All Forum Posts by: Joseph ODonovan

@Matt Tallent Have you spoken to any mortgage brokers about your needs? Or Hard Money lenders? I found it very beneficial to build relationships with these types and know all your options going forward so you can close on any deal you may find. I can give you the names of some of the brokers/hmls I deal with, just pm me if interested.

@April Molina What is the address or block? A zip code is Philly could vary widely as far as comps are concerned. PM me the details, I can get you some comps.

@Chris Purcell I see you are in Pennsylvania. One way to avoid a Mechanics Lien in PA is to create a Waiver of Mechanics Lien endorsed by both owner and contractor and have it filed in the respective County Prothonotary. But this only applies to residential properties. Or, Mechanics Liens Releases can be prepared as well and filed with respective County Prothonotary. Either of these instruments give you some protection. For more info, see Mechanics Lien Amendments of 2007 or consult with an attorney as my explanation is a bit simplified.

@Joseph S. There is nothing wrong with investors making low ball offers. There is nothing wrong with you saying "no thanks". There is nothing wrong with you making a counter offer. There are no rights or wrongs in the Real Estate game. It's a business, a competitive business where everyone is out to make a buck. Whether your analysis is accurate remains to be seen as the market dictates the true value. But in order for the true value to surface, it's important for all potential buyers to know that your triplex is for sale. If you are limiting your audience because of FSBO then chances are your will not get the "best offer" in the market as the market doesn't know your triplex exists. No need to get frustrated or take it personal when recieving low ball offers, it's a business. Best of luck.

@William Simon, Best of Luck in your future Real Estate ventures. I was born and raised in Philly, reside in Delaware County PA now, but my business is in Philly and and I own a few rentals in Philly. I personally would not invest in the Kingsessing area. There are many neighborhoods in Philly that are HOT and Kingsessing is not one of them. What is your exit strategy? Unless you are seriously cash flowing on this property, I would stay away.  I do not see any type of appreciation in this neighborhood in the near or long term. Have you considered the Temple Univ area? Or Drexel Univ area? If you look hard enough, there are some deals to be found here. Feel free to reach out to me with any questions. 

@Dan M  I can recommend my CPA, he is highly experienced in Real Estate Investments. I will direct message you. 

Regarding squatters, offer cash for keys. It's painless and its the path of least resistance. If that doesn't work, hire an experienced real estate attorney and start Ejectment proceedings asap. Time is $$$$

To all the Cryptocurrency advocates; what is so wrong with cash? what about the current banking system? credit markets? debt and equity markets? online banking? EFT's? None of these systems have failed me. If it ain't broke, don't fix it. There are way too many Gordon Gekko's chasing Bitcoin, .......and we know how that story ends.

Good topic here. I was introduced to bitcoin about 5 years ago. I must admit I have tried to understand the concept of crypto-currency and I'm embarrassed to say, I just don't understand it. Therefore, I refused to invest in it. Shame on me. I still have doubts about it's future, specifically cyberfraud (see Mt. Gox) and governments banning it. But it is certainly interesting to watch the bitcoin game from the sidelines here.

Congrats! 1 Million members on March 20th, 2018