All Forum Posts by: Paul Birkett

....well if they are fb friends...you might be ok. The penalties are severe if the SEC don't like the sound of your offer though. I'd suggest it's better to stay well inside the lines when it comes to the regs.

I'm sorry to hear about the injury...but have to agree. I can't do owner occupied property

Be very careful. War zones are not for the uninitiated . I learnt the hard way 20 years ago. Make sure you have a bullet-proof way to collect rent...and expect a lot of wear and tear Headline cap rates are seductive...in reality...they can net half what you thought

great thing about Philly is that comps are usually readily available. Lots of identical properties in the same street. Any agent can pull for you. Average value for the street is easy to assess. Rehab cost is a bit trickier.....unless its just cosmetic Make sure you're accurate on rehab....it's the single variable that drives the value of the deal. Watch out for cheap houses advertised with low rehab estimates. A $20k rehab can quickly become $3ok. Ask me how I know !!

Great replies everybody....Eric....you need another award for digging out that article. They don't have any commitment from a tenant...so the rates are highly speculative...Matt, Nathan...thanks for your thoughts too....

ive told them to give me a call when they have a tenant.

thanks again everybody

When its too good to be true....it usually is! There is always a catch or something you don't think to ask until its too late.

Im trying to find the catch with this one: buy dormitories in ND to service the oil workers. Collect 32%+ cap rates forever with no work to do.....or take a guaranteed 25% from the developer

This is the project: Great American Lodge, Watford City, North Dakota

Anyone done anything similar....what am i missing? They say there is 60 years of oil there and the lot is well located for travelling to work.

any help would be great

thanks

Paul

welcome Nate....lots of great advice here for us new folks

Hi Folks,

I need some advice from a PA expert!

Im looking at a 16 Unit Apartment Building in Pottsville PA. Eleven 2 Beddroom and five 3 Bedroom. 1 -1700 sf, 2 ' 1600sf, 7- 1000 sf, 5- 950 sf 1- 900 sf. 11 Units occupied, 5 units in various stages of rehab. Coin operated washers and dryers on each floor. New electric heat in 11 rented apartments. Apartments are very large and nicely appointed. Actual Income totals $68,000 and expenses total $35,000. NOI $32,000. Property offered at 10.8% cap rate. I then need to rehab and rent 5 additional apartments. Potential to increase NOI to $59,000 or 20% Cap rate. 21 off street parking spaces....could maybe build something on that later.

Anyone know the area - it seems like it has enough economic activity to survive but its such a small town im nervous!

thanks for your input

Hi Folks, Ive been buying and holding for about 20 years....just a sideline. I moved to the US 3 years ago from rainy Ireland. I'm NYC based with a bunch of SFH's in West Florida and and Phoenix AZ...but now focused on Philly and the surrounding area. Im buying in the $30k - $40k range and plan to hold for a few years. Hope to find some commercial deals and maybe even make the full-time leap some day!

Feel free to drop by and say hi!