All Forum Posts by: Jeremy Chaudet

@Arjay Vergara, In my opinion: If this is an investment property, you are overpaying. I wouldn't buy anything that you cannot rent for 1% of the sale price. Depending on what you are looking for, I think it is realistic to find something in the 150K range that may need minimal work if you look hard enough. 

In September, I bought a 2BR 1.5 bath in Manayunk for 70K, put 8K in and it appraised for 160K last week. Although, I will be shocked if I find a deal like that again- those don't come up often. 

Feel free to reach out if you have any questions. I have a portfolio of my own in Manayunk/Roxborough. 

I'm in the same boat. Always looking for a reliable handyman and/or contractor. 

Interesting article for all the Philly, DC, Baltimore and NYC investors out there. 

Imagine a 25-30 minute train ride from Philadelphia to NYC or DC?

http://www.phillyvoice.com/proposed-train-line-wou...

Hi @Joshua G.,

I have properties in Manayunk and Roxborough. I have a triplex and live in one of the units and rent the other two out. I personally like the area a lot for investing and living. If you need any help, let me know. I would be happy to help. 

I have looked into Norristown. Norristown is a much different clientele then Manayunk/Roxborough. The numbers looks great there on paper but it is a lower income neighborhood with poor school districts. I know people who do well there, but you have to be comfortable with that type of market. 

@Account Closed isn't alone. I really like Manayunk / Roxborough as well. I own properties and live there and haven't had a vacancy greater than 2 weeks for the 2.5 years that I have been doing this. Ratios are good too. Lots of young professionals and college kids. 

@Eddie Mateo,

If you're goal is to buy in a college town, I would suggest University City or Manayunk. I have a few properties in Manayunk and can't complain. Good luck

@Simon Battistella, Bonjour! I'm 24 as well slowly building up my portfolio. I was also born in France so it is nice to see a fellow France native on Biggerpockets. I currently have 5 properties in Philadelphia. Where are you buying, University City by Drexel?

When you say you want "full" financing...what do you mean? 100% financing? In some instances, you may be able to obtain 100% financing from hard money lenders IF your purchase and rehab costs are 65% of the ARV (after repair value)...keep in mind that hard money loans are short term loans with high interest rates and origination points. Since your goal is to buy and hold you would have to refinance into a longer term loan once the rehab is complete and the property is stabilized with renters.

If by "full" financing you meant was not personally guarantee your loans- in most cases you will not be able to do this anymore. I have seen some lenders do this, but this comes at much higher rates and terms that it is generally not really worth it.

I think that 6 properties is a good start, each bank will look at your portfolio on a case by case basis including your personal financial situation. I.e. if you have any other debts, cash in the bank, etc

Feel free to DM me with any questions

@Troy Sheets, could you PM me those references as well for accountants?

@James Brand, how did the search for an accountant go?

Thanks!

@Chaim Zigelman, I manage all my Manayunk and Roxborough properties myself.  Since the tenants are pretty good its not too hard to manage since I also live in Manayunk. If you're interested in buying here, feel free to DM me with any questions.  I'd be happy to help you out.