All Forum Posts by: Saaj Patel

Without seeing the problem it is hard, but it does seem like its a moisture issue. Make sure you remedy the root cause before proceeding. Any paint that you use on the drywall will need another coat if the problem persists. 

My first one was a 4plex from a developer. It did not have the best return metrics when I purchased it, but I bought it in a transitioning neighborhood (appreciation) and it's doing pretty damn well for me now. 

If you want to work with a contracting team and take on a rehab, you will almost always get a higher return, as you are forcing equity. 

🏡 New home sales fell more than expected in October

679K units actual vs. 721K units forecasted

📉 Down 5.6% from September
📈 Up 17.7% from October 2022

Interesting note: the median sales price of a new home dropped to $409,300, also a 17.6% change YoY

Mimicking what Eric said - Philly is "hyper" localized. I also have not had any issues with finding quality tenants. 

Now if you go and invest on the outskirts of Philadelphia where there is less activity, I can definitely see property owners struggling a bit more. 

It helps to have a really good team with an agent who is local and knows the area well. If you are looking for any guidance, feel free to PM. 

With affordability at a 39-year low, the FHA has been modifying its loan programs to help relieve first-time homebuyers.

Primarily, allowing home buyers to include rental income from accessory dwelling units during the mortgage underwriting process and reducing the MIP on FHA-insured mortgages — which saves borrowers up to $800 a year — the agency said.

Julia Gordon, the assistant secretary for Housing and Federal Housing Commissioner also said that they were looking at changes with 203k loans, which are government loans that are more commonly known as a rehab or a renovation loan.

Read the full post here

Small indicators of some relief in the housing market:

Mortgage rates have fallen for a second week in the US.

Contract rate dropped 25 basis points last week, to 7.61%.

applications for home purchases have risen the most since June.

Read the full Bloomberg report here

Welcome to the scene, PMing you to connect now!

Brian, 

Depends on where in Frankford. Philadelphia is so block-to-block. I would partner with a good agent to avoid stepping on those landmines. 

Depends on your price point. Philadelphia is also very block-to-block. Partnering with a good agent is key in this region.

Thomas, 

I am an investor in Philadelphia. What do you have? I'd like to take a look.