All Forum Posts by: Kevin Branin

I go to Manayunk Brew  Co 1st monday of every month.  I'm also a member of DIG.

any idea where we can get a list of free and clear multifamily units in Philadelphia?

Ryan Cameron Scott C. I'm looking for a partner as well to go into flips on single family, and BRRR on multi. PM me

Bryant Schur , I'm looking to do my first flip in Philadelphia. I have 2 Questions: 1. Do I acquire the deal first with earnest money in escrow and then apply for hard money? 2. How do you figure out what a reasonable profit on a flip is?

Joe Villeneuve Ryan Gerding I think it's pretty reasonable to assume that if the HVAC and roof have just been replaced, you can assume they won't break...if they do they should be covered under warranty. Also, I'm going to put all cash flow into building the CapEx fund initially, so it will be higher than 10%.

Anyone from Philadelphia have an answer?

Hello BP Flipers! I am looking at a duplex with an unfinished basement, first floor apartment, the second unit occupies the 2nd & 3rd floors. Access to the bi-level unit is by a wooden stairway/deck on the 2nd floor.

My plan is to convert the 3rd floor into it's own unit, (thinking of making it a studio). It would need a kitchen and a bathroom added, plumbing would have to be run up from below. Both 2nd & 3rd would need to be gutted. I plan on either living in or renting the 1st floor unit while the construction takes place, then rehabbing that later. Built in 1939 as a duplex. Zip Code is 19129 in Philadelphia. Access to the new studio and 2nd floor unit would be similar to the picture below.

I'm thinking of making these modern unit with SS appliances, decent cabinets, and midrange counters and plumbing, etc. I'm not going for high end luxury, rather a practical living space with decent items. Probably going to use the BRRR Strategy

3

I'm just looking for a rough estimation of how much this will cost...or even a range. I have not even been in the property to see what need to be done; I'm just want to use this number for my calcs to make an offer. Are we talking over $100k to do this? Over $120? $140? Please let me know what you think.

-Kevin

@Shelli Brown i'm not familiar with CT law, but I imagine it is fairly tenant friendly.  You should consult an attorney to find out what your rights are.

If I were you, I would move out of there immediately.  Black mold is extremely dangerous to your health, especially if you have children.  The house is unlivable.  Try to find friends/family to stay with, or if you have to use a hotel, you can take your landlord to court and get reimbursed.  I think you should just start looking for a new place, stop paying rent, stop paying water bill and leave.

It really pains me, as a landlord myself, to hear he/she is treating you this way.  It's unacceptable.  As soon as these problems were brought to my attention, they would be fixed immediately.  If you ever come to Philadelphia, I may have a nice place for you to rent!

I BRRR analyzed a property @ 5741 Cherry St. Its an off market property in good shape, it's just really dated. It would need refreshing.

Est. Repair 30K, 

purchase is 30.5k 

ARV is 75 K.

I will be trying to find private money and I have a team in mid that could take this project on.  

https://www.biggerpockets.com/calculators/shared/6...