All Forum Posts by: Zachary Paul

@Keenan Mead - first off, smart move on joining BiggerPockets. I have learned so much more from this site than I ever did in any real estate course or class. 

What areas are you looking for when it comes to your first property? I live near Conshohocken in King of Prussia and have worked with investors in the suburbs and Philly as well. 

I actually was a real estate investor before I was a full-time agent - own and manage 4 properties and have done 3 rehab/flip projects. Let me know how I can help...would be willing to share my experience and knowledge. 

Thanks and Best of Luck!

@Jason Homa - 

Here is my opinion on South Philly from an investment standpoint: 

1. Competition - I can tell you that for the past 3-5 years there has been some significant investment dollars being spent in South Philly as a whole. The majority of the spending has been between rehabbing homes as well as new construction mostly in Newbold and Point Breeze. The closer to Broad Street (and the Broad Street Line) the more desirable in most cases. Because of this competition there are fewer opportunities out here for rehabbing/flipping profit. 

2. Opportunity - Due to all of this interest, many developers, homeowners, and renters have begun looking west to further Point Breeze and Grays Ferry. Average purchase prices and rents are lower in these areas however are on the uptick. 

3. Further Opportunity - I know you also referenced Brewerytown which is not considered a part of South Philly. Brewerytown is developing as well and is found north of Fairmount (Art Museum) area. Other areas that are seeing growth in the Northern Section Philly include Fishtown, Kensington, and parts of Port Richmond. 

Let me know if you have any further questions...here to help.

Best of luck!

@Lana Lee - I will reiterate what everyone else has been explaining above...

There is no advantage whatsoever by going with the Listing Agent to purchase the property. First of all the commission has already been negotiated out by the Seller and the Listing Agent. Secondly, it would make more sense to work with an agent whom was representing you and only you in the transaction - no conflict of interest. Finally, any good agent would be able to find out from communicating with the listing agent on how to structure an offer to get a deal done. 

I have been a dual agent on only a few deals in my career - and they were for situations where the home was sold in AS-IS condition with little to no contingencies. If you have any further questions or are looking for someone to represent you in a purchase, please don't hesitate to reach out. 

Best of luck!

Let me know if you need other resources in and around the Philly area. I have 3 Lenders that I rotate and work with on a regular basis. 

I always tell my clients that you need to feel comfortable with whom you are using for financing and that they need to explain every single line item and charge. 

For example, some Lenders tend to forget to mention when buying and selling in Philadelphia County there is a transfer tax ---> 4.1% total of the purchase price; typically split 2.05% and 2.0% between buyer and seller. Things like that are very important to know and be cognitive of. 

Best of luck! 

Hello - I am looking for a recommendations of a quality general contractor who is available to assist with a total home rehab in Philadelphia. The contractor would need to be willing to pull permits with L&I and the City. 

We are looking to do a high end rehab and would need someone who has experience working not only fast and inexpensively, but also with craftsman quality and luxury finishes.

Thanks in advance!

Off Market Victorian Style Row/Townhouse in Cedar Park section of Philadelphia.

The property is zoned RSA-3 which could allow for 2-3+ units with a variance. There are currently 7 Bedrooms and 4.5 Baths and 2 Kitchens. Rented to College and Grad students - grossing around $50k annually. 

*No Wholesalers or Real Estate Agents please*

Off Market Victorian Style Row/Townhouse in Cedar Park section of Philadelphia. 

The property is zoned RSA-3 which could allow for 2-3+ units with a variance. There are currently 6 Bedrooms and 2 Baths. Rented to College and Grad students - grossing around $50k annually. Needs some repair. 

*No Wholesalers or Real Estate Agents please*

@April Molina - if you need some assistance, let me know. Real Estate Agent here in Philadelphia and surrounding suburbs...would be able to send you over comps and property info.

Don't worry, won't scam you...I'm all for providing free valuable info...send me a message and let me know how I can help. 

Best of Luck!

@Neel Patel - I agree that the property management numbers you are calculating should be a little higher...more towards 7% to be conservative. There are several property management companies that I know in that Fairmount/Francisville area with varying levels of service. 

When it comes to factoring in the numbers I would consider the following as well: 

Buying: 4.1% transfer tax. Typically split 2.05% paid by Buyer and 2.05% paid by Seller.

Inspection Costs: even though new construction, I would always advise to pay the $ to have a thorough inspection done on the property to ensure future headaches. 

Trash & Sewer Costs - depending on how the building is constructed you have to calculate these costs as well. 

Best of luck...if I can be of any assistance, feel free to reach out. Thanks!