All Forum Posts by: Ley Nezifort

Welcome to the area Smith! I feel like L&I is more friendly to outside investors who are not from New York, so you’re good there. If it’s your first flip, stay away from any major structural changes, like underpinning, and structural walls. Also, due to the recent fires, they started putting more emphasis on proper fire blocking. So that’s a thing to note. 

@Jill F. Yes you are correct. Sale price was $387,500

Quick note, I'd suggest staying at a Duplex, especially if this will be your first property. The city of Philadelphia actually considers 3 units and up commercial, so there will be additional building code enforcements you might have to comply with. 

Hey Anthony, you are looking for a needle in a haystack. If you are still looking shoot me a PM, I might be able to help you

We've had really good experiences with Avalon Flooring. A bit pricier, but well worth it

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $160,000
Cash invested: $40,000
Sale price: $187,500

Three beds 1 bath row-home in a nice block in South Philly. We picked up this deal from a good colleague of ours. Actually went to see it twice before pulling the trigger on it. We ended up keeping it as a three bedroom, but added a new half bath downstairs for usability.

What made you interested in investing in this type of deal?

Short-Term, low risk

How did you find this deal and how did you negotiate it?

Off Market

How did you finance this deal?

Hard Money

How did you add value to the deal?

Full Gut renovation

What was the outcome?

Sold for nearly $40k over ask

I run into those issues with eclipse all the time m. Your best bet is to 311 if you’re still facing the issue… afterall, the city did say they want to decrease the wait time for 311 calls. 

@Jeff Brown In addition to all the metrics mentioned on here, built-in cap rate is a good one to help decide “if it’s worth building”. Generally speaking, it should cost less to build something brand new, than how much it’d cost to buy that same thing for on the market if it was already built.

Interestingly enough, I’m getting a lot better deals on-market than I am getting “Off-Market”. I think wholesalers are getting a little crazy with their Markups, only looking at inflated ARVs in this current market, but not inflated construction cost.

Just my thoughts though, Anybody else experiencing the same thing?

@Matthew F. Good question! I’d definitely say Cash Flow man. If you were coming here 5 years ago then I could’ve said appreciation. But now as you’ll see there’s a lot of new construction developments going on in the city. And when developers like myself get too happy and start building everywhere, the only that comes after that is the Hyper Supply Phase... With cash flow, you almost don’t have to worry about which phase the local market is in.