All Forum Posts by: Chris Pelc

There are great opportunities in Philly for rental properties. Getting something turnkey isn't all too rare of an occurrence. Biggest attraction to Philly is the rent to value ratio is usually pretty good. If you're looking for something to fit into the 1% rule and exceed that, you won't really have a problem finding something. If you'd like to connect and talk about this some more, i would be happy to talk. 

Hey Ryan, 

Do you have any specific criteria in mind for what your investment strategies are, what price range you're looking for and preferential areas? 

Its not always the case that the end buyer will ask for the original AOS or purchase agreement. But in the case that they do want to see it, i would never withhold this information as they are undoubtably entitled to seeing it. 

I've sold many deals where the buyer isn't really concerned with seeing it prior to purchase, but in the case that they have requested, it was provided. 

It shouldn't be a problem if the house is zoned as an RM1 as you stated it is. Have you checked https://atlas.phila.gov/ to see if the zoning is correct? And to be sure, they are not referring to a rental license. 

You might find that the L&I office will be able to help you out, and if not maybe getting in touch with a RE attorney might be your best bet. 

Hey @Olu Adu

Unless you're looking for a mentor that will JV with you on your first deal, not many will be willing to mentor you unless there is some monetary aspect to the relationship.

With that being said, attending meetups and networking with like minded investors might be the best way for you to take the first steps. Getting in touch with an agent is also a key aspect of this too. I've worked with a lot of new investors, and providing necessary contacts such as lenders, contractors, and market data can be some of the greatest assets to a new investor. Have you explored off market deals, or are you looking at MLS deals through Realtors?

Not unless you refinanced the mortgage... 

With that being said, if the rental income is cash flowing anything over $500/month after all expenses, vacancy, and maintenance, i would consider holding onto it. I would agree with some of the other comments here, that if you can reduce any of your other expenses such as car payments, subscriptions, and other expendable expenses that are not considered to be an 'Asset' that is your best bet. 

Good luck with it!

Hey Jamie, 

I am interested in how you guys source the homes that you provide to the tenants. Is your company ALE taking title to these homes, and renting them to the renter? Or are you working with local investors that are looking for renters?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $93,000
Cash invested: $85,000

This single family semi-detatched home was a simple and straight up full-gut flip. An investor that i've been working with for a while picked up this deal with the intent to fix and flip. He is well versed with the area, and has completed many flips throughout Delaware county. The ARV on this property is around $240k, with a solid comp on the same street.

I believe they were referring to getting rid of PMI by bringing the equity up to 20%.

We just hosted a meetup in Media PA on October 26th. Our brokerage typically hosts something in the greater Philadelphia area once a quarter. Super laid back, free food and drinks. Typically comprised of like minded investors, agents, and lenders. 

If you'd be interested in attending our next event, reach out to me and ill get you on my radar!