Buying & Selling Real Estate Discussion

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Jacob Stephen
  • New York, NY
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Sales price information

Jacob Stephen
  • New York, NY
Posted Jun 9 2017, 05:39
I'm looking at investing in Delaware. I'd like to get closing prices for sales and actual rental amounts for properties offered for rent. My broker has this information through MLS, but I do not want to depend on him for this information. Property shark doesn't update the state of Delaware frequently. Is there some other pay for source? Free source. Thanks

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Mike Cumbie
  • REALTOR®
  • Brockport, NY
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Mike Cumbie
  • REALTOR®
  • Brockport, NY
ModeratorReplied Jun 9 2017, 07:12

Hi @Jacob Stephen,

You may have better luck if you post this in the Delaware Forum as it appears to be state specific. Wish I had something more for you.

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Jacob Stephen
  • New York, NY
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Jacob Stephen
  • New York, NY
Replied Jun 9 2017, 07:18

So Redfin has some data available for free.

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Eric Armstrong
  • Investor
  • Wilmington, DE
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Eric Armstrong
  • Investor
  • Wilmington, DE
Replied Jun 9 2017, 12:57

Try rentometer.com and Zillow for rents. 

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James Masotti
  • Rental Property Investor
  • Washington Township, NJ
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James Masotti
  • Rental Property Investor
  • Washington Township, NJ
Replied Jun 11 2017, 09:42

@Jacob Stephen - I recommend either getting it from your realtor, or doing it manually your self by tracking what is listed for rent on Zillow and the other bigger property management companies throughout the city. Rent-o-meter isn't too bad either (at least in the area of Wilmington where I invest). It's ballpark pretty accurate compared to what I've experienced. 

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Jacob Stephen
  • New York, NY
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Jacob Stephen
  • New York, NY
Replied Jun 11 2017, 10:28

James Masotti any experience attending foreclosure auctions in Wilmington or anywhere else? Is it generally a wasted effort? I understand the bank usually buys the properties.... but I've seen some sell to investors.

Do you invest in the city of Wilmington itself? Seems like a rough area. Murder per capita is the highest in the country.

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James Masotti
  • Rental Property Investor
  • Washington Township, NJ
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James Masotti
  • Rental Property Investor
  • Washington Township, NJ
Replied Jun 11 2017, 12:08

@Jacob Stephen - I attend the Sheriff Sale each month. There will be one this Tuesday. I do not purchase right now because my partner and I are able to buy properties that meet our needs from off market, wholesalers, and on the MLS. Next year though we will be looking to really increase our acquisitions and as such will start to purchase at Sheriff Sale. There are about 5 main buyers at the sheriff sale even though 100 people have been attending the last few months. You are correct that the banks do buy back most of the properties.

I do invest in the City of Wilmington itself. Wilmington can indeed be a rough place, but a lot of the challenging areas are concentrated. Do your research looking at the crime maps and find the area that makes most sense for you. One thing I don't recommend people do in Wilmington is just buy all over the city. Find one or two neighborhoods you like, and stick to purchasing in those areas. 2017 has seen an uptick in the number of shootings in Wilmington, City Council and the WPD have plans to fight these...we will see how well they can execute. 

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Jacob Stephen
  • New York, NY
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Jacob Stephen
  • New York, NY
Replied Jun 11 2017, 16:00

James Masotti thanks James.

I am looking at areas east and west of market street. The area bw the brandywine / Christina river and 95. Seems like a rough area but the cap rates seem attractive.

Is the vacancy expectation higher than say 5%? Repairs high? Im trying to figure out what I'm missing.

I've been told by a local contractor who walked some properties with me, that it's all block by block. Some are good blocks and some are bad. And they can be 1 block away from one another.

When crime gets this bad, it gets national attention/funds for cleanup. South Bronx, Ny, Newark NJ.

I'll be in the area Monday thru Wednesday if you want to grab coffee and kick around some ideas.

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Jacob Stephen
  • New York, NY
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Jacob Stephen
  • New York, NY
Replied Jun 11 2017, 16:05

Also what is the expected timeline to evict a delinquent tenant in the city of Wilmington?