed to make it a rental:

- new electric

- new roof

- new bathroom

- remove carpets and refinish or install flooring

- paint

-  kitchen cabinets could be cleaned up or repaired in order to be used for a rental, they are in good shape.

Rent:  around $800/month

Price:  $34,900 or best offer

Settlement:  on or before 3/20/2014

Financing: cash only

Block:  There is 1 noticeably vacant property further down the street and across the street that is boarded up.  This property is not close to any vacant properties. It is close to 52nd street, which is a main retail corridor for this area, close to trains and buses.

Pictures?

https://www.dropbox.com/sh/x7iyvwmsfqsrztf/AABouLN...

Comps:

5338 Chancellor sold for $85k 3 1/1 no central AC
5311 Chestnut sold for $142k 3/2 with central AC

Questions?  Please contact me at 267-560-7712 or [email protected]

Thanks-

Bev

Whoa that is definitely a worse case scenario- going on 4 years??!  Thanks for that info.  I'll run it by an attorney over here and see if that's typical here in PA.  Yup, we have tried doing cash for keys- she's responded but it hasn't worked.  Anyhow, I'll keep you posted.  

Hi there,

Thanks for your response. Here are the details:

- Seller is the executor of her father's will

- The will is valid and recorded

-  The occupant is the wife of the decedent, they were married for about 20+ years before he passed.  She has lived there since they have been married and there is NO LEASE.

-  According to the seller, her father took his wife off the will before he passed away because they were having marital problems (i.e., wife was on drugs, etc.).  He was sick and had a psychiatric evaluation in case his mental state was in question because he was sick.

I have spoken with various Real Estate and Estate attorneys regarding this and have been told that given the details of the scenario, I "should" be able to eject.  I am just wondering if anyone has experience where they have purchased a property, clean title, etc. and they weren't able to eject- therefore being left with a property that is occupied.  And if so, what course of action was taken IF the judge ruled in the occupants favor.   Just trying to get an idea of the worse case scenario.

Thanks so much-

Bev

Hi there,

Anyone deal with ejectments in Philadelphia and/or deal with purchasing an occupied property? I just want to get an idea of the worst case scenario if the property is purchased occupied.  The property would be purchased with a clean title and I would have an attorney handle the ejectment, but I am wondering if there have been scenarios where the judge ruled in favor of the occupant that they can stay in the property even if they don't own it.

Thanks-

Bev

@Mary B.  thanks I will reach out to him!

Hi there,

Can anyone recommend a general contractor in the Philadelphia area?  I am looking to flip a house in East Falls and want to see if I can be within the seller's asking price based on an estimate of the work needed.  I would like to get a few estimates so any referrals are much appreciated.  Thanks-

Bev

---------------------

Here is a brief description of the property and scope of work:

property is 1900+ square feet, 3 story
Seller is asking in the low 100's. ARV is between 270k for 4 1/1 to low 300's for 4/2 or 4 bdr 2 1/2


Just some notes, but basically it's a gut job. - Brick or concrete for backyard - fence - update electric, heating/air system - new plumbing - repair entire exterior, paint or new stucco, remove siding in rear, add railing in front - new kitchen/bath - refinish floors - carpet in bedrooms - paint throughout - some walls, floors and ceilings need repair - extend/add room behind kitchen to add first floor laundry - new roof, windows
- Currently 4/1, would add at least 1/2 bath on 1st floor to make it a 4bdr 1 1/2 bath or full bath for master suite to make it 3bdr/2bath - No finished basement, but want it cleaned up and painted - recessed lights - The layout on the 1st level will remain the same, with the exception of the extension for the 1st floor laundry and possible 1/2 bath. The 2nd and 3rd floors are in question, depending on what is decided for the bathroom
- New exterior and interior doors- Repair/re-finish stairs and railings

@Trevor Ewen It depends on what you are looking for.   As a local, I'd say Passyunk Square area (19147) is probably the most family oriented of the 3 previously mentioned.   

You mentioned near SEPTA, but I'm not sure if that included Regional Rail.  Certain parts of Germantown (19144)  and pretty much all of East Falls (19129) Manayunk (19127) Roxborough (19128) and Mt. Airy (19119)  are all family friendly.  Mt. Airy has a really decent public school which is a rare find in Philadelphia- as does Chestnut Hill (19118), but that area is more expensive.  I think these areas are good if you are looking for long-term renters because young families tend to be in these areas to feel out whether their kids will get into a charter school.  If they do, they stay- if they don't they move.

@Account Closed, I agree with @Jim Hogan, Bridgeport is better between the 2 if you're not very familiar with either town. Bridgeport is smaller and generally has a similar look and feel for the entire town (blue collar Philadelphia suburb) whereas Norristown is larger and is definitely more block to block.  You'll definitely be able to find cheaper properties in Norristown.  I just wholesaled a property in a decent section of Norristown for $75k but houses in another section of Norristown go between $300-$400k.  Good luck!

Hi there,

Thanks everyone for your replies and recommendations- helps me get an idea of where to start and figure out exactly how I want my CRM system set up.

I do use Google Voice and I've been using a spreadsheet to track outgoing campaigns, which is the same spreadsheet I use to keep track of any leads.  I started looking into Zoho a while back so I will definitely look into that again. I haven't looked into Caspio, so thanks for that recommendation.  As mentioned, the spreadsheet has worked fine- but it's starting to get challenging navigating through all the data with the different tabs, filters, etc.  

Thanks everyone-
Bev