All Forum Posts by: Bill F.

@Trey Fischer

I am in the process of purchasing a business. The company performing the business valuation for the bank that I am obtaining the SBA financing from is called Reliant Business Valuation. Their website is www.reliantvalue.com

It looks like you can provide them information about your business and place an order for a valuation.

Hope this helps.

I have used All Star Electrical Services in the past and they did a great job.

@Aaron Holloway. I don’t see the area around 58th and Chester improving, as of now, like you see on streets from say 49th to 53rd streets in SW Philly. For example, 1100 block of Divinity St., off of 5000 Springfield Ave., there has been 2 houses flipped for over 300k sale prices in the past year. New Construction and Multi Family rehab projects are starting on 5000 Warrington Ave(22 unit building), two along 52nd street which should be 5-6 units each, and I hear there’s plans in the works to build 65 unit apartment on 5000 Springfield. Also, there’s an old storage building that being converted into roughly 100 unit apartment building. It’s probably better to rent out units vs. flipping in that area. But I’ve also seen houses in the area that have been fixed up and either listed or sold in the 120-150k range so there could be flip opportunities but the demand doesn’t appear to be that strong yet. Also, being the streets out to 52nd street are being labeled as university city area... employees of universities are being offered programs to purchase homes Hope this helps..

My day job takes me to West and Southwest Philadelphia.. the demographics of certain areas of this part of the city have changed in the past 5 years.... streets close to Baltimore ave going out to about 52nd Street and close to Woodland Ave near the university have seen brand new construction and rehab being done

This is my only one right now. When my wife and I move out of our sfh in a few years, this would be #2 and cash flow positive from the start. I would like to acquire another one asap and probably look for it to be a multi-family property.

My condo rental brings in $1,050 per month. I currently have good tenants that have been paying on time. I lived in the condo before renting it out and my expenses are about $1,050 per month. Do you think it is worth keeping just for tax benefits or should I sell and put money towards another property? I paid 145k, worth about 135k and owe 114k.. I estimate I would receive about 10k cash if I sell. Thanks

Hi Mason,

I receive $1,000 per month in rent for 2bd 1ba 950 sq ft condo... I feel it's a good location with community....Top floor of the building, backs up to pool area.... I paid 142.5k back in 2009 and have 115k left on mortgage... I lived in property for 4 years before I turned it into rental... Right now rent covers expenses.... My goal is to pay down the mortgage alittle further and refinance to receive positive cash flow....current rate is 5.125

I lived in northeast philadelphia my whole life....if you are thinking of moving into city, I would stick to the far northeast(Somerton, parkwood neighborhoods), university city area is nice, pockets of south philadelphia is being rehabbed and occupied by young professionals, the same with northern liberties...

Unless you need to live in the city to be closer to work or are dead set on just living in the city....I think you're better off living in West Chester.... Better public schools, lower taxes, car ins.

Hope this helps

Bill

Hello Everyone, My wife and I, about a year ago decided to purchase her grandmother's house from her father after her grandmother's passing. The property is a 3bd/1ba 1100 sq. ft. row house in Philadelphia. He offered us the property for 60k with a 10 year payback. We spent the past year completely renovating the house. We spent approximately $45k in rehab costs. My best estimated guess is that the property is now worth about 130-140k. I would like to move out of this house in about 4-5 years and turn it into a rental. The taxes and insurance is about $2,400 per year. I currently own a condo in West Chester, PA that has been a rental since July 2013 and is cash flow neutral at this point. I need to refinance to lower mortgage rate. What would be a good strategy or best way to leverage this property when I turn it into rental to further expand my real estate portfolio?? Thanks, Bill

Hello Everyone, My name is Bill and I am from Philadelphia currently working in law enforcement. I am relatively new to real estate investment and currently manage 1 rental property(condo) in West Chester, PA. I purchased this property in May 2009 in part to the $8,000 tax credit. I turned this property into a rental in July 2013 when I moved back to Philadelphia and switched my career from finance to law enforcement. Right now, the rental income covers my expenses so it is not costing me anything to own and tenant is building further equity for me. My second experience in real estate has been the complete renovation of the house that we currently live in now. We received this property due to her grandmother passing away and hopefully will be a good rental property in the future. My goal is own at least 10 rental properties and buy, renovate and flip houses. After renovating our home, I loved seeing a property transform from old, outdated to completely brand new and modern. I look forward to connecting with like-minded real estate investors and furthering my real estate education. Thanks, Bill