All Forum Posts by: James Brand

Hey @Yazeed A.!

I am closing on a triplex in South Philadelphia at the end of this month. I am very excited about the potential the property offers. There are some things I have noticed about the Philadelphia Multi-family market though. A property in good shape, priced well will go fast having several offers in the first week. It is for this reason that I believe properties in need of some work are better targets. You will be local, so you will be able to manage any changes/updates made to your property, and the value you add through small renovation will force appreciation on your property and likely make it easier to rent.

I would spend the coming months getting to know the different areas in the city to figure out where you would like to invest. 

Best of luck!

-James

Welcome @Joshua Akpan!

You have come to the right place! Great first step to learning and investing.

As @Michael S. mentioned, check out BP's Ultimate Beginner's Guide, it helps to form a general foundation in the industry. Additionally listen to the BP Podcast and you will find yourself discussing REI in a much more professional manner very quickly. Also if you are a bookworm, check out the list of BP's 21 Best Real Estate Books, and start checking them off.

Philadelphia also has some very useful online tools to access public records.

I am closing on a triplex in South Philly at the end of the month, and love the strategy of investing in MFHs in/around the city. They key is making sure your numbers are solid. I am a Realtor in the city, and I look at the new multis that come on the market daily, and can tell you many of these properties are not good investments if you want to have a property that cash flows.

Best of luck!

-James

Hey @Account Closed,

Thanks for posting. My goal was to see what memorable things people have done or experienced with landlords that made the relationship positive. Sometimes the simplest things can go that extra mile and cause for your tenants to sing your praises. That to me means less turnover, less vacancy, and an overall better relationship.

-James

Hey @Account Closed,

Welcome to BP and congrats on your first post!

Firstly, I believe getting educated about REI and specifically flipping is your best initial course of action. J. Scott came out with The Book on Flipping Houses which was publish by BP. There are several other great books that can be read on flipping, and a myriad of forums discuss it on BP.

That being said, flipping can be one of the more difficult REI avenues to get started in, especially if you do not have a construction background. My recommendation would be to purchase an outdated property in a good area of the city for a live-in flip. Your holding costs would be minimal as you can leverage a low interest owner-occupied loan. Additionally, you could finance your rehab in with your loan with a product like a 203k loan. Finally, holding the property for a year would allow you to avoid the short-term capital gains tax. You could also roll the profit into your next property to avoid having them taxed.

-James

@Randy E. @Chris K.

One thing to note about breaking a lease 8 months into it is the seasonality. If I have a 12 month lease July to June, I would not be inclined to allow my tenant to break the lease. But, if breaking the lease leaves me looking for tenants in the Spring/Summer I am open to it. Additionally, I like working in a fee for breaking the lease because you are having to invest time/money that would have otherwise been deferred for a few months. Just my $.02.

Hey BP,

Trying to get ideas about ONE THING that really stuck out that your previous landlord did that made the relationship a memorable one (in a favorable way). Conversely, feel free to add something that a terrible landlord did as something to avoid like the plague....

Thanks!

James

Welcome to Philadelphia Margaret! 

It is a great city, looks like @Linval T. has already got you started with a lot of great resources. Great job finding BP as it is a priceless learning environment.

Best of luck!

-James

Have to agree with the majority here. A buyer won't say lack of cabinet space is a deal-breaker near as many times as no dishwasher can leave a bad taste in their mouth. 

-James

Huge fan of investing near mass transit, especially rail stations as they are influenced by traffic. 

Welcome @David Bokman!

It is always great to see new investors from Philadelphia introducing themselves. It seems like you already have a solid foundation to work from but some recommendations regarding BP:

I highly recommend BP's Ultimate Beginner's Guide, it helps to form a general foundation in the industry. Additionally listen to the BP Podcast , it really keeps you up-to-date with strategies and tactics. Also if you are a bookworm, check out the list of BP's 21 Best Real Estate Books, and start checking them off.

Philadelphia also has some very useful online tools to access public records.

I live/work in the city and am happy to discuss REI anytime...

Best of luck!

-James