All Forum Posts by: Zachary Paul

It can be done. What kind of zoning does the property have currently? Is it currently RM1?

@Tom Linnik - I have personally bought and flipped several condos and my biggest bit of advice would be to find out exactly what the HOA/COA covers as well as knowing what the Codes, Covenants, and Restrictions of the community are.

Some communities have restrictions that only allow for owner occupants to purchase and then have hefty association one-time fees when buying and selling. 

Once under contract the seller should provide you with the 3407 Condo Resale Documents for review. 

Best of Luck!

If you are buying in Philadelphia County get ready for the 4.1% Transfer Tax (typically split between Buyer and Seller: 2.05%/2.05%).

Title Insurance is regulated by the State of PA, however, is based on Purchase Price. 

Taxes - depends on what has already been paid / will be pro-rated. 

Other miscellaneous closing fees such as appraisal, notary fee, recording, etc.  

@Ken Betza - Real Estate Agent here in the Philadelphia region and have done work in many different neighborhoods that are conducive for investors (aka Up & Coming). 

Let me know what info you are looking for regarding Brewerytown / Germantown / etc...each street and neighborhood in Philly has a distinct vibe, tenant, and pricing. 

Best of Luck!

@Account Closed - Welcome to Philly! I highly recommend visiting and exploring the numerous neighborhoods we have here - grab a coffee, lunch, or brunch and see the vibe of the community. 

As an agent with Berkshire Hathaway, I work with many different types of investors and owner-occupants. If you ever have any questions about a neighborhood or inventory, feel free to reach out. 

** FAST FACT - In Pennsylvania when purchasing Real Estate, there is a Transfer Tax. In most of PA that Transfer Tax is 2% of the Purchase Price split 1%/1% between Buyer and Seller - In Philadelphia County the Transfer Tax is 4.1% and split 2.05% / 2.05% between Buyer and Seller. Something to remember when doing your numbers on properties. 

Best of luck!

Zach 

@Jerry Yang - get ready to enjoy Philly! It's not NYC however, I find it to be a big city with small town vibes. As you already know there are numerous neighborhoods and price points throughout the city. 

When it comes to real estate unfortunately there is only a finite amount of Multi-Family Zoned Properties that are available on the market at a time - most of the homes were built as a standard 3 Bed / 1 Bath Row home (not ideal for multi unit conversion), so you do not see a lot of inventory like you do in other areas of the country. 

With all of that being said, there are some great opportunities out there. I'm a real estate agent with Berkshire Hathaway and work with many different type of investors and would be more than willing to educate and help you in your quest to learn more about our neighborhoods and inventory. Feel free to PM or ask any question you might have. 

Best of luck!

ValueGuard - one of the largest inspection companies in the area. I have had great experiences with many of their inspectors...PM me for more info and specific inspectors that I have used. 

Have you tried Trident Land Transfer?

@Stephanie Knox - Real Estate Agent as well as Investor here. I work for Berkshire Hathaway HomeServices Fox & Roach - the #1 Real Estate Brokerage in the Greater Philadelphia market. If you have any questions or concerns, I'd be more than happy to help. I have successfully worked with several investors in Philadelphia, Montgomery, Delaware, and Chester counties.