All Forum Posts by: Michael Campbell

Hi @Emmett O., I have never bought from a sheriff sale but there is a very informative video put together by the Sheriff's Office on the topic.  I think they also host a live session periodically where you should be able to get all your questions answered.  Unfortunately the website (www.officeofphiladelphiasheriff.com) seems to be down right now.

Hi @Esther S, it depends completely on what your lender requires.  Your best bet would be to call up a few lenders and ask about all the costs involved.  Ask about the items that @Fred Shatzoff mentioned.

With cash purchase your biggest costs will likely be Transfer Tax and Title Insurance.  You can look up your local Real Estate Transfer Tax online and you can contact a title company to ask about the cost of title insurance for the price house you are looking at.  

Just want to point out that moisture issues with stucco is only going to be a problem with a wood-framed house.  I want to point this out because many houses in the Philadelphia area are brick structures with a stucco finish on the outside.

Hi @Anthony Del Russo  Depending on how nice the house is and the block, I would estimate $1,500 on the high end, but I think most rentals around there are in the range of $1,100 to $1,400

Hi Tim, try Anthony Gallasso

www.LeadSafeResources.com

Hi @Akeem Moreno if you are looking for cheap fixer upper properties, there is no shortage in Philadelphia.  However many houses in Philadelphia are very old and need significant repairs, so be sure you know what you are getting into.  Also there are some rough neighborhoods as I'm sure you are aware so just know where you are investing and what you are getting into.

Hi @Emmett O. what kind of work and where?

I have not bought any properties in Grays Ferry but my offer wouldn't change whether it's MLS or off-market.

Comps for a nice rehab in Grays Ferry are typically mid-200's, rehab will be 75-90k so I would be looking to pay 80-90k based on those numbers.

If you are selling to a buy and hold investor they may be willing to pay a little more than I would.

For me about $80-90k

Here is a link to the Philadelphia Forum:

https://www.biggerpockets.com/forums/742-philadelphia-real-estate-forum