All Forum Posts by: Daniel Flesher

Hi, @Austin Jones Do we need to register in advance? Is there a website where we can do that? Thanks.

A lot of areas like Fishtown have already been burned over by investors looking to make a quick buck (no offense there, it's what we're all trying to do), so finding deals is almost impossible. 

I work with investors doing work in Brewerytown. It's got great proximity to center city and public transit. It's where I'm pointing a lot of people right now as the next area to blow up. 

@Fatima Champagne What price is appropriate is based on what your investment strategy is. BP has tools for analyzing properties that are tailored to different investment strategies. 

I tend to work backwards. Instead of looking at the price someone is asking, I'll start by looking at what it will rent/sell for either before or after a rehab. Then I'll make some estimates on what it would cost to rehab. From there I work in either how much I'd like to make from a flip, or how much cash flow I'd like to have from a rental property. That will give me a purchase price that makes sense for what I'm trying to do. 

If the asking price is at or below the price I came up with, then it's a no brainer. Buy it. But most of the time the asking price will be much higher and you'll have to haggle and accept a lot of people saying just saying, "no" to your offer.

As @Mags S. said, one of the best ways to know where to look is to get your financing in order first. Then you'll know right away what areas you'll be priced out of. 

Hi Mike,

I lived in an apartment in Germantown and would ride the Schuylkill trail 9 miles into work every day. Anywhere from East Falls to the far edges of Manayunk will give you an affordable place to live (and have fun) as a young professional and still be able to ride into work or take the train when the weather gets bad. I now own a place in Wissahickon (between East Falls and Manayunk) and love it. 

I'll jump in on this thread (even if it's necro), and say that I'd like a Tri-Cities sub or even a "South-Eastern WA" sub to swallow up everything from Walla Walla to Yakima to Moses Lake. I'm trying to help my parents get into real estate in the tri-cities and a dedicated place to make contacts and talk about the market would be great for them and me. 

@John Fleming Have you taken a square and level to the windows to check if they're square and plumb? It's possible that the existing windows were just installed poorly. It's possible that you could just get a handyman to take down the trim surrounding the windows, square them up, then put in spray foam (the non-expanding type for windows) in the gaps between the window and studs and put the trim back up.

I would check that option first as it's going to be your cheapest solution by far. But for any windows that are broken you're going to need to replace them. Good luck!

@Alex Schukin Hi Alex, my architecture firm works with Philadelphia investors who do rehabs and new builds. I think Philly is a city where you really need someone with feet on the ground. Your problem in finding comps probably comes from the fact that Philly is like a plaid skirt in terms of real estate values. You can be on a street that is all +$400k homes and one street over there are burned out shells selling for $20-40k.

Your best bet might be to reach out to some Philly investors and let them have a piece of the pie in exchange for helping you get what you want in an investment. 

Feel free to PM if you'd like some of my contacts. We have several Philly investors we do work for. I'm sure a few of them would love to partner with you.

I went to one around 18 months ago. I need to start attending again. 

CMX-1 is the zoning the property is located in, but that zoning only dictates the different uses buildings are allowed to be by right. An existing duplex will fall under a by-right use in CMX-1 (in almost all circumstances, especially if bordered by other residential use).

The first thing I would do is go to http://property.phila.gov/ and look up the address and see its permit history (It may not have one. Don't be alarmed by that). 

If it doesn't have a "use permit" as a duplex, you'll need to obtain one. Permits are granted by the office of Licenses and Inspections (L&I). You can obtain one by going to the lower concourse of the Municipal Services Building. You will have to fill out an application (here) and bring a check with you (the cost should be $125, but with Philly you never know). 

Because the permit is by-right and is for an existing building, you won't need plans and you'll receive the permit the same day as you apply. 

How do I know this? I work as an architect and expedite permits for my clients. I'm down at L&I at least twice a month dropping of dozens of plan sets. Let me know if you have any questions. 

Welcome to BP! There are a lot of good people here to help you make connections and build your team.