All Forum Posts by: Chris Purcell

To add to my post above, I guess here are a few questions to the experienced Philly investors:

1. Let's say I want to invest a total of $150K including rehab and want a minimum 20% return - is that reasonable to expect and what types of homes and areas should I target?

2. I am sure anyone would agree that a $150K investment means you are taking a reasonable level of risk because at the end of it you are putting your house on the market where there is other inventory - so are there certain areas of Philly where the possibility of that selling much faster? What are the comps?

3. Which are these areas - Point Breeze, Fishtown, Brewery Place, Northern Liberties, Kensington, etc?

4. Lastly, would you agree the above questions (and some more) must be answered before investing?

Investing without the right due diligence never pays. While the experienced Philly investors may disagree (and rightly so) as a newbie to that market I need these answers to make an informed investment.

Hey all, not to put a damper on the opportunities in Philly but when I look at the rental and available for sale inventory in Philly - almost all neighborhoods are chock-full with available inventory for both rental and sale. My question is how do you compete in such a crowded market? You could buy and rehab a property only to sit on it for a year or more!

I'm guessing none of you who have replied to this inquiry, actually read it.  I was looking for feed back from my area. Since they don't have forums by state I just threw it out there.  Pricing here are starting to flat line, if not drop. construction booming. And another thing. just because your a "pro" on this forum doesn't really make you a pro. you just paid a fee for something a pro doesn't really need.

ahh okay! So can I still sign a lease and set up a section 8 tenant before I have done the application or inspection? 

@Chris Purcell maybe just more popular

At this point, I am still trying to figure out all the pieces to the puzzle. I heard from my tenant that the PM NEVER followed up about trying to collect the late fees. Never. I will be sitting down with my tenant tonight to hear how this all went down on her side.

It's looking like the PM got money three ways: 
1) She "charged" late fees, never attempted to collect said fees, then just took the entire security deposit.

2) She charged the pet rent every month, and kept 100% of it.

3) Every single maintenance issue came in VERY expensive. As in - WAY more than it should have been. I have no proof that she was pocketing money from the maintenance stuff, but this was the first issue that tipped me off that there was a problem.