All Forum Posts by: Jared Bourjolly

I was wondering if its possible to use a construction to permanent loan to build a duplex?  I'm looking to purchase land in Philadelphia and build a multifamily on the lot and live in the other unit.  If this is possible would you have any suggestions for potential lenders?

Hey Ioannis, 

I just wanted to follow up and see if you've found a lender?  I may be in the same boat as you soon.

Would you agree that the $125-150 per SF would be the range for a duplex as well or would it run a little cheaper then a mixed use?

I'll shoot you a message PM of my two go to agents in Philadelphia. 

I totally agree on the 80k-90k price range.  I remb the days when you could buy a lot in PB for 15k and they were pretty much giving them away in grays ferry.  I never thought Grays Ferry would jump in prices as much as it has. 

I would say the vibe changes block to block.  I've lived in a 3 different houses in the neighborhood due to me house hacking.  If you get a place on a small side street thats not really developed and theres not much foot/car traffic it may feel a little rougher as compared to if you purchase something on a main street such as 20th or Wharton.  So it really depends on the block.  I have a feeling that in a few years once more people move into the area and point breeze ave builds up that things are really going to take off for the area.  I think in a few years point breeze ave will be like east passyunk with all of the shops and restaurants. 

I've been investing in and living in point breeze for the last 4 years.  I don't think point breeze is a bubble.  If you compare comps in PB to the same house 4 blocks over in Grad Hospital you'll see at least a 200k price difference.  Grad hospital is a well developed neighborhood now with little to no open lots or run down houses.  I'd be a little more concerned if houses in point breeze were selling close to graduate hospital prices.  If you're thinking about investing in south philly and can buy right you should check out a little further south in the 19145 zip code or towards the 22nd & 25th streets of south philly.  I also think with the large number of development that will be happening on washington ave over the next few years will only drive the values up for point breeze.

I agreed, 150k in Point Breeze will get you a place that needs to rehabbed.  If you are willing to spend that much on the purchase price and maybe an additional 50k for a partial rehab you could find something a little further south then point breeze in the zip code 19145.  I'd stick between 17th and 22nd street if you're going to go further south.  Please feel fee to message me with any other questions.