All Forum Posts by: Makeila Logan lafate

You could definitely venture past 40th. It just varies on which side of west philadelphia you are in. Philadelphia is one of those cities where you can literally cross one street and the entire dynamic changes.  So it would  be beneficial to just get in your car and drive around. Brewerytown and manyunk are also really hip areas. I think where you want to buy property might have to start with the type of tenant you want to rent to, once you know that you can better narrow down a target area. Again im a newbie so these are just my opions based on living in the tristate area for all my life...LOL

Up and coming and newly developed areas are in northern liberties, fishtown and lower Kensington. College/university areas will be north philadelphia close to broad street surrounding temple university and temple hospital. And west philadelphia/university city area of philadelphia 30th thru 40th streetes market to baltimore ave streets surrounding university of penn, university of penn hospital and drexel university. All these area are good for tenants that are students, working class, doctors, teachers, law enforcement. A nice urban mix of professional people.  Hope this helps.

Thanks a lot. I will check them out!

Has anyone used hard money lenders in the Philadelphia/ Philadelphia suburbs area for multifamily fixer uppers? What are your recommendations? Why or why not?

Question guys.

I found a 4-plex in Winston Salem, North Carolina for 115,000.00. Apartments are well maintained, all electric, newer floors and central and in an ideal location for renters. I ran the numbers through the calculator and it more than meets the 50% rule. I plan to present the deal to my sister who has a background in mortgage financing and property management. She lives in North Carolina too which is also beneficial. I would like to supply the down payment, but would like to get the loan in her name (her credit is impeccable! Mine not so much) what type of incentives should I offer her to become partners with me? 50% of the cash flow? Possible discount on rent for one of the units? Equity? How would you guys structure this deal?