All Forum Posts by: Austin Haley

Certain pockets in Brewerytown are absolute home runs for a buy and hold if you can get them for the right price. The money is made when you buy... not sell. If you can find a property on a decent block with several new construct/rehabs around and get a good tenant in there, even if it barely cash flows, it will be worth it 5 years from now. Have tenants pay your mortgage while the area appreciates. I just sold a two story off market property at 30th and w Thompson. New construct and fresh rehabs all around. My buyer got a steal.

@Nick Schmid RM1 allows for multi family 2-4 units. You should be able to build a quad with 1440 sqft lot size. Minimum is 360 per unit so you're right on the money. 

check out page 12 and 13 for more details:

https://www.phila.gov/CityPlanning/resources/Publications/Philadelphia%20Zoning%20Code_Quick%20Reference%20Manual.pdf

I'll PM you my zoning lawyer's info, he's incredibly knowledgeable and always happy to help

Hey Nick I would be happy to help. I'm a licensed agent here in Philly, but I deal strictly with investment properties. I have very good connections with zoning lawyers and demolition guys as well. Might I ask the location? The lot size will determine how many units you can build. If the lot isn't large enough, you might be stuck with a triplex. What does public record say about the lot dimensions?

I have a few demo guys I can recommend. I'm an agent and wholesaler here in Philly. I move about 30 properties per month in Philly and Delaware county. Let's connect. I have connections out the wazoo that I would be happy to recommend to you. 

General contractors, plumbers, electricians, demolition, zoning lawyers, agents, wholesalers, drywall/framers, private lenders, new development, title companies, HVAC, masonry, property management, flooring. Let's connect.

I'm a real estate agent and I move 30 properties per month. Lets get some coffee.

In my experience (in Maryland), investment property loans will always require significant down payments. If you intended to use for your primary residence then this is not the case. When I went to purchase a duplex (deal ended up falling through) as an investment property they only required 20% down. This was through QuickenLoans. Hope this helps. Good luck!

Hello all!

I am a long time listener of the BiggerPockets Podcast but I have yet to use the forums. That being said, I hope this is in an appropriate category. I appreciate any input and thank you for your time! Here is the situation:

My business partner and I are in the works of closing on our first deal. This is an off market deal - combination of 3 properties (17 units total). This is a turnkey purchase. 15 units are filled with long term tenants that plan on staying. We don't intend on adding value or BRRRR because we are purchasing near the assessed value. We pretty much intend to take ownership and begin to collect rents.

Total Purchase price = 500k

Gross rents = 102k/annually (when fully occupied)

My main question is this:

Should we go for a loan through a bank (commercial mortgage w/20% down) or a private/hard money lender?

I know there are several ways to structure this. I'm just trying to figure out if you guys have any experience with similar situations. Any advice is greatly appreciated! 

Thanks!