All Forum Posts by: Account Closed

Everyone's asking for updates, I have made $40k+ working very part-time in 2019 and we're only halfway through the year. I have ramped up my marketing after starting the book 10x Rule and am looking to hire acquisitions manager and VA to assist with all the leads coming in. I still work full time so I can't handle all the new leads coming in so I'm looking to hire and step more into a few key activities which is the goal anyway to do less and keep making money. You can start wholesaling by taking for sale by owner and locking it up on craigslist or zillow but I had the money to join WI and my limit is time so I wanted a plug and play option which it is in some sense.

This business is a lot of work, don't let anyone tell you differently. But you don't have to learn it by yourself, you can accelerate the process a ton with coaching. Regardless you still need a marketing budget and 15+ hours per week.

Just went to a Nick Tang event last night most would agree we are in the peak area of the cycle but there are a lot of cash flow opportunities still, I know a lot of people who are cashflowing positive in Philly. What type of neighborhoods do you want to be in?

If I were you I would find a good multi-unit property that you can live in and get a traditional mortgage on and start renting out immediately to get your mortgage paid by other people and cash flow. Not only are multi families better for cash flow but they also have a really high resale value if you do want to sell it eventually but I would recommend something that you can buy and hold on for a really long time. In terms of areas I would check out Grey's Ferry, 33rd Street in strawberry Mansion, parts of brewerytown, olde Kensington East Kensington West Kensington, Port Richmond, cobbs Creek, West Philly, Southwest Philly. 

If you Google ALTA closing cost calculator it will give you the exact amount of closing costs you will pay in any county in the country. Philadelphia has the highest transfer tax have any major city I believe at 4.278%

 I actually live and invest in Philadelphia. You can visit Philadelphia's office of property assessment website and file a second level appeal which many argue is more effective than the first level appeal. Even though your property has jumped in value have the taxes really increased that much? you will probably pay more in legal fees then you will on the new taxes if you are assessed value went from $70,000 to $110,000 and yes it is normal because the city just reassessed pretty much every property in the whole city. I went from paying zero property taxes on my house to now I will probably be paying a couple hundred dollars per month so believe me I'm pretty frustrated myself.

I would actually advised against Sherman Bridge Lending since they do not fund at the closing table until all docs are executed which will put you in a precarious situation with the seller. Please try Traci at Spring Garden Lending or Ryan Harsche at Finance of America and let them know I referred you. 

 I live in Brewerytown and it certainly is possible to cash flow but you are buying at the height of the market which means it's going to be difficult to cash flow unless you get a really good deal but the same goes in any neighborhood right now including point breeze which I think is ridiculously expensive for what it is given that they do not have a good retail corridor. As a wholesaler there are sellers in every neighborhood that think their property is worth a million dollars, I would recommend handwriting letters or going door-to-door and talking to people and building rapport in relationships which may take time but is also probably the best way to find a good deal because you'll know about properties that people are interested in selling that are not going to be on your traditional list from the source or text delinquent or any other lists. I would also recommend driving for dollars. 

If I could do it all over again five years ago when I moved to Brewerytown I would find a multi-unit like three or four units and live in one of the units and rent the other units out which would allow you to pay off your mortgage and cash flow pretty quickly. I would actually try to get a property on 33rd Street which is just above brewerytown but is all zoned quad flexes.

Port Richmond is definitely a solid and stable neighborhood with low crime, good rents, good neighbors, appreciating real estate values. Make sure you are east of Frankford Avenue because much of the worst parts of Kensington are in the 19134 zip code. You'll also do well in parts of West Kensington such as Norris Square and borderline Kensington on Lehigh Ave. 

Joe Spina look on yelp

Kevin Chou look on yelp

Joe DePiano look on yelp

Matan David look for Matan LLC on yelp

I'm using both on separate projects. Matan is very organized and systematized he keeps a Google spreadsheet with all money in and out. HIGHLY recommend Matan. Joe is good too but just less systematized. Please let them know that I referred you.