All Forum Posts by: Chris Spespy

Hello,

I plan on buying a turn key investment property in the Philadelphia/South Jersey area and am wondering if anyone would share their strategy in gauging rental market (interest, price, etc) locally. I have only been using Zumper and Zillow but it doesn't really give me an idea of demand or whether the listed price is fair. I would like to buy in the Bella Vista/Queen Village area in Philly or in Collingswood area in SJ specifically.

Thanks in advance.

@Justin Tahilramani The location is in Oaklyn, Camden County, NJ.

@Alex Olson thank you for your input. What would the advantage of bringing in another investor if it's a great deal?

I'm interested in buying an investment property with a storefront about 1000 sqft and a 4br residential dwelling attached to it. There's a LT tenant currently living in the residential apartment but the commercial space has never been rented out for the past 2 years. I'm not sure if the owner even tried to rent it out. Area demographics: half is Spanish speaking, median income is about 38-40k, 40% white, 22% black, 21% latino. I need to find a way to utilize the storefront since I doubt I'd be able to rent it out in this COVID market. I was thinking about converting the storefront into a small storage facility but I'm not sure how that would work yet. Anyone has any idea on how I can rent out the small commercial space?

This would be my very first investment property! Id really appreciate it. Thank you.

@Jeremy Gengenbach this house has so much potential! Simple contrasting colors like black and white works very well. I can't tell the color on the window trim but the window shape is beautiful. I'm thinking California Bohemian style house with lots of white, black trims for contrast, and insert some wooden accents somewhere to add warmth. Scrape the red paint on the garage door if it is a wooden door and show off the grain. Splurge a little on good looking, good quality hardware for the door(s). It will look amazing.

How does U&O applies to a land purchase? I'm in Philly and would like to buy a vacant land with seller specifically stating that buyer is responsible for U&O. 

Thanks guys. I'm in Philadelphia. It sounds like my upfront fees will be about $500 or less and yearly fees at about $1000-1500 plus whatever commission cut the broker charges so this would only be worth it if I become my own agent (not just referral agent). Would becoming my own agent make things complicated? Would you recommend me doing so? 

Dear bigger pockets community,

I am trying to decide whether it is worth it to me to get a real estate license in order to become a real estate referral agent mainly for my own purchases that I plan to make in the next few years. From my research, it looks like the upfront cost to become a real estate agent is quite minimal: under $700 for the precertification classes and the exam itself.  But this seems too good to be true...

1. I know that I have to be part of a brokerage to be able to practice my license. What are the fees associated with it? Do all brokerage charges the same amount? If not, how do you decide which to go with? 

2. There are legal liabilities associated with being a real estate agent, for example an agent can be sued when a buyer sued the seller for misrepresentation or anything really. Does a real estate referral agent share the liabilities? In other words, if I refer a client to a realtor, am I liable for whatever happens during the sale? 

3. Would it work if I am both the buyer and the real estate referral agent? Is there anything I should be wary about/aware of in this scenario? 

I guess what I am trying to research is all of the pros and cons of getting my own license to recoup some of the fees associated with buying a home. Thanks in advance for all your knowledge. Any advice, esp ones I have not thought of, would be much appreciated.