Skip to content
×
Pro Members Get Full Access
Succeed in real estate investing with proven toolkits that have helped thousands of aspiring and existing investors achieve financial freedom.
$0 TODAY
$32.50/month, billed annually after your 7-day trial.
Cancel anytime
Find the right properties and ace your analysis
Market Finder with key investor metrics for all US markets, plus a list of recommended markets.
Deal Finder with investor-focused filters and notifications for new properties
Unlimited access to 9+ rental analysis calculators and rent estimator tools
Off-market deal finding software from Invelo ($638 value)
Supercharge your network
Pro profile badge
Pro exclusive community forums and threads
Build your landlord command center
All-in-one property management software from RentRedi ($240 value)
Portfolio monitoring and accounting from Stessa
Lawyer-approved lease agreement packages for all 50-states ($4,950 value) *annual subscribers only
Shortcut the learning curve
Live Q&A sessions with experts
Webinar replay archive
50% off investing courses ($290 value)
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Philadelphia Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Account Closed
  • Investor
  • Morrisville, PA
0
Votes |
2
Posts

First Deal In the Philadelphia Area

Account Closed
  • Investor
  • Morrisville, PA
Posted Feb 18 2019, 16:42

Hi All,

This is my first post and first deal on my own. I am 25 years old and my business partner and I had our offer accepted today for a duplex (2 beds, 1 bath each) in Northern Liberties, Philadelphia where we plan to house hack (live in the bottom unit and continue to rent out the top unit that is currently occupied). The asking price of the property is $505k and due to a few additional offers from other parties, we offered $510k with a 3% seller assist. My father is in construction and believes that there are significant renovations to be made to the exterior walls of the property along with interior updates to the kitchen / bathroom for both units. We have a few questions that we would love to have a discussion around...

1. How stringent should we be during the inspection process / how should we think about price negotiations during this process? (Understand, this is an open ended question but curious if we should walk away from the deal if seller doesn't budge during this)

2. What type of liability protection is best for a partnership like ours? We do not have an LLC as we would have had to put 20% down if we had bought it with a LLC attached. Can we still get an LLC after the property is purchased to protect us?

3. How should we view renovation schedule? Attack interior updates first to increase value of rents or fix exterior issues that could costs 40k or more?

4. Does anyone have recommendations for contractors/subcontractors in the Philadelphia area?

5. Are we missing anything that we should be thinking about during the closing process?

Thank you,

Kevin McCarthy

Loading replies...