All Forum Posts by: Danny Phagoo

It's been quite some time since my last post but I've made the decision to join Keller Williams and partner up to build the Philly Property Hunters Team specializing in investment and development sales. I'm rereading the Millionaire Real Estate Agent to pin down the financial structure and models and would like to know if anyone else has done the same or has used other resources. Please let me know how you compensate your listing and buyer agents and if you have a growth strategy for your agents and admins to keep them financially and personally happy to be on your team. Thus far it is my business partner and I and one admin. We've secured $15M in listings this year to date, but our goal is $30M. It may be a little lofty but what's a goal if it doesn't take you out of your comfort zone? Look forward to hearing from you guys. Thanks. Happy Father's Day to all the dads here. -Danny

Hey guys, So I'm working on a 2-story 1038 sqft full gut rehab in Point Breeze which consists of the following: new roof, rebrick facade, tear down and rebuild back wall in existing location, demo the inside down to joists, convert to 2BD/2.5BA, unfinished basement (just parge walls and finish floor with epoxy, install all finishes throughout. My budget is $100k and my time frame is ideally 8-10 weeks on this job. My existing contractor just recently had his license temporarily suspended due to unsecured scaffolding and now is fighting a $13k fine in court. Could you please let me know your recommendations? Thanks a mil. -Danny

Welcome to BP Michael Henderson ! I'm new on the forum as well. How is the Chicago market? What type of deals do you typically wholesale?

@Jon Sanborn Yep, 2 story gut rehab in Point Breeze right off of 24th and Dickinson. What/where are you currently working on/in?

@Josh Davis Thanks man. Hope we can do some business together in the near future. What's your focus here in Philly and do you operate elsewhere?

@James Wise Thanks James. I appreciate it. I'm actually considering hanging my license at a nearby brokerage and saw that you run your own. What are some things that you would suggest I look out for as an agent joining/partnering on a team? The yearly overhead at this new firm is lower than many here: $25k for 1st agent, $12k for 2nd, $6k for each additional. What are your thoughts?

@Joe White Thanks Joe. Let's stay in touch and see if we can broker some deals together. I may join the KW in Center City. What areas do you service now? 

@Ben Leybovich My goal of 100 units at $250 net monthly income per month is just something that I aspire to own one day primarily because it would equip me with enough capital to purchase/develop larger multi-units. Once I'm there, the sky is the limit. As for allocation, I have no set formula. I think owning new construction and completely gutted and rehabbed rentals (both SF & multi-units) may ensure lesser maintenance costs/expenses and provide a higher appraisal and rental rate in many cases. However, I understand that it also means a higher mortgage. Right now in many neighborhoods here, it is quite the seller's market, and so, I may have to commit to buying older parcels at market rate that may be a little outdated and require some cosmetic work instead of going into each property in "full-gut mode". Mid-way through my 1st rehab/flip in about April, I'd like to secure my 1st rental. Anything that I should keep in mind while doing so?

Hey guys, Danny here from Philly. I've been in real estate for about five years and have worked for a larger developer. During that time, I created an acquisitions subsidiary which was responsible for all acquisition lead sourcing, underwriting, and negotiations and closed roughly $20mil in urban real estate, an affiliate title company which facilitated all acquisition, loan, and listing settlements, and customized a cloud-based system which eliminated spreadsheets and tracked the entire process of acquiring/developing/selling real estate. 

I've recently taken the plunge just about two months ago to embrace the entrepreneurial lifestyle full-time. Now I am focused on my first rehab/flip in South Philly which we will start construction during the 1st week of March. Also, I've renewed my real estate license and plan on continuing to source deals for other investors as well as myself. My goal is to acquire 100 rental units in the next 3 years, which will comprise of value-add apartment buildings, single family homes, and new construction rentals, which I am particularly interested in learning more about. I also would like to raise capital/joint venture for the development of said opportunities which I frequently come across. I know with the right resources and network, I will be successful and hope to be an agent in others' success as well. I'm looking forward to connecting with you all here. Thanks.

Much success,
Danny Phagoo