All Forum Posts by: Boris Shakhmurov

Can you please share that breakdown with me as well?  Thank you.

Originally posted by @Orian Eran:

Hello BP community, Pleasure knowing !

I plan on investing in Philadelphia, doing some fix and flip. Begun analyzing the Philadelphia are and i'm pretty confident as for neighborhoods i want to invest in. I am not so confident regarding the deal included expenses.

Let's assume the flip is on a 2\2 1,050 SqFt 

Please, help with expenses type and estimate, Like: (Cash deal - no finance needed) 

* Closing cost - 2%

* Insurance - ?

* Property Tax - ?

* Permit cost - ?

* Realtor fee - 6% when selling (encouragement when providing a good deal)

* Rehab - Labor cost \ Materials \ Utilities - Heater, boiler \ Electrical \ plumbing \ Flooring \ Window Ext. 

* Inspector fee

* LLC company fees

* Title company 

Anything else included?

Please, if someone can provide an excel worksheet on a flip he recently made - i'd be more than thankful 

Thanks in advance

This was very helpful.  I will be getting a book to learn more about this.  I also attended the auction today and still have a few properties to review and bid on ... alternatively, checking gutted houses as well for Cash deals.  Thanks Again!!!

Originally posted by @Chris K.:

@Boris Shakhmurov

A. Many "foreclosure mill" firms in Pennsylvania post a lot of the information directly on their website so they don't have to bother answering questions from interested buyers. I would start at the listed upset price to weed out properties that make no economic sense and go from there. 

B. As a general rule, all "junior" liens get removed at the sheriff's sale. Unfortunately, this gets very complicated and it really is not possible to give a summary of this here. There are literally books written on this exact topic. Probably the biggest mistake that I see many attorneys/investors make are dealing with IRS liens. You have to do it in a very specific way and sometimes attorneys drop the ball on this.

C. Same as "B". 

D. Can't remember if they take this amount out from the foreclosure sale amount in Philly. I believe they do so it's kind of moot. Find the upset price first.  

E. Most liens are found in the recorder of deeds but not always. For example, some liens are found in the prothonotary. Again, a bit too complicated to discuss here in great detail. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.