All Forum Posts by: Account Closed

@Cortie Wetherill III Call Violations department for the city and report it 

@Michael Singh I have a list of mortgage specialist I work with who primarily work with 203k and FHA loans. Let's connect I'd love to help

Let's connect, are you from the Philadelphia area?

@Paulette Midgette Most of my information is obtained on an MSA basis across the country. This gives me a better indicator of whats going on in that area of business rather than city specific. The website I go to for obtaining this is https://www.census.gov/housing/hvs/data/rates.html. From my experience of underwriting and managing 18 different markets on a national basis for a large apartment developer their are a lot of metrics that are important to keep in mind besides just this metric of course. Diving into specific info on a city or more detailed geographic tends to be a harder process. I'd defiantly be very skeptical about where the information is coming from and how it was obtained if it wasn't pulled directly from the Govt. 

My experience has been primarily focus on apartment complexes over 100+ so my perspective for looking at evaluating areas is going to different than what you'd do to look at a SFH or small Multi-family for a deal.

Seems to be that you're definitely looking to stay informed of market data thats very important. Let's connect, I'd love to learn more about your experience and what you're currently doing

Hmm that's an interesting topic. When underwriting or looking at opportunities you defiantly want to leverage yourself for the worst possible situations, like what occurred. I would say to invest and provide relief rather than allow a neighborhood to become blighted or "changed". If you are able to focus on neighborhood stabilization and redevelopment while helping the community and making money... its a WIN WIN   

@Paulette Midgette Our Home Ownership Rate in the Philadelphia Metro area is actually a little bit higher than that. Right now, on the 2016 Census HOR was 58.37% but has been steadily declining YOY ever since 2010 where the HOR was 70.70%.  As far as rental vacancy, we are actually above the national which is at 7.2% for Q1 of 2017 compared to Philadelphia Metro which was 7.9%. Our Philadelphia market overall tends to be a very interesting market and can have low vacancy rates but that is segmented into individual classes of the rental market.

@Account Closed During your property inspection the inspector and/or contractor should have been able to identify evidence of asbestos on the property. What'd recommend is that if the previous owner did mention there could be evidence of it "do the right thing". Even though it may not be mandated by law, your end goal would be to sell this most likely to a family who'd live in the home for the next 10-20 years or so. At the end of the day having a test and/or inspection done wouldn't be too costly for you. 

@Jordan Turner Your #1 focus should be safety just like you said. In the Philadelphia market, most of the time a 130k house vs a 90k house can be the determination of a C- market vs C or C+ market. When you look at it on a  30yr term 90k to 130k is only about a $200 difference in monthly payment. I'm not sure your financial situation but you also have to consider when buying a 90k or 130k property the difference in rent. Does it justify the $200 increase in payment for an additional $x in rental income and also a better (Safer) area? 

@David Smith @Kevin N. is right Philadelphia can be a Block x Block key of city. If you're interested in finding areas to target that you'd want to live in and also be able to rent out, let's connect. I'd be open to discussing your best options

@Ali Boone Have you heard about Roof Stock.com? I'd love to hear your viewpoint in that for a turnkey operation