All Forum Posts by: Irfan Raza

I did the opposite, I did PA first and NJ 2nd.  I am pretty sure that was the wrong way to do it.  If you want to come to our brokerage we have both Philly and NJ available, makes it really easy.

Retail market may have seen a decrease in demand.  But in the investor market we saw a shortage of supply which increased pricing.  Right now supply is coming back in and there is a little bit of a pricing adjustment down.  We really need sheriff sales to open back up to even out the supply in Philly and therefore the pricing. 

I do not see how a license will stop anyone from wholesaling, especially with no enforcement.  That being said we are fully licensed and insured as wholesalers in Philadelphia.  It really made little to no difference in how we operate.  

I am a former accountant too. I went full time real estate 5 years ago.  Good luck with your future properties.

Very difficult to determine pricing without seeing it.  If you want a rough estimate do the following: Count the number of beams that you think are affected and get the pricing for those joists, get the pricing for the joist hangers  and then replacement of drywall and electrical.  Take that price and 2x it to get the cost of labor and add them both.  

Sometimes cash for keys works, sometimes it doesn't.  We purchased 8 units which were squatter occupied since September of 2019.   Unfortunately this 6-7 month timeline stopped being applicable which put some strain on us.  I never would have expected to have a lockout scheduled 24 months after purchase, but it happened.  Courts in Philly were backed up from before COVID, I would assume they will continue to be very delayed and scheduled court dates may not come for several months instead of a couple.  I would just consider that in your risk analysis.

Of the units we purchased, some people left when offered cash, some stayed and didnt pay and some stayed and signed a lease.  Seems like there is no rhyme or reason to what happens regardless of the effort that you put in.  

Pushing forward and making adjustments to the business as a whole.  Looks like, if I want to hold more assets I will just have to flip more or get cheaper financing.

if you bought on the right block you should be fine, if you bought on the wrong block maybe a different story.

if you share the address with me, I can give you a suggestion on what to do to try and navigate.  I have went through this process a few times, but more recently have had a few unsuccessful outcomes as it is increasingly more difficult to navigate.

biggest we have is 6 unit and we do RUBS for all our multis, when there was a running toilet in one unit of the 6 causing a higher water bill we had to check all units for leakage.  I don't think that would be reasonable for a 28 unit, I would find a way to submeter that building.