All Forum Posts by: Julian Orsuto

@Dan DiBiase Hey Dan I’ve been an agent here in Philadelphia for years and this couldn’t be farther from the truth. Just like most places the majority of our transactions are co-brokered. Philadelphia is a city with very different neighborhoods though so having an agent who knows the neighborhood your son is looking in is crucial. It’s not like the suburbs where if a house is close it’s a come. Sometimes half a block can make a difference, especially in up and coming areas. What area is he looking to buy? 

I've been doing BRRR investing for a few years now in Philadelphia as well as working with clients who have done the same. I see many people here on BP who share very low estimates on rehab and I believe that's where you can get caught in a bind. In the beginning, I tried having lower rehab budgets for deals and I wound up just putting band aids on things I should have completely redone in the beginning. On one property it ended up costing me around 10k the first year due to issues the tenant brought up to my property manager that were legitimate.

If you're going to keep a property for an extended period of time I'd look to do most of the major systems (HVAC, electric, plumbing, roof, etc) if you can off the bat. 

When we redo properties like this we're generally around $60-70/sf and were finishing at a higher level than rental grade. This also helps when you're going to get the property appraised. The appraisers have been generous when we finish at a higher level (in line with flip properties) in Philadelphia. This translates into being able to pull more money out or allows you to buy maybe a few bucks higher. 

**In light of the current worldwide pandemic, lenders have become really tough on cash out refis though so be careful. My lender who would always do 75% LTV is now only doing 65% so keep that in mind in the coming months.

Hope that helps!

Hi Drew,

Yes I’m an investor and agent but Im not actively in Trenton. Almost all of my investment properties are over the bridge in Philadelphia because we have great appreciation and low taxes over here. 

Hi BP community,

I'm a real estate investor and agent in the Philadelphia/South Jersey area. Apart from my own projects, I have multiple investor clients that I help project manage their flip/hold renovation projects in the area. I've worked with a couple contractors in the past but need a reliable contractor that can work within a budget and on a reasonable deadline. I can guarantee ongoing work if the relationship works. Please message me if you know of or are a contractor that would be interested. 

Thank you,

Julian

Hi Tyler,

I'm from Voorhees and have been an investor in the area for a few years now. I've help a handful of clients/friends from the area get started in real estate investing so if you'd like to chat please feel free to inbox me. I've set some clients up with a few wholesalers in south jersey as well to find them off market deals. I'm also an agent so I can set you up with auto emails after we figure out the parameters for a search. Look forward to helping. 

Julian 

Hi Kyle,

Id love to work with you. I'm from south jersey and specialize in the philadelphia and Camden/Burlington county market. Inbox me when you have a chance. 

Hi Jonathan,

I'd a happy to sit down and chat with you to see if I could help you. If you are looking in Philadelphia in any of the up and coming neighborhoods please PM me. 

Julian 

hey Brian,

I'm a local agent and investor and one of my clients who's an active investor lives in wrightstown right next to the base. He is very knowledgeable about the whole rental market in that area so I can reach out to him and we can connect to help you get some information. Direct message me when you have a chance. 

Julian 

Hey Alfred,

I'm a Philadelphia agent and investor who works and buys largely out of the 19122 area code so I would definitely be able to help you. Please feel free do direct message me and we can get started immediately. Look forward to working with you. 

Julian 

hi @Skip Dell,

I could also put you in contact with my business partner who is a contractor and owns a construction company. He does all of our work on our flips and is very knowledgeable on the whole rehab process. Direct message me and I'll give you any information that can help.