All Forum Posts by: Irfan Raza

The life cycle of finding a property management company is to usually find one for the cheapest price and realize that does not work for your needs and then find one that costs you less by providing better service and has a higher management fee. I have a couple recommendations in Philly based on your style of investing.

Yeah there is not much wiggle room, you really have to be an outstanding operator to make good margins. 

Just gut the whole thing, add electric and plumbing and roofing and spend $120k.  It will make it so much easier in the long run your plumbing is probably cast and it will leak. If you want to save the walls that will save you some money.  Instead of skim coating, its probably easier just put drywall on top of it and that is what the subs you hire are going to want to do. 

@jason forman we have a great buyers list in Philly which includes some of these funds. I tell most people with inventory to not even worry about selling just focus on acquisition and we will sell the property for them. 

The housing inventory in cities such as Philadelphia and Baltimore does not fit the model of the ibuyers, from my understanding.  However, there are some fund type of buyers that purchase singles and small multis that may "overpay" in the right scenario. I personally, have found those buyers to be inconsistent in their buying metrics and volume.

I am proud of reaching 100 Units under 100% ownership in 2021.  My original goal was 30 units by 30 years old and 100 units by 35, which would be 5/15/1986.  I reached the 100 unit mark about 5 months after my original timeline.  

@Michael Plante @John Baker I would do Plumbing then HVAC then Electric or HVAC then plumbing then electric.  Definitely electric last its easier to run wires around plumbing stacks and vents than run PVC and Metal around wires. We also set tub, put backer board at the same time as drywall and then do the tiles with finish work.

If you live in north jersey the drive to Philly is going to be a bit tough.  I invest in Philly and drive about an hour when I go, but I go far less than when I was a new investor.  Therefore, Harrisburg as a location because it is somewhat close, I think for you, is no different then investing in south Carolina or the Midwest. Maybe look into Easton or Stroudsburg. Driving more than an hour is going to get really old really quick. If you have $300k in cash, maybe the best bet is to find a good operator and invest with them as a mortgaged note or find someone to LP with and get a lot of the benefits without doing the work. 

talk to an eviction lawyer.  I think you will be able to get them out. 

Philadelphia definitely has its own set of unique challenges.