All Forum Posts by: Roberto Lobrace

Hey Chris,

I give you a lot of credit because your mindset seems to be in the right place. A lot of time that's 90% of the battle.

I've been doing real estate in Philadelphia for about 9 years now and have done most aspects of it....flips, rentals, new construction, Airbnb's, wholesaling, etc. We can connect offline if you'd like and I can share my thoughts.

Best,

Roberto

Hi,

@Shataviae Wynn thanks for the heads up. Here is an updated link:

Click HERE for pictures

1203 4th Avenue, Lester, PA 19029

Check out this great Tinicum Township investment opportunity! This three bedroom, one bathroom property is located in Lester, just outside of Philadelphia proper. Easy access to I-95 and the proximity to the airport make this a great rental property to add to your portfolio! Subject property sits on a double lot, and has off street parking. This asset is in need of a cosmetic gut, but after spending 35-45K in repairs you will be able to easily obtain the market rent rate of $1150/mo. If you are a fix/flip investor, there is room in this deal to make an easy $30,000! The comps ARE NOT rehabs, and they ARE NOT updated or even considered well maintained. These properties are still selling for $130-135K, so it is not out of the questions for a savvy investor to sell this subject property after rehab around $150K.

Price: $45,000

Rehab: $35,000- 45,000 depending on scope and finishes

ARV: $150,000

Rent Rate: $1,150/month

Comps:

417 Manhattan St, 19029 – Settled at $167,000

307 Massasoit St, 19029 – Settled at $133,000

327 Massasoit St, 19029 – Settled at $133,000

Click HERE for pictures

If you're interested in purchasing or have any questions, please feel free to reach out to me directly right away as this home won't last!

I believe they are filed on one return.

Yes, it is for asset protection purposes and their favorable laws.

Hi Manuel,

I would recommend you communicate with your CPA and Attorney to determine what is best for your situation.

That being said, I formed an LLC in Wyoming that will serve as the Holding Company and own the LLC'S that own the actual rental property. Those LLC'S are in PA where the property is located. You want to keep this Holding LLC and LLC'S under it seperate from your other LLC'S because rentals produce passive income which is taxed differently.

Hi everyone,

This thread from over a year ago popped up in my keyword alerts again somehow.

I wasn't tagged so I did not see people's responses and questions at that time.

@Jonathan Butler , how did this rehab go? Are you doing any other rehabs in Point Breeze or South Philly?

@Aron Cohen , were you looking to purchase a home for yourself?

@Jake Comerer , I just had the same thing happen to me!! A contractor quoted me 160k for an 840 sq.ft. house. I laughed in his face and told him I normally pay less than half that!

Hi Dennis,

I have rehabbed a number of properties in S. Philadelphia and always finish the basement. I have run the numbers many times and found that properties with finished basements have higher sales price and lower DOM.

I have underpinned some of the basements and it is expensive and quite a process. I have determined that if you can get at least 6'6" finished height, it is not worth the extra cost to underpin. Especially now that the City has changed the process, it is longer, more expensive, engineer needs to be involved and inspect, so it's not worth it. I have come to this conclusion after finishing many basements and in some cases I added 3 extra weeks to the rehab just because of underpinning and delays with the process.

Your first step is to dig test holes and see how far down the foundation goes. You will be able to dig that far down and repour your concrete slab. If you don't have experience doing this you should definitely hire someone.

I hope this helps.

Best,

Roberto

I am looking for a recommendation for a good home inspector in the Saylorsburg, PA area (Monroe County).

Thank you.

Hi Aaron,

I would keep pushing to try and buy the property next door. I don't have personal experience with this, but I have heard that lenders don't finance properties that are next door to boarded up vacant properties. You don't want it to be difficult for whoever buys your rehab to get a mortgage.