All Forum Posts by: Alyse Oz

Do property managers also do renovations?  I just purchased a multifamily in West Philadelphia that needs a lot of work.  

@Mike McCarthy

very true....they are especially busy now.  I can't seem to find a good roofer anywhere!  Some are telling me that they are busy until mid-October.

@Mike McCarthy

very true....they are especially busy now.  I can't seem to find a good roofer anywhere!  Some are telling me that they are busy until mid-October.

Do you have contractors who can do the rehab?  I think that’s the toughest part when figuring out if a deal is good or not.  Rehab costs can be sky high without the right contractors.  I’m Having lots of trouble finding people who will do the work for a reasonable price.

Thanks you so much for your feedback! 

The property is RM-1 multifamily.  The house is in really bad shape, it has been vacant for a long time and has no kitchen or anything - also part of it has no floor.  The lot is huge 5000 sq feet but 2300 has been built.  With lots of imagination, it can be turned into a 3 unit building I think:

1 studio apt

2 - 2 bedrooms 

I’m just wondering what my first steps should be. I paid cash and have cash remaining to do the work.  I hope I won’t need to finance any of my project.  I’ve been saving up for a long time!  First I want to get insurance, although I’m not sure if any companies would insure it in its present state.  Also I know I need a rental license to rent it out. I don’t want to hire a general contractor for everything bc it’s too expensive.  I would like to hire out each subcontracter by myself ( one company for flooring, one for electrical, one for plumbing, one to do kitchen etc) i guess my first step is to make sure the roof is okay.  I can do the easy stuff like painting.  Plus I figure it’ll be part of my education because I plan to make a business out of this.... after saving more money :)

I’m really excited.  What do you think of my first steps? 

@Ian Walsh

You are right, high crime is high cash flow, but I don't agree with it being low appreciation.

How much lower than rock bottom prices can you go?  I bought some property in Jersey City and Newark a few years ago, rock bottom prices....they have appreciated dramatically, while my cousin's million dollar home in the burbs only appreciated slightly, but has much more space to go down and down, especially during a recession.

I'm looking at some property in Philly and Willmington now....seems like a great investment because I can't see prices going much lower and the cash flow is amazing....although I'm not sure how easy it is to find section-8 renters, i need to do more research.

I want to buy an REO occupied property from an auction. is it difficult to evict the current tenant or maybe the owner is living there?

I’m also looking for a contractor... I’d appreciate recommendations.  Also are these insured contractors? What happens if they get hurt?

Thanks for recommending Lombardo Environmental.  I shopped around a bit and ERC Environmental has given me the best price (slightly better), but every buck helps.  Is this a good company?  Anyone have any experience with them?