All Forum Posts by: Jack Clough

Yes

how long has it been on the market? I don't know SC but taxes and Insurance seem too high. Good price for the lawn though.

I'd like to meet the 2% rule on this one which means you'd have to purchase for 70ish. Why not low ball them? If they say no then go finish your flip and maybe this one will still be there when you're done. Then come back and offer them 80 if you still think it's a good deal.  At the same time don't be afraid to walk away. There are plenty of deals out there.

@William Newman, please send me more information. [email protected]. Thanks

MLS # 7072126, seller is highly motivated. Tenant is moving and property will be vacant at end of year. Place is clean, new flooring and fresh paint. It is located in the Trinity Vicinity and only a few blocks from the downtown business district.

Please email me at [email protected] for details in interested. I am the listing agent and a licensed Realtor in DE and PA.

@Lawrence LaMantia, can I see this property? Thanks.

Historic commercially zoned 1,600 s/f row home on Lawyer's Row in downtown Wilmington, DE. Currently leased by a Chiropracter at $1200/mo, single net, through July, 2020. Asking $195k.

1324 N King St, Wilmington, DE 19801

@Brian Wert - @James Masotti is absolutely right and provides logical advice here.

Additionally, the property seems to be priced slightly above fair market value. I don't foresee any reason for that area to appreciate much (opinion), so in that case it would just be investing for income and if you're investing for income then you'd need to buy at 75k in order to follow the 2% rule. It may work for you and your objectