All Forum Posts by: David Haynes

I've got a great contact for you. Sending you a DM now.

The economy is doing much better than it was last year at this time. All of us have seen local small businesses close doors and move on. 

Buying a commercial mixed-use space multi didn't make too much sense in 2020 unless you were willing to wait out the tough times, but how about now?

I guess the risk of commercial tenants not paying is almost equal to residential tenants not paying. So maybe it doesn't make a difference.

I'm asking because I'm selling a few mixed-use multis on a prominent road outside Philadelphia. I feel like the road will sell itself and should attract good quality, commercial tenants. But I'm wondering what the overall sentiment towards it is.

If you had to decide between either a mixed-use triplex or a straight residential triplex, which would you choose? And why?

Also which northeast cities do you see small businesses succeeding the most in? (Philly, NYC, Wilmington, Washington, Baltimore, Boston, etc.)

@Tom Shallcross Congrats! When you said you found it through your VA, it reminded me of the book Four Hour Work Week. That's awesome. Work smarter not harder, right?

With inventory at an extreme low, I'd love to know how everyone is finding deals that make sense. 

How did you find your last deal?

How recent was it?

And what market are you in?

I've got someone for you @Michael C.

I haven't used them personally, but I hear they are the best to turn to. Sending you a DM.

@David Lengeman I do a lot of business in Philadelphia and the two counties west of it, Delaware and Montgomery. I haven't done very much in Chester County, but am working my way out that direction. I don't attend any meetups, but feel free to reach out with any questions you have.

@Stephen Brown

Keep it up!

I imagine it's pretty difficult finding a four-unit that checks all the boxes for a personal residence. Not to mention all the competition for the few that are available. Good luck with those goals! 

Here we are, three months into 2021!

We all could use some inspiration to keep us going. Please brag on yourself, even if you've taken baby steps. What extraordinary things did we ordinary people accomplish so far this year?

Here's mine...

I'm a real estate agent/investor in Philadelphia, PA. My most ambitious goal was to sell over $5 million worth of off-market real estate this year. I'm still on track with $1.5 million so far!

Let's get some inspiration from each other, whether you're a newbie in Dallas buying your 1st or an old head in New York buying your 100th.

Where are you from?

What was your goal?

What progress have you made so far?

Hey @Sagar Naik,

I can't say much for NJ, but I am very familiar with Philadelphia and its suburbs, Delco and Montco. 

The city of Philadelphia has significantly lower property taxes than the burbs. However, it charges twice as much in transfer taxes every time you buy or sell real estate. It's a one-time tax at 4.28% of the purchase price that can either be paid fully by the buyer, or it can be split between the buyer and seller. In one rare occasion, I was part of a transaction where the seller paid the full transfer tax. Lastly, the city is more tenant-friendly than the suburbs.

Delaware County (Delco) and Montgomery County (Montco) have higher property taxes than the city. However, the taxes don't destroy cashflow. The one-time transfer tax in these counties is 2% full or 1% split. 

I'm consistently finding both single-families and multi-families that have above an 8% cap rate in C and even B class neighborhoods.

Good luck with your plans! If you need a pair of eyes over in Philly, let me know. I'd be happy to help.

Hey @Art Johnson,

Glad you're making progress. I and my team specialize in finding those types of properties off-market around Philly and its suburbs. We've sold close to fifty multis within the past year ranging from duplexes to 10+ units. 

With your budget, that won't be difficult. Though, of course, some neighborhoods are pricier than others. Here are some neighborhoods where multis can be found at a great price and a high cap rate: Norristown, Darby, Collingdale, Nicetown, Crum Lynne, Upper Darby, West Philly, and Marcus Hook. However, these aren't necessarily the nicest neighborhoods. A good PM can make all the difference. 

Multis in other neighborhoods can still be found within your price range, but you may have to give up the 10% cap rate for an 8-9% cap rate.

I know you weren't asking for neighborhood advice haha, but hopefully this is helpful as well. Feel free to reach out.