All Forum Posts by: Lindsay Denny

Thanks @Mark Callazzo @Steve Smith @Jay Dewberry!

I fully intend to take action, but the thing that's slowing me down most is finding my long-term team. I don't want to wait until I need a good contractor, attorney, etc. to find one...I'm interviewing/networking to find the people I trust upfront before I move forward on a deal. But it's hard to find the right people and has definitely been frustrating as I want to act now! :)

Hi all,

I'm practicing analyzing rental property deals (duplex or triplex) and am curious if my #s sound right, specifically in Philadelphia. I'm looking in West Philly (west of the universities)....would love feedback on the following thought process:

Repairs & Maintenance: 10% 
- Using a mid-range % as I'm not looking at properties that are in a crazy state of disarray 

Prop Management Fees: 10%
- Managing myself initially but building in this cost for later

Vacancy: 8%
- I called a bunch of property management companies in Philly...most couldn't tell me any average at all, 2 told me vacancy was literally non-existent, and some said 7-10% depending on neighborhood/property. 
- TD Economics report the current Philadelphia vacancy rate at 3.7% and projected it'll increase to 4.4% in 2017. I understand that this is across the whole city, but it still sounded really low: 
http://philly.curbed.com/2016/2/5/10941202/philade...

- Thinking there may be averages based on whether it's an A, B, C or D neighborhood, but I couldn't find any current info to this detail

CapEx: 8%
- Struggling with this one as I'm not doing a detailed analysis until I view specific properties, but I want to use a % when quickly sorting through opportunities

Rental income increases/year: 1% (super conservative)

Property value increases/year: 2%

Expense increases/year: 1%

Any feedback would be much appreciated! 

I have it broken out into the 'why' behind my goals, short term (this year) with more specific details, and long-term...although since I'm just getting started my long-term is only the next 3 years and I'll adjust as I go!

 Thanks for the tip Diala...will be looking at property management companies but not for my first few investments (although I do plan to budget for it when analyzing deals). 

Not at all...still analyzing both locations. Leaning towards a buy & hold in West Philly and potentially doing a flip in Brewerytown later on. But of course please share any thoughts you have :)

Hi @Troy Rocha, I read that Grant Cardone, an investor with over $350,000,000 in real estate assets, writes down his goals (they obviously evolve over time) and has been reading them aloud every morning and night for 30 years. I recently spent several hours writing down my very specific real estate goals, and also the "why" behind my goals...I plan to hang them inside my medicine cabinet and read them aloud every day to keep my eye on the ball like Grant. Would love to hear other responses...good luck!

Wow, sounds like a great deal (although the thought of that many roaches gave me the goosebumps). Thanks for sharing details & pics!

Thanks so much @Scott C. @Mark Redmann @Troy Sheets @David Ross. Really appreciate the feedback!

Hi all,

I've recently switched my investing entry strategy and am currently looking to buy & hold my first multifamily property in Philadelphia, PA with a goal of house hacking. I'd like to buy in an up and coming neighborhood, but also one that I'd personally like to live in for at least a year. 

I've considered West Philly with close proximity to the universities but I'm currently focused on the Brewerytown neighborhood. I've spoken to several investors who believe Brewerytown/Germantown are starting to show similar trends that Northern Liberties/Fishtown did 2+ years ago. 

Any investors have thoughts on this area or other recommendations? I understand South Philly is hot and I may invest there later, but it's too far from my extended family who live in the northern suburbs for my own residence initially.

Thanks for any insight you can offer!

Lindsay