All Forum Posts by: Mark Gallagher

@Robert Naucke Jr

www.cozy.co

It's free, and I suggest using it... 

@Jonathan Yip

You've received valuable insights here. Without knowing that market, you need to reduce, and reduce big (like others have said). The market doesn't lie. You have a product that's inferior to other listings. Hope to break-even and take your lessons to the next one. The house itself looks decent, but the external factors (neighborhood, multi-family) are your problem. 

Not 100% necessary, but I would recommend it, yes. 

Thanks @James Zhang

@Mary Bygar - welcome to BP!

@Justin Brown might be a little more in tune to LV MF but I casually keep myself abreast of what’s going on in, and as others have mentioned inventory is slim. If something is available the cap rates are pretty well surpressed. There is a large portfolio of SF being marketed right now and when you take the pro forma and make it realistic it pencils out at about a 5 cap. Not here to crush your dreams by any means. For me personally I can still find good deals in single family and acceptable cap rates. Let me know if I can help in any way. 

@Justin Brown if you can, let me know about the next meet up and I’ll see if I can make it out. 

Hi @Alvaro Pena - please let me know what further information you would like, and I can send it to you. 

1529 Sellers Street, Philadelphia, PA 19124

Mostly gutted 2-unit for sale by lender who foreclosed. 

Gross rents expected to be in the $1550/month range. 

Seller looking for $40K quick sale. 

Fellow investor was lender and foreclosed on this property which is gutted and ready for finishing. Some framing repairs, and some new subflooring already completed. Looking for quick sale. 

Assisting fellow investor who was lender and subsequently foreclosed on a 5300 SF commercial building in downtown Wilmington DE. 103 W 7th Street. First floor is 2 efficiency apartments (last known rents $800/each). 2nd and 3rd floors are unfinished, about 90% done. They could be commercial or residential. One is laid out to be a 5 bedroom. The 3rd floor was going to be office space. Rent should be about $1400 +/- for those 5 bedrooms or office space. There was recently some water damage (city turned water back on without authorization) that would need repair as well. 

Numbers could look like this:

Gross rents: $52,800

Taxes: $3562

Insurance: $2400

Vacancy 5%: $2640

Management 8%: $4224

R&M 5%: $2640

NOI: $37,334

8 Cap Value: $466,675

Seller looking to get $235,000, quick sale. 

Purchase price: $235,000

Reno: $75,000

All-in: $310,000

NOI: $37,334

Hold as 12 Cap or flip for $150K gross profit. 

I have no skin in the game. Just helping him out. 

@Fradel Schaechter

Yes, you can cash flow well in Phillipsburg, NJ. 

Hey @Terrance Nixon - Welcome.. you're starting at the right spot here on BiggerPockets. Soak up some knowledge, and take it to the real world. Philadelphia has plenty of areas that make great cash flow rental opportunities.