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All Forum Posts by: Account Closed

Account Closed has started 3 posts and replied 9 times.

Post: SFH First Offer Analysis - Philly

Account ClosedPosted
  • New York City, NY
  • Posts 9
  • Votes 3

Awesome, thanks guys!  All of this is really helpful stuff.

@Greg Moritz - yeah the cash flow is not great on this one.  But because I'd be purchasing out of state, was leaning towards taking lower cash flow in order to get into a better neighborhood.  It sounds like I need to rethink that or at least wait for a better deal.

@Account Closed - I got the 3k closing costs from another post on BP, it said 4% split between buyer and seller, so I figured (purchase price * 2%).  I incorrectly assumed that was all of the closing costs.  It looks like I am not taking into account the fees/costs you mentioned, that is a great point, thanks!  I'll adjust my calculations to take those into account.

Post: SFH First Offer Analysis - Philly

Account ClosedPosted
  • New York City, NY
  • Posts 9
  • Votes 3

Hi all - I'm looking to make my first offer on a SFH in Philly. It's a B house in an A neighborhood. This will be a buy and hold investment although I am including sales expenses to get an idea of the full ROI.

Any feedback is appreciated!  

High Level Summary

Holding costs = 2 months mortgage payments

Comps

Income

Rental comps showing a range of 1500-1800+ / month.  I'm estimating ~1700 here.  

Expenses

Repairs

Returns

For a conservative estimate I've not included any anticipated appreciation.  Included a sales cost of 9k + 6% sales commission.

Post: Out of state investing

Account ClosedPosted
  • New York City, NY
  • Posts 9
  • Votes 3

@Larry Fried I remember reading your post a while ago and indeed it sounds very attractive!  Would love another update to see how you're faring and how others might be able to find similar options.

@Robert Crossley I feel your pain as I'm living in NYC and am facing the same ordeal.  As far as strategies go that's more of a personal thing, you'll need to figure out what you want to get out of real estate.  If bang for your buck is your goal, turnkey might not be the best solution, as it's trading passivity for returns since they have handled the acquisition and rehabbing for you.

As for myself I've decided to look into different cities where I at least have some connection, like good friends or family living there.  I think it's important to at least invest in a place where you wouldn't mind visiting once in a while.  

Post: REA referral for Philadelphia

Account ClosedPosted
  • New York City, NY
  • Posts 9
  • Votes 3

Thanks guys, I'll be reaching out shortly!

Post: Newbie in NYC, interested in Philadelphia!

Account ClosedPosted
  • New York City, NY
  • Posts 9
  • Votes 3

Thanks guys!  Looks like I have quite a hill to climb, especially if I want to invest out of my area.  Glad to be on here :)

Post: REA referral for Philadelphia

Account ClosedPosted
  • New York City, NY
  • Posts 9
  • Votes 3

Hi all, I've decided to invest in Philadelphia and am seeking out a real estate agent who would be interested in working together.  

Buying criteria is below, if I can clarify or add anything please let me know!

  • Property Type - 2-4 MF or SFH
  • Neighborhood - From what I understand this varies street by street but I'm generally looking for a C+ to B.  It seems like Brewerytown, Germantown, Olde Richmond, Strawberry Mansion and similar could be good fits.
  • Price Point - around 120k, there's some flexibility here.
  • Rehab - Cosmetic changes and light rehab is ok. I prefer to stay away from things that needs permits, HVAC, foundation or mold work, large CapEx expenses etc.
  • Goal - looking for cash flow rather than appreciation.

I'm based out of NYC but am planning to take a trip down within the next few weeks to do the necessary neighborhood research.  It would be great if we could meet in person at that time! 

Edit: forgot to add that it would be great if the REA agent lists foreclosures.

Post: Newbie in NYC, interested in Philadelphia!

Account ClosedPosted
  • New York City, NY
  • Posts 9
  • Votes 3

Post: Hello from the San Francisco Bay Area!

Account ClosedPosted
  • New York City, NY
  • Posts 9
  • Votes 3

Hi @Christina Johnson

I'm also a newbie in an expensive market, living in NYC.  I've done a bunch of research on this topic and would like to offer a few things I've learned from reading the forums.

- Really try and exhaust all options before going out of state, it doesn't seem to be recommended without having a great network in an area you already know.

- You could try and look at other markets where you have established connections.  Places with friends or family could work here.

- Turnkeys are worth a look.  You need to tread carefully though because many of these vendors can be sketchy.

- Another idea is to look at markets that you wouldn't mind visiting, like if you enjoy skiing take a look at Colorado or Vermont.  It's in your best interest to visit the areas you'll be investing in, so it helps if it's in an area you know you'll like.

Good luck!

Post: Newbie in NYC, interested in Philadelphia!

Account ClosedPosted
  • New York City, NY
  • Posts 9
  • Votes 3

Hi everyone,

I'm a software engineer who's been living in NYC for the past 4 years. Prior to that I was in CT where I was born and raised. I came across bigger pockets after having had a brief discussion with a friend about someone he knew who was buying properties sight unseen in the midwest. I didn't give it much thought at the time because it seemed super sketchy, but soon after found myself looking into real estate as an alternative to traditional 401K/IRA/etc investing.

For the past month or so I've been reading a bunch of books including the great ones here from BP, and also listening to the podcasts and lurking the forums.  

My goals are pretty typical for a wannabe NYC investor.  Would love to invest in this area, particularly house hacking sounds like it would be great.  But not sure how feasible it would be without looking out a great distance.  I'm also a bit concerned about the outer borough markets, i.e. Jersey City, Long Island City, Queens etc..  I just am seeing tons of new constructions coming and combined with rent drops am worried about a correction happening in the near future.

As an alternative I'm interested in Philadelphia.  I have a bunch of friends living there already and like the idea of investing in a place that can cash flow better.  Either way I'm happy to join this great community!