All Forum Posts by: Bartosz Rosol

Why do I get a feeling this is a fake post?

Some data about Germantown (19144)

Population 2000 - 46,794
Population 2010 - 43,329
Population 2017 - 41,209

Change since 00' (-11.9%)
Change since 10' (-5%)

Median Household Income 2000 - $27,436
Median Household Income2017 - $29,505 
Change (8%)

Percent of Renters - (64%)
Gross Rent Contract ($866)

Median Listing Price 2010 - $96,500
Median Listing Price 2018 - $129,502
Change (34%)

Sources: Census Bureau, City-Data, Zillow

@Ryan Deasy

Thanks for sharing your numbers that the problems that you occured. I'm glad everything worked out in the end. 

Can you explain what you mean by having your property "look like it's occupied"? What ways would you recommend. Thanks

Some demographic information for you

Port Richmond (19134)

Population in 2000 - 57,922, Population in 2010 - 60,675, Population in 2017 - 62,861

Population change since 00' (+8.5%), Population change since 10' (+4%)

Median Household Income in 2000 - $20,903, Median Household Income in 2017 - $27,546

Median Household Income change since 00' (+32%)

Percent of Renters (50%)

Point Breeze (19145)

Population in 2000 - 45,647, Population in 2010 - 47,261, Population in 2017 - 46,311

Population change since 00' (+1.5%), Population change since 10' (-2%)

Median Household Income in 2000 - $26,655, Median Household Income in 2017 - $39,374

Median Household Income change since 00' (+48%)

Percent of Renters (40%)

Point Breeze (19146)

Population in 2000 - 35,783, Population in 2010 - 35,113, Population in 2017 - 38,486

Population change since 00' (+7.6%), Population change since 10' (+10%)

Median Household Income in 2000 - $24,803, Median Household Income in 2017 - $58,784

Median Household Income change since 00' (+137%)

Percent of Renters (49%)

Source: US Census Bureau

You can purchase absentee owner lists from websites such as ListSource. Youtube videos can give you the site overview. 

Small steps, small results
Big steps, big results

-BG Podcast

Learning (small steps) can only get you so far. You have to go out and start making offers (big steps)

You are doing a good job with your analysis. The percentages you have outlined for capex are too vague. I would recommend finding the remaining life for the big items (roof, hvac, etc) and breaking out the cost needed to replace/repair. Do you have a cash reserve?

I don't know your area, but from a quick macro glance I've noticed a couple concerning topics. How did you come up with your rental income? No comparables can lead to high vacancies (which you may have to allocate for). The household income is under 35k, which may lead to evictions. Population has been declining. There is no job growth. Why are you choosing this area to invest?

You are doing a good job analyzing the property. I would recommend researching the macro overview of that area. Keep it up!

https://www.biggerpockets.com/blog/2015/10/13/real-estate-capex-estimate-capital-expenditures/

https://datausa.io/profile/geo/oroville-wa/

Make sure to document your journey. Good luck!

@Jimmy O'Connor

During the last month's meeting at Diversified Real Estate Investor Group, Ken Weinstein gave a presentation about Jumpstart, a company that spearheads the revitalization of Germantown neighborhoods through training and loan programs. A couple hundred investors have already graduated from his class and started investing in these areas. Mogul's like Bart Blatstein are backing up his idea. This could be one of the many reasons for the wave....

http://phillyofficeretail.com/about-us/

Here is the Median Listing Price for the past couple years in 19146. Zillow separates the data based on the zip code not neighborhood. The numbers are high because they include other areas like Graduate Hospital.