All Forum Posts by: Oyin A.

I am trying to build my fix and flip team in Philadelphia. Currently have an agent, off market source, and lender.

Now need a couple of good contractors to partner with. Anyone know any good contractors in philadelphia/greater philadelphia?

2 Votes

Philadelphia, Pennsylvania

This is a solid idea, I will discuss my options with my accountant, and consider it as I proceed along.

0 Votes

Quote from @Kristi Kandel:

Quote from @Oyin A.:

I have a small rental portfolio in B class neighborhoods in the Northeast, and now looking to get into small size (16 units a year) development projects in the South Jersey/Philadelphia market.

The goal is to build and sell 12 months.
Since development is new to me, I need some guidance from experienced developer. I can sort out the financing and willing to pay a commission or have some kind of agreement to pay this developer mentor for his semi-active guidance on my first (and if all goes well) subsequent projects.

@Oyin A. This is a great question and one that unfortunately most people don't teach/educate on so there's very little information out there on how to become a developer and how to obtain the proper tools, resources, and team to execute your plan.

Along with talking with developers, you could hire a consultant to help you complete due diligence on your property to help you identify the highest and best use of the property. Then you could determine how far you want to go with the project vs your capital vs partnering with someone to help make the vision viable.

If you want to shoot me a DM we can talk further.

I've been a developer for 17 years on projects across the US and we do both JV deals and consulting based on what is most beneficial for all people involved. Also, since there is a huge gap in the industry in teaching people how to understand development and the different options we've launched an education arm to help bridge that gap so it's not just the "big guys" with deep pockets that can be a developer.

Thank you for your response, Kristi. I will DM you

0 Votes

I have a small rental portfolio in B class neighborhoods in the Northeast, and now looking to get into small size (16 units a year) development projects in the South Jersey/Philadelphia market.

1 Vote

Quote from @Issac San Miguel:

Quote from @Oyin A.:

Quote from @Issac San Miguel:

Quote from @Oyin A.:

Quote from @Issac San Miguel:

Fix and Flip is still profitable in Austin, Texas - seeing a lot of deals with 20%-30% (very conservative) cash on cash returns in 120-150 days.

Is this 20% on the actual out of pocket spend? Or on the overall total cost of build (that is with mortgage)?

20% on the spend. coc.

and i was more so speaking about fix and flip. not new construction.

Ok. Thnks. I would like to be a private lender as well. Any ideas, since you are in the hard money space?

Do you have your own funds to lend or you want to go work for an institutional lender?

I have my own funds.

0 Votes

Quote from @Issac San Miguel:

Quote from @Oyin A.:

Quote from @Issac San Miguel:

Fix and Flip is still profitable in Austin, Texas - seeing a lot of deals with 20%-30% (very conservative) cash on cash returns in 120-150 days.

Is this 20% on the actual out of pocket spend? Or on the overall total cost of build (that is with mortgage)?

20% on the spend. coc.

and i was more so speaking about fix and flip. not new construction.

Ok. Thnks. I would like to be a private lender as well. Any ideas, since you are in the hard money space?

0 Votes

Quote from @Issac San Miguel:

Fix and Flip is still profitable in Austin, Texas - seeing a lot of deals with 20%-30% (very conservative) cash on cash returns in 120-150 days.

Is this 20% on the actual out of pocket spend? Or on the overall total cost of build (that is with mortgage)?

0 Votes

Hello, new in philly from greater nyc. Would love to join the conversation

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@Mitch Messer thank you! I will definitely look for youtube videos and look into Frank Gallinelli's “What Every Real Estate Investor Needs to Know About Cash Flow.”

0 Votes

After getting scammed out of state few years back, a bit afraid to take the wrong turn after working so hard to become liquid again. I am looking to buy atleast a couple of singles or multiplexes in 2021.(Philadelphia area).

The thing is I am not experienced in rehab and do not have the mental/physical/emotional bandwidth to do any major rehabs.
The plan I had was

1. 5% down on a newer multiplex-build as an owner-occupant with tenants.

Plus

2.20% down on an older(not too old) single family/cheaper multiplex to be tenant occupied only.

My overall goal is to hold these for as long as possible for appreciation and cashflow.

I need help identifying

1. what a good deal is,

2. making sure I am not buying a property with hidden issues,

3. getting the right realtor, property manager,

4. Finding a portfolio lender so i can consolidate the mortgages/not sure how feasible this is

5. other things I may not have considered as a newbie.

I am in the Greater NYC area now but have lived in philly in the past and now looking to relocate early 2021.

1 Vote

All Forum Posts by: Oyin A.

Oyin A. has started 4 posts and replied 18 times.

Post: Fix n Flip Contractors in Philadelphia

Post: Developer Joint Venture for new Starter

Post: Developer Joint Venture for new Starter

Post: Developer Joint Venture for new Starter

Post: Have $500,000 to invest but I'm not sure where

Post: Have $500,000 to invest but I'm not sure where

Post: Have $500,000 to invest but I'm not sure where

Post: Zen and the Art of Real Estate Investing - Philly

Post: Excellent credit, no debt + cash. need guidance

Post: Excellent credit, no debt + cash. need guidance