All Forum Posts by: Chris Pelc

Hey Marcy, 

Welcome to the community! 

How far along are you in the process? Have you defined your investment strategy? And any thoughts on how you are going to fund your first transaction?

I would love to connect, if you are having trouble defining any of this. 

Hi Sudhir, 

I've heard this over and over from investors, that PM solutions are great. But they kill cash flow. I think that you should really evaluate what your goals are with your properties. Are you in it for appreciation, or cash flow? 

If your main objective is cash flow, most of the times it makes more sense to self manage your portfolio. Though this is a very hands on and almost a full time gig, especially when you start adding more and more doors to the equation. 

Some investors who want a hands free experience, PM is great. But you need to make sure you're buying correctly. You should still be netting a good margin, that includes the cost of PM. 

If you need a fantastic PM referral, i'd be happy to share them with you. 

New residential buildings with three or more units must include sprinkler systems. Additionally, one and two-family homes constructed after 2011 are mandated to have sprinklers, except for detached homes and twin homes that are attached on only one side.

I would refer to phila.gov to read through all of the stipulations, and fire code requirements for you prospective property. 

Hey Nick! 

I've done countless transactions with a hard money lenders in the Philly area. It really depends on your goals. I'd be happy to refer a few of my top recommendations to buyer. I just sent you a PM!

Hey Christopher! 

I just sent you a PM. Looking forward to connect. 

Hey Deshay, 

Welcome to Philly! 

Are you looking to get started investing in the new market?

Why not just get a real estate license, and get E&O insurance through a brokerage?

Hey Fendy. It's definitely a big step getting away from analysis paralysis. I think that a quality agent that truly understands how to run numbers and analyze deals to lead you in a good direction is what you need to get over the final hurdle. 

I have worked with a lot of first time investors, some even out of state. The first goals to overcome is objectify the exit strategy. If you don't have one... Find one. I would also suggest having a couple of exit strategies to minimize risk. Have you defined any specific areas or neighborhoods you would like to buy? Have you pinned down financing?

For first time investors, i think that the BRRRR strategy is a pretty safe bet. Something that is a little distressed, where you can add some sweat equity. Get your hands a little dirty, and a little experience managing a project. Then sitting back once you have a nice cash flowing asset to borrow off of.

Give me a call if you're interested in talking further. 

If you are looking for a good property management solution for the suburbs of Philadelphia, let me know. I have a great referral.

I would definitely explore the FB advertising. You can start out by joining groups, and posting the listing there. You can also create marketplace advertisement too. 

Afforablehousing.com is also a great resource. But the section 8 market is very saturated in certain pockets. If you are able to self promote on social media, that might be your best bet. That way you can also do a good amount of vetting up front.