All Forum Posts by: Chris Pelc

I have a connection for a good real estate attorney that could potential help out. 

Just sent you a connection request. 

Hey @Rami Khaldi

Born and raised outside of Philadelphia, and have been in real estate for a little while now. I will tell you that sourcing MLS deals can be a pain in the neck for multi family properties. Most of them are overpriced, and not everyone is upfront about their legality regarding zoning, rental licenses, and whatnot. Doing your due diligence is the most important aspect when analyzing deals. If you haven't already, i would check out https://atlas.phila.gov/. This site will provide you with most of the backend information you will need such as zoning, inspection reports, permitting, and licensing. 

I use this resource on a daily basis when analyzing deals for investors i work with. Have you explored any off market solution for sourcing properties?

My opinion may be bias as my real estate career is here in the Philadelphia area. 

However, i work with a ton of out of state investors from all over -- California, NYC, CT. ect. -- who seek rental properties in the Philadelphia area. This is simply due to Philly's market allowing for great rental to value ratios. Comparatively to the markets in California and NYC, it is much harder to cash flow with how inflated the purchase price is of most properties in these markets vs properties in Philly. 

I also have a ton of resources for investors such as contractors, property management, inspectors, appraisers, ect.. I would be happy to help you out if you need any assistance. 

I have a connection up in the Pittsburg area who can help you out with sourcing off market property. If you'd like me to connect you with them, i would be more than happy to! 

Just sent you a connection request. 

Hey @Shaheen Ahmed

Investment Real estate agent from the Philadelphia area here--

Philly is a great spot for rent to value. Very hot market, with tons of renters that are looking for places to live. Generally speaking, getting a cash flowing rental that fits the 1% rule isn't much of a challenge. Are you looking to target specific renters such as LTR/STR or student rentals?

Cold calling and mailers are a great way to find prospective deals. You can even get creative and make some extra side cash by doing some food delivery with uber eats or door dash while also driving for dollars. Identify vacant homes, reverse search the owner, and give them a call. 

You can also attend the local estate sales for foreclosures, and sheriff sales. The only thing about these two methods is obtaining clear and marketable title. With a lot of homes that have been foreclosed on you might find that the title is messy, and could take months or longer to close with a cash buyer. 

Look online, and try to find a template for a purchase and assignment of sales agreement for PA that you can use. Typically speaking, an earnest money deposit with the seller will be required with the contingency of an inspection period. This will be your way out in case you are not able to find a buyer and secure your EMD back.

Quote from @Karim Elahi:

hello, I'm looking to start my rental portfolio. can you recommend some up to coming neighborhoods in philly with good rental potential? or any good area for philly rental? can you recommend any PMs aswell for PA?  I’m specifically looking at section 8.

 Hey Karim, i replied to your other post! But depending on if you are trying to target the higher opportunity areas or some mid teir areas. Grays Ferry, which is in the zip 19146 is a great spot to invest for section 8. If you are able to get something within Point Breeze, but still in the zip code of 19146, you'll have the one of the highest opportunities for rental potential. It shouldn't be hard to get into a spot under $200k all in, which would smash the 1% rule. 

As of now, a 3 bedroom in this zip code is scheduled to payout around $3,120/Month. 

Hey @Karim Elahi

I just sent you over a request to connect! I'm sure that you have probably made yourself familiar with the PHA Section 8 payout schedule that came out in October? I would be more than happy to help you out if you need some understanding the payout schedule, and identifying particular zip codes you can maybe target. 

Quote from @Sebastian Bennett:

Has anyone focused on the South West Philadelphia neighborhoods closest in proximity to University City? Curious what types of rents a 3 bedroom home can generate here and whether you can attract tenants or buyers that may have previously looked exclusively in the University City area?

Hey Sebastian, these are some pretty good ideas. Are you targeting students, or those that may be working and commuting to the area? A good area that you can get into in SW Philly for rentals would be Point Breeze. Typically you can get into a 3 bedroom house for less than $200k. And the rents averaging about $2,100-$2,300/month for market rentals. If you where to target closer to the Rittenhouse area, the price to get into one of these homes are a little bit more expensive considering the desirability. 

It is good to think that if someone is willing to rent or buy in an area that is a slight commute into U. City, they may be willing to go out a little further if its within reason.  

I would be happy to talk through some of these areas with you, if you're unfamiliar.

Real Estate Agent/Wholesaler Here--

Facebook groups and BP are the best ways to network with wholesalers. If you simply search "Philadelphia Real Estate" or "Philadelphia Wholesale" you are going to find 10-20 groups that are active, where you will likely find like minded individuals. Be prepared, that if you chose to source deals through just any wholesaler, to do your own due diligence. The market is very saturated with anybody and everybody that is trying to get into the space, and not all of the deal make sense. If you have access to the MLS to pull comps and public records, it will go a long way.

If you'd like to connect and talk a little more, i just sent you a connection request!