All Forum Posts by: Elaine Lai

Thank you, I'll check it out!

Seeking a reliable contractor - Philly Suburbs

We are having a difficult time finding reliable contractors in suburban Philadelphia to work on our projects while we work at our full time jobs still. Seeking contacts for contractors to remove or add walls, build additions, and plumbers to add baths. Thank you in advance!

@Chris Wyche I'm waiting for an estimate from my contractor. We spent over an hour at the property planning the rehab. He's advised I make a very low offer as he'll have to redo some of the finished work.

Much of Norristown and Pottstown are designated Opportunity Zones. I like Norristown because of the proximity to Philly and King of Prussia, both with many major employers and direct connection to a large city.

Thank you, both! I've walked the property for over an hour w/ my contractor and now have a better idea of the rehab costs. I'm getting an official itemized estimate for the project from him. How do you go about offering an extremely low-ball offer based on the estimate from a contractor?

Investment Info:

Single-family residence fix & flip investment in Long Beach.

Purchase price: $180,000
Cash invested: $1,000
Sale price: $210,000

Didn't loose money during the recession of 2008. Bought a beach bungalow foreclosure, rented it for a while until I lost my full time job. Spent about $1000 facelifting w/ fresh paint and a new fence. Did the labor myself to save cost. Still made a slight profit in the end.

Investment Info:

Single-family residence buy & hold investment in Long Beach.

Purchase price: $180,000
Cash invested: $25,000
Sale price: $417,000

Bought a beach condo probate, remodeled, rented, then eventually sold in downtown Long Beach, CA.

I saw a house yesterday that is gutted and cleaned out. New electric, roof, porch, plumbing, drywall. The work is solid but unfinished. Needs full bathroom (shower, toilet, sink, etc) and kitchen. After renovation value in the area is about $150k for old but livable, to $220k+ for nicely updated homes. There is a lot of construction happening in the area. Luxury apartments and single homes. Walking distance to the Philly train and Main St. w/ good breweries, restaurants and shops. They have an offer for $90k cash and wanted to know if I can top it. At $95k cash with a $45k renovation budget, do you think it’s still worth it?? The area is a Blue Ribbon school district BTW. Thank you!

I saw a house yesterday that is gutted and cleaned out. New electric, roof, porch, plumbing, drywall. The work is solid but unfinished. Needs full bathroom (shower, toilet, sink, etc) and kitchen. After renovation value in the area is about $150k for old but livable, to $220k+ for nicely updated homes. There is a lot of construction happening in the area. Luxury apartments and single homes. Walking distance to the Philly train and Main St. w/ good breweries, restaurants and shops. They have an offer for $90k cash and wanted to know if I can top it. At $95k cash with a $45k renovation budget, do you think it’s still worth it?? The area is a Blue Ribbon school district BTW. Thank you!

@Louis Haase thank you! I recently sold my condo in CA and relocated to the Philadelphia area. I'm looking for an investment to produce cash flow on top of my regular day job.