All Forum Posts by: Garrett Sowle

Hello - I currently have a commercial building with a seller financed deal under contract but am looking for a different buyer. The building doesn't work for what we are planning and we have too much on our plate to try and take this on right on. Building is in great shape - metal siding, metal roof, new HVAC unit in 2018. New flooring on the downstairs unit. Main floor is 3,000 sq ft, upstairs is 2,500 sq ft. The building is located right on a main street in a small town 30 minutes north of Green Bay. We were planning on making upstairs into 2 - 3 bd 1 ba apartments. And downstairs was going to remain a storefront. Price is $200,000 with $20,000 down on a 6 1/2 year term (78 payments) with 0% interest. Monthly payments would be $2,307. It's an amazing price and opportunity. Very hard to pass it up but with our other businesses and kids we just don't have the time.

Reach out for the address and to schedule a time to see it. The main floor tenant just moved out so the building is vacant.

@Matt Tallent,

Sorry for the delayed response. I've been staying very busy with clients and investments which killed my BP response time. Everything is going well. It was a bit of a slow start but once I got the ball rolling things started to come along quite nicely. My advice would be to go all in and stick to it. Don't quit if you get discouraged. I've got multiple closings taking place this month and looking forward to many more. Doing this part time is absolutely doable and most of my team including myself work as an engineer during the day then invests and works with buyers and sellers on nights and weekends. If you are willing to put in the work you'll see the results. I may go full time at some point and same with some other team members. It all depends on your goals. Best of luck in your journey and fell free to reach out if you have any other questions!

@Dellener Crayton, got it! Let me know if there is anything I can do to help you in your search or if ou have any other questions! House hacking is another great way to get started investing if you haven't considered that yet.

@Dellener Crayton are you interested in any specific neighborhoods in Philly? Bigger pockets has some great calculators to help analyze deals in the tools/ calculators section. If you haven't heard of them already some quick rules of thumb are to look for properties that rent for 1% or more than the purchase price and generally you should expect about 50% of your rental income to go back out in expenses like property management, capital expenditure, maintenance, vacancy etc. The other 50% is what's left to pay the mortgage if you have one and anything above that is your true cash flow to do with as you please. 

@Neel Patel I’m active in the Philadelphia investing community and I’m working through a development project in Point Breeze now. Feel free to shoot me a message if you would like to connect and talk real eatate!

@Michael W. In Point Breeze, not really. Not just sitting on the MLS at least but it is possible to create a 1% property there by rehabbing a distressed property and increasing rents or getting higher rents by offering short term leases or furnished units.

In other areas of the city, yes. Fully renovated and rented properties at 1% or better. 

I would recommend working with an agent that either invests themself or works primarily with investors rather than just the first persons from realtor.com. They may not understand how to properly evaluate an investment property. 

For rental comps, I pull data from the MLS, Craigslist, rentometer and government supplied data in addition to the places mentioned above. I average it out and adjust slightly up or down based on local knowledge and how the specific area is trending.

In my opinion house hacking a multifamily is the best way to build wealth while getting involved in investing and learning how to manage tenants. 

I house hack in Philadelphia currently. Feel free to reach out with any additional questions!

@Irtza Ali  RM-1 Zoning would make it easier to build a multi-family property 2-3 maybe 4 units. everything else should be similar to RSA-5. Your estimate sounds about right for something that size. If this lot is in the right area at the right price this could be an excellent investment opportunity. Shoot me a message if you are interested in talking through some more options.

@Daniel Golub, I like the way you think. Let's connect, I'm starting to build my Philly investment portfolio as well.

@Mayer M., I've quoted a good number of architects in Philadelphia for a similar project. 9k Seems right in line with what I've seen if he includes everything.