All Forum Posts by: James Brand

There are MFHs to be had in the city, but to Paul's point you will not find them in the heart of the city. You could however find them in areas that are turning around. Think Point Breeze, Grays Ferry, Kensington area, all close to transit and you could bike places too.

Welcome @Bernard Wiggs!

Terrific move getting yourself set up on this resource. While you are just getting started there are several go-to tools BP offers that I would highly recommend.

Firstly, check out BP's Ultimate Beginner's guide:

http://www.biggerpockets.com/real-estate-investing

This will get you acclimated to many of the strategies, terms, and calculations used in the business, some of which I am sure you are already familiar.

Secondly, start listening to Josh and Brandon on BP's podcast. they have a weekly podcast that they have recorded over the past several years. Their topics and interviews cover all different facets of the industry and will help you get up to speed, and avoid the mistakes of others.

Philadelphia is a very exciting market to be in, if you have any city specific questions, or you would just like to chat, pm me or reach out to my contact info in my signature. I love discussing strategies and how they can be applied to our market. Best of luck!

-James

Got to agree with Steve here, I just rented a 1 bedroom unit in Point Breeze, Philadelphia for $950/month. PB is headed in the right direction but still has a ways to go. Are you working with a local agent who knows that area? If not, couldn't hurt to get some feedback from someone whoe sells property there regularly, good luck!

Hey Mike! Sounds like you are on the right track! Use the next several months to learn and familiarize yourself with what you are looking to acquire come next year. I house hacked my first investment property in the city and am very happy with how the property turned out! Best of luck!

I invest in the city, however when it comes to the burbs I always hold that the closer you are to SEPTA the better. When you are renting you want to be able to appeal to the myriad of professionals that need to commute into the city the closer they are to transit the more appealing your property will be. Just my $.02.

@Ned Carey pretty much nailed it. All depends on the agreement of sale. Though, if the buyers have an inspection contingency and they sent a reply to inspection in the right timeframe your friend is not obligated to do anything, he can put the ball back in their court or agree to certain things as a counter. Everything needs to be in writing and done promptly though. These are all things that the agents on both sides should be making clear though, unless it is a FSBO. Best of luck!

My apologies for the delay, below I have included pictures of the property with the demo complete. Finalizing the plan for interior wall framing today, all exterior walls (on the inside of the brick have been framed). Once framing is done I will have more pictures. Let me know what you think!

Basement: Filled 

1st Floor: Completely cleared

2nd Floor: Cleared

3rd Floor: Cleared

Thanks for looking!

-J

Hey BP,

I have two students who would like to live in one of my units. They have only lived in the dorms, should I have their cosigners submit the background and credit check? I do not think their will be much fruitful info from them submitting and to have both of them submit would cost each tenant about $50 and I try not have them incur that much of a cost. Please weigh in!

-James

Stopping by this evening, should have some update pics of the demo complete. Hammering down the exact specs on where the walls will be and HVAC etc. Will have updated pics and later some blueprints of the plan. Stay tuned!

-J

-Currently no pictures of the exterior, which is brick. Will be doing some minor repainting there and likely painting ask there is a significant amount of mismatch.

-I will post some of the rehab #s closer to the end of the project, when things are more solidified.

-Yes, there will be a small half bath on the first floor.

-James