All Forum Posts by: Joshua Pagan
Joshua Pagan has started 1 posts and replied 15 times.
Post: Do I risk my savings for an owner financed duplex?

- Real Estate Agent
- Narberth, PA
- Posts 15
- Votes 9
@Mitch Messer correct. I’d recover my money within 2 years.
Post: Do I risk my savings for an owner financed duplex?

- Real Estate Agent
- Narberth, PA
- Posts 15
- Votes 9
@Steven Picker this would be my 6 months reserves I’m using for the purchase.
Post: Do I risk my savings for an owner financed duplex?

- Real Estate Agent
- Narberth, PA
- Posts 15
- Votes 9
@Christopher Gibson figure $100/mth
Post: Do I risk my savings for an owner financed duplex?

- Real Estate Agent
- Narberth, PA
- Posts 15
- Votes 9
Here’s the underlying question.
Do I spend my living expenses to pay for this opportunity?
I’m on the fence with this for several reasons and since this would be my first investment property I’m trying to get as much feed back as possible. I’ll be brief
Here’s the deal:
Location: Philadelphia, PA
Style: Duplex
Ask: $275,000
Unit 1: 1bd/1ba
Unit 2: 2bd/1ba
Gross Monthly Rent: $2,200
Sqft: 1,543
Taxes/yr: 3,000
These are his terms:
$10,000 down payment
Seller (him) pays closing costs
5% interest
He (the trust the property is in) holds the note.
The property is in a flood zone and the utilities are separated. The property is also zoned CMX2 and can have the first floor converted into commercial space.
Background:
I’m a licensed realtor in PA and helped introduce the owner to a buyer for another property of his. Since this was just a favor (I was not paid) he told me he would be willing to owner finance his duplex rather than traditional sale.
His goal is to liquidate his assets because he dislikes the mayor, city, Etc.
He has also provided a full inspection report and an Apprasial that provides a valuation of $290,000
I’ve currently got the $10,000 although that would be all but close to my entire savings that I’ve put aside for my living expenses. Since no paychecks are guaranteed I’ve decided I needed “x” months saved.
My question here is if this is a no-brainer or am I missing something. Is it worth to have the cash flow now or should I wait until I have more saved ?
Post: Seeking investor friendly Realtor in Philadelphia

- Real Estate Agent
- Narberth, PA
- Posts 15
- Votes 9
@Scott Sperry
I’m a realtor who specializes in Philadelphia and the Main Line and I would advise you to steer clear of any buy and holds in brewerytown.