All Forum Posts by: Chris Martino

Hi @Alfred Miller, if you have some capital saved up I would shop around for some additional HML's as well.

You can find they will lend 85-90% of purchase, and 100% of the construction with most programs charging 10-12% interest with 2-3 points. Some of the lenders will roll the points into the loan which decreases your initial costs. 

Hi @Vinod Badami, although the number of for sale signs all over the city does seem to be high. The SFH inventory in 2018 for April, May, and June have been ranging from 4,214-4,366 units between the 3 months. This is the lowest inventory of SFH that Philadelphia has seen in the past 10 years. I do believe this will eventually even out with all the additional inventory becoming available, but for now it seems like the buyers are still absorbing the new inventory.

@Dmitriy Andreyev, with a 50k budget it will be tough to invest in the areas you had mentioned above. Point Breeze and Brewerytown are both very popular and the price points will be much higher in those areas, even for shell properties. 

Grays Ferry is seeing some spillover from Point Breeze and would be a good neighborhood to look into. Some other areas I would suggest looking further into would be Kensington, Germantown, and possibly parts of West Philly. All three of these areas have some rougher areas so I would suggest getting a block by block understanding of them before jumping in. If you reach out to some local agents who specialize in each neighborhood they should be able to give you some additional insight into each one. 

Hi @Account Closed, when you say you are searching for properties for sale by owner, does that mean you are finding them through direct mail, door knocking, etc.. or are these listed online as "for sale by owner"?

Hi @Dmitriy Andreyev, Philly is a great market for rentals and flips. The prices have increased over the years and it has become very competitive but there are still deals to be found. Philly is also block to block so I would become familiar with the individual neighborhoods before making an investment. There are quite a few places where the numbers will work but it will be a highly labor intensive rental if it's in a rougher area. Good Luck!

Hi @Jameel Swinton, networking is really the best way to build up this list. You would be amazed at how many cash buyers you can meet by going to different local meet ups. You can also post the deal on the BP marketplace which will allow cash buyers to contact you as well. 

Hi @Ray Pryer, Philadelphia is a great place for REI networking events. Do a quick search on meetup.com and you will find a bunch of local events with tons of investors you can speak to.

Hi @Stephanie Crespo, what do you plan on doing with the property you purchase, is it going to be used as a rental? 

Also when you say you are trying to figure out how to get the funds, are you looking to purchase the property with straight cash or are you referring to the down payment?

Congrats, sounds like a great deal. Thanks for sharing!

Hi @Zach White, if you are looking to acquire some more rentals Brandon Turner's "The book on managing rental properties" is a great one. It's got a ton of actionable steps for the entire rental process. It touches on acquiring deals but does not go really in depth with that aspect. As far as the small details of managing rentals though it's really great.