All Forum Posts by: Joseph Wright

Appreciate the response @Peter Dunne,  working through this with a lawyer. Seems the best route if have an existing owner renew the license before the sale. 

@Peter Dunne 

Do you have any experience with Multi's zoned  RSA-3, or any single family zoning?

I have an interesting situation right now selling an owner occupied quadplex, RSA-3 zoned, with a permit for 2-4 units. 

Getting a lot of questions as far as, once a grandfathered in quadplex is changes ownership, how hard can it be to maintain/ or reapply for a multi license with new owner. 

I've seen this go both ways. I know neighborhoods preemptively zone overlays with old multi's over to single family to prevent higher density housing. 

Have you had any experience with this?

House is currently on forced air and public water (converted from well).

Annual Taxes are $4200

Middletown Township, Rose Tree Media school district. 

Prime Media gem rarely offered on over acre of land. So many profitable ways to slice this gorgeous farmhouse with a barn! Very diverse area with comps ranging into the $700's and still keeping low days on market! With inventory rarely offered in this area, you'll definitely want to be the 1st to see. Bring your heavy cosmetics and get ready to come to market in perfect time for the home buy

• The House is 1523 Square Feet. 
• Comps in Media at over 2200 square feet start at $500k and go up over $700k
• I think there are 2 viable options for this as a project

1. Build an addition off of the back of the property to give you the added square footage, add a nice wooden porch, knock down the barn and put up a garage. This will allow you to see the full back yard that goes back 600ft. 
2. Knock the house down and build new

• Even though this house sits on 352, you will not find this lot size anywhere at that price. 

shoot me a call 215-292-3376

Thats exactly the type of information I am looking for, thank you so much. 

I have primarily been involved in mostly cash transactions, as well as a good amount of hard money closings. 

Can you sell your rehabbed property to buy more distressed property using 1031?

I have recently been in a wormhole of using a 1031 for investing purposes, spoken with a lawyer, title agent, accountant, and a broker. The answer I have seemed to found is yes and no, it seems to be a complicated process that potentially save an investor a great amount of money. 

Concepts I think I understand are :

If the transactions are not of equal value you, you pay capital gains on unused profit. 

45 days to identify deal of equal value / 180 days to purchase them. 

Also can you just keep rolling over a 1031 exchange over and again?

Has any investor in Philly had success or knowledge using this as an investment strategy, that could share any info?

Thanks!

Joe

-I'm a licensed real estate agent currently liquidating a healthy amount of properties for an investor. My clients own a couple dozen  properties between Overbrook, Gray's Ferry, Germantown, Drexel Hill, and even a few near Temple

-These houses will be sold as-is for cash. Prices will be between $45,000 and $135,000 per piece (depending on locating and condition).

-Properties will not be listed on the market, they are simply going to be sold as whole sale deals.

-Properties are located in B neighborhoods, currently renting for $850-1150 monthly
*With simple renovations these are properties that would immediately rent for $1100-1500 monthly

-These are properties my clients have bought 15-25 years ago and have kept as rentals without making improvements

Give me a call for more details, also you never pay capitol gains tax while you're buying and holding!

Here is one that has been recently sold:

7231 N 21st Street

Philadelphia, PA 19138

Sold Price: $82,000

 .     .   

Sq Ft: 1030

3 bed/ 1 bath 

Parking in back 

Tax assessment: $114,300

After repairs renting $1200 monthly 

Let's go Philly!

@Patrick Martone I spend my days analyzing the REI opportunities in Philly, more specifically single families, feel free to reach out.

@William Simon 

-I think the house is in solid condition for the area, Looking at the immediate area this is what you can expect:

Within 0.1 miles of the property you offered on, there have been 5 properties settled, as-is condition financed with cash since June

Within 0.2 miles of the property you offered on, there have been an additional 15 cash closings and 4 FHA 203 loans:

That is exactly what you're looking for in an investment property, 23 other people/properties in the immediate area looking to fix them up to flip or hold. Only a matter of time until you see more rehab comps close by. 

Hope it works out for you,

Feel free to reach out with questions about any other areas