All Forum Posts by: James Hendricks

The absorption rate is the demand for a particular asset in a particular RE market over some amount of time. If the absorption rate for 350k homes in your market is assumed to be 100 homes over the next 12 months, you can't build 100 homes and expect to sell them. You have to factor in current homes for sale, units under construction and units planned to be built to figure out your projected capture rate.

@Ryan Cameron Yeah, someone in city hall should have that information, probably the city planning commission or something like that. 

Hey everyone,

Im wondering about the best sources for rent and occupancy rates? I know about the services Costar offers, but I'm wondering who or where typically has this information on hand locally? And also how far broken down is this information is in regards to submarkets in and/or around the metropolitan area and city proper? 

I have done a brief search online to no avail. I could have been looking in the wrong place, but I like the idea of going and talking to someone in person anyway. Any information will help and I appreciate it.

Thanks,

James

@Garrett M.

Hey Garrett,

I would be interested in an opportunity anywhere within reasonable distance to Philadelphia, but have only been looking in the city proper. I have a better sense of the neighborhoods and the market, plus I've been thinking in terms of construction where I would be commuting daily.  I've also been kicking around the idea of getting established back in the Allentown area because I have much more resources and connections up there. I just really love Philadelphia, and see huge potential.

You're absolutely right about the contracting license. I have all the pre requisite obligations met besides insurance, which I have just been holding off on until I'm fully ready. It seems presumable that I will initially be dealing with SFR acting as a builder/GC, but plan on growing into larger projects.

@Joseph A Berrios

Hey Joseph,

The Lehigh Valley is a great area with a great housing stock. Some city commodities, then nice suburbs, and surrounded by beautiful rural PA farmland. I miss being able to hop in my car and hit the Appalachian Trail, or Lehigh Game Preserve. Plus you're only two hours from NY, two hours to the Jersey Shore and an hour or so to Philadelphia. Its a no brainer. I think its a matter of time and maybe a bit of a push until there is a really strong fix and flip market in the cities proper.

@Account Closed

Thanks Lance

Im not very familiar with Easton, but they did a great job cleaning up the downtown area. In Bethlehem I  personally would be looking around the south side area by Lehigh University. Thats obviously where the college students and millennials are renting, but there are definitely other options for a more mellow demographic.

@Michael S.

Hey, thank you Michael. 

Thats common in older homes in the city. There is most likely some regulation for new construction and basement depths but I've never heard anyone being forced to dig out and underpin the foundation of an existing basement.

Hello Bigger Pockets,

Let me start off by saying, I have been been monitoring the forums on and off since before I had any idea what anyone was talking about, and I would like to extend my gratitude for the plethora of information shared herein. The positive attitude alone could keep anyone motivated.

Ok so, I am 28 from the Lehigh Valley PA (Allentown, Bethlehem, Easton, area,) living in Philadelphia. I am highly tenacious in the pursuit of my goals, have a high standard of integrity, and am committed to personal growth. The Real Estate and Construction industry has my full attention. It naturally makes a lot of sense to me, its lucrative/challenging, and offers a great opportunity to mold our built environment and make lasting impressions on our communities.

My absolute goal is to establish working development projects. My father is a smaller scale investor back at home with usually around 15 rentals going at a time, so I had been picking up basics of that niche since an early age. Ive been working in construction for about 4 years getting a solid foundation of that aspect of the industry  (and actually do like it,) and have spent over a year now studying the more white collar numbers side of the RE game. With a little more effort I believe I can confidently and successfully start making some real moves.

I have:

PA Real Estate License (inactive)

Manufactured Home Installer License

Osha 30 Certification

Currently studying for LEED GA

And also an L.L.C. registered in PA

I am currently under contract for a potential flip, but may walk because the seller is not working with me, and I feel like my time money and energy may be better spent elsewhere. 

With my current construction experience I could confidently oversee the building of single or smaller mutli family projects. And with the base of knowledge  I have, I feel I could put together a larger development deal. Mind you I would be limping through and seeking help, but I do believe I could put it together. Main problems are capital, a track record, and limiting beliefs because of lack of capital and a track record.

Ok, so here I am and here is where I am. Hopefully this can be in some way encouraging to those who haven't started or are at the same place as myself, and maybe a vicarious reminder to the seasoned  veterans.

Thanks,

James