New Member from Philadelphia, Ready to Make It Happen!

New Member from Philadelphia, Ready to Make It Happen!

Real Estate Agent · Philadelphia, PA · Member since 2016 · 5 posts · 2 votes

Hey guys, Danny here from Philly. I've been in real estate for about five years and have worked for a larger developer. During that time, I created an acquisitions subsidiary which was responsible for all acquisition lead sourcing, underwriting, and negotiations and closed roughly $20mil in urban real estate, an affiliate title company which facilitated all acquisition, loan, and listing settlements, and customized a cloud-based system which eliminated spreadsheets and tracked the entire process of acquiring/developing/selling real estate. 

I've recently taken the plunge just about two months ago to embrace the entrepreneurial lifestyle full-time. Now I am focused on my first rehab/flip in South Philly which we will start construction during the 1st week of March. Also, I've renewed my real estate license and plan on continuing to source deals for other investors as well as myself. My goal is to acquire 100 rental units in the next 3 years, which will comprise of value-add apartment buildings, single family homes, and new construction rentals, which I am particularly interested in learning more about. I also would like to raise capital/joint venture for the development of said opportunities which I frequently come across. I know with the right resources and network, I will be successful and hope to be an agent in others' success as well. I'm looking forward to connecting with you all here. Thanks.


Much success,
Danny Phagoo

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Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
9y

@Danny Phagoo

Welcome to the BP family! Here are some recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

Wishing you the best!

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11 Replies

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  • Real Estate Agent · Philadelphia, PA · Member since 2015 · 180 posts · 69 votes
    9y

    @Danny Phagoo Welcome to BP, you've came to the right place to network.  What part(s) of South Philly? Point Breeze? 

  • Philadelphia, PA · Member since 2016 · 8 posts · 1 vote
    9y
    Danny Phagoo Welcome to BP
  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    9y

    Welcome to the site @Danny Phagoo

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    9y

    @Danny Phagoo

    Welcome to the BP family! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    9y

    @Danny Phagoo

    Welcome to Bigger Pockets. The Bigger Pockets book store if full of great books: https://www.biggerpockets.com/store

  • Property Manager · Philadelphia, PA · Member since 2015 · 515 posts · 196 votes
    9y

    @Danny Phagoo Welcome! It looks like you might have an edge and be off to a great start!

  • Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    9y

    Interesting! You are either very smart, or rather silly. Let's get to the bottom of which...

    A few questions:

    1. Why is your goal 100 doors?

    2. Why do you allocate value-ad multi/SFR/new-builds?

    3. How do you allocate?

  • Real Estate Agent · Philadelphia, PA · Member since 2016 · 5 posts · 2 votes
    9y

    @Jon Sanborn Yep, 2 story gut rehab in Point Breeze right off of 24th and Dickinson. What/where are you currently working on/in?

    @Josh Davis Thanks man. Hope we can do some business together in the near future. What's your focus here in Philly and do you operate elsewhere?

    @James Wise Thanks James. I appreciate it. I'm actually considering hanging my license at a nearby brokerage and saw that you run your own. What are some things that you would suggest I look out for as an agent joining/partnering on a team? The yearly overhead at this new firm is lower than many here: $25k for 1st agent, $12k for 2nd, $6k for each additional. What are your thoughts?

    @Joe White Thanks Joe. Let's stay in touch and see if we can broker some deals together. I may join the KW in Center City. What areas do you service now? 

    @Ben Leybovich My goal of 100 units at $250 net monthly income per month is just something that I aspire to own one day primarily because it would equip me with enough capital to purchase/develop larger multi-units. Once I'm there, the sky is the limit. As for allocation, I have no set formula. I think owning new construction and completely gutted and rehabbed rentals (both SF & multi-units) may ensure lesser maintenance costs/expenses and provide a higher appraisal and rental rate in many cases. However, I understand that it also means a higher mortgage. Right now in many neighborhoods here, it is quite the seller's market, and so, I may have to commit to buying older parcels at market rate that may be a little outdated and require some cosmetic work instead of going into each property in "full-gut mode". Mid-way through my 1st rehab/flip in about April, I'd like to secure my 1st rental. Anything that I should keep in mind while doing so?

