All Forum Posts by: Derrick Alexis

I have a property in Philadelphia, PA with an ARV of $140K with a $37K purchase price and $40K rehab budget. If I have 20% Down payment. Could any lender help out with a breakdown of total cost out of pocket needed to fund the deal?

Assuming a 5% origination fee (high end)

Assumed Interest 12%

@Bob Prisco Hi Bob, do you mind me asking where it is that you’re seeing these returns? I’m in the Philadelphia, PA area and tend to see coc returns on average of 12-15%

Hey BP,

So I just talked to a hot lead I’m pursuing on wholesaling but there seems to be quite a few issues. The details are as follows:

Owner of the property has passed away about 10 years ago, and the only living relatives are a step mother (94 yrs old) who was still married to the father prior to the fathers death and the brother of the owner who is a drug addict and cannot be found.

How would I go about this situation? Is probate necessary or would this be a scenario where a quit claim deed is required?

Are there any attorney in PA who can help with any info on this type of situation? I would really like to lock up this deal as it is HIGH EQUITY.

Thanks is advance!

Hey BP community,

I am dealing with a new potential deal where the ARV is definitely there along with the rehab costs. The seller is insistent that he does not want to pay the owed back taxes of $37,500. He also states that there's a way to have the purchase go through even with a lender and have the taxes paid on the back end.

Are there any Philly investors who have dealt with this before? If so, how would it be done?

Hey BP,

I've come across several people asking what areas are good to jump into right now. I'm currently residing in Philadelphia and come across deals way under the regular 70% rule. Feel free to connect as I'm always looking to offload.

@Mike Cumbie Thank you for the info, I understand what you're saying. I had a realtor I reached out to give me the same explanation in regard to their broker penalizing them for it.

Hey BP community,

I've been wholesaling for about a year & a half and have closed on 5 deals thus far. I'm looking to grow and I know i'd do better with more accurate and exact comps (MLS). I know a few people with MLS access through ties with realtors and see the benefit. How would anyone recommend gaining access to the MLS in a win- win scenario? I've even offered a big chunk of my deals closed as an incentive to partner and allow access. Any opinions on the matter?

@Reda Akbil in that scenario, the city is suppose to issue a refund if receipts are shown right? Also, if you don’t mind me asking, how was your success with purchasing at a great price, I’ve attended a few and the numbers get driven up ridiculously

Hey BP community,

I’m contemplating purchasing my first buy & hold property and see it’s on the auction list. I was wondering if anyone has experience with Philly tax auctions? Are these properties being sold with the debt attached to it or is the sold amount at the auction what’s needed to clear the property?

For instance, if I purchase a property at the auction that has $5K in back taxes for $6.5K, am I assuming the debt as well?

What’s going on BP community. Just wanted some feedback on a question I had; can a property that has debt on it be used as collateral as a down payment on a Hard Money Loan?