All Forum Posts by: Marc Possoff

Hi Ryan thanks! The property is 850 sq ft. I’m not doing the work myself want to hire a contractor to finish. 

Hi have a 2 bedroom house in Grays Ferry section. Want to completely gut the house with medium grade finishings such as Allure flooring, fiberglass shower and medium grade kitchen. I actually have the 2nd floor completely gutted; both bed rooms and bathroom. The flooring is completely level and already has plywood layed. The rest of the house which would be the 1st floor is semi gutted. My cousin is a licensed contractor and he did the 2nd floor gut and partially the 1st floor but ran into major health issues with a family member.

Any idea what the cost will be to continue this rehab? 

Thanks!

@J Scott thanks for the info. Would that price range include everything? What I’m asking is when the reno is done they just give me the key and everything is set?

@Thomas S. Right she’s drumming up business that’s why I’m skeptical even though she says she has other average Joe clients similar to my situation. The current house that we own she says all it needs is some paint and some flooring not much to rent it out as is. The Grays Ferry area is starting to become gentrified and it’s going to happen like our neighbor Point Breeze. I suppose I can take the $50k net from the sale of the lot and put it in a CD for 2-3 years @ 2.5%. Then use the $50k with interest towards a complete to the studs renovation when the neighborhood demands it. As of now the house isn’t in that bad of shape to get some bodies in there. It was rented for 2 years and the tenant moved out Oct 31. We found the renter ourselves through family channels. This time around I was considering getting a realtor to get a tenant.

Hi I’m new to the forum and posted before in another topic. 

We own a house and a lot in Philadelphia. Met with a realtor last week to discuss renting out the house and selling the lot. The realtor strongly suggested and encouraged to use the proceeds from the sale of the lot to start and buy houses that don’t need much work and flip them for a profit. 

I never considered this but became somewhat interested. 

The proceeds from the lot are expected to be $50k net. I asked ‘if I’m going to do this how will I do this with $50k?’ and won’t I be competing against others investors?’

She explained to me that my competition with be average Joes like myself not bonafied developers. She said with $50k to put down on a house is pretty good and / or take a portion of the $50k and use to fix up the house.

The house that we own she said is perfect for what she’s talking about  doesn’t need a ton of work just enough to flip cause it’s livable  

Then I asked ‘how is it possible to buy a house for a price to make a profit?’ She said there’s plenty out there and she will help’. 

My concerns were the risk. She said of all the things out there to make money flipping houses she feels is the best and she says not really much risk  

Can anyone shed some more light on this? Wasn’t expecting or considering doing this until she mentioned it. I’m kind of skeptical because since she said she could help of course there’s something in it for her which is commissions. 

Giving more info we are in Philadelphia Pa.

Thanks!

Hi everyone first time posting. We own a property and a lot in Grays Ferry. The property which is a house is a 2 bedroom approximately 840 sq ft. Looking to completely renovate the house and some possibly build either an addition or make it a 3 story because a 3 bedroom will be more desirable. 

Now the lot is an empty lot and I think I can get $55k for it. However my fantasy is to build on the lot. But looking at the cost I’m not sure. Probably cost at least $250k to build from the ground up. The problem is Grays Ferry isn’t like Point Breeze yet. 

Question is any idea of cost to completely renovate the house with either an addition or 3rd floor? We currently live in SJ and would rent it out but when the neighborhood gets a lot better have plans to move into the house. 

Thanks!