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    9y
    Originally posted by @Danny Phagoo:

    @Jon Sanborn Yep, 2 story gut rehab in Point Breeze right off of 24th and Dickinson. What/where are you currently working on/in?

    @Josh Davis Thanks man. Hope we can do some business together in the near future. What's your focus here in Philly and do you operate elsewhere?

    @James Wise Thanks James. I appreciate it. I'm actually considering hanging my license at a nearby brokerage and saw that you run your own. What are some things that you would suggest I look out for as an agent joining/partnering on a team? The yearly overhead at this new firm is lower than many here: $25k for 1st agent, $12k for 2nd, $6k for each additional. What are your thoughts?

    @Joe White Thanks Joe. Let's stay in touch and see if we can broker some deals together. I may join the KW in Center City. What areas do you service now? 

    @Ben Leybovich My goal of 100 units at $250 net monthly income per month is just something that I aspire to own one day primarily because it would equip me with enough capital to purchase/develop larger multi-units. Once I'm there, the sky is the limit. As for allocation, I have no set formula. I think owning new construction and completely gutted and rehabbed rentals (both SF & multi-units) may ensure lesser maintenance costs/expenses and provide a higher appraisal and rental rate in many cases. However, I understand that it also means a higher mortgage. Right now in many neighborhoods here, it is quite the seller's market, and so, I may have to commit to buying older parcels at market rate that may be a little outdated and require some cosmetic work instead of going into each property in "full-gut mode". Mid-way through my 1st rehab/flip in about April, I'd like to secure my 1st rental. Anything that I should keep in mind while doing so?

     You lost me...

  • Real Estate Agent · Philadelphia, PA · Member since 2015 · 180 posts · 69 votes
    9y

    @Danny Phagoo Great man. Let me know if you need any help with anything. Currently working on a triplex in Strawberry Mansion 

  • Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    9y
    Originally posted by @Danny Phagoo:

    @Jon Sanborn Yep, 2 story gut rehab in Point Breeze right off of 24th and Dickinson. What/where are you currently working on/in?

    @Josh Davis Thanks man. Hope we can do some business together in the near future. What's your focus here in Philly and do you operate elsewhere?

    @James Wise Thanks James. I appreciate it. I'm actually considering hanging my license at a nearby brokerage and saw that you run your own. What are some things that you would suggest I look out for as an agent joining/partnering on a team? The yearly overhead at this new firm is lower than many here: $25k for 1st agent, $12k for 2nd, $6k for each additional. What are your thoughts?

    @Joe White Thanks Joe. Let's stay in touch and see if we can broker some deals together. I may join the KW in Center City. What areas do you service now? 

    @Ben Leybovich My goal of 100 units at $250 net monthly income per month is just something that I aspire to own one day primarily because it would equip me with enough capital to purchase/develop larger multi-units. Once I'm there, the sky is the limit. As for allocation, I have no set formula. I think owning new construction and completely gutted and rehabbed rentals (both SF & multi-units) may ensure lesser maintenance costs/expenses and provide a higher appraisal and rental rate in many cases. However, I understand that it also means a higher mortgage. Right now in many neighborhoods here, it is quite the seller's market, and so, I may have to commit to buying older parcels at market rate that may be a little outdated and require some cosmetic work instead of going into each property in "full-gut mode". Mid-way through my 1st rehab/flip in about April, I'd like to secure my 1st rental. Anything that I should keep in mind while doing so?

     You know how I asked you those questions...? Well, they weren't really questions. These were intended to get you to examine and validate your statements and assumptions. $250/per CF is one assumption. 100 doors is another. Allocation of asset classes is something else which shouldn't be incidental. There is a specific reason for everything in this game :)

    Good Luck!

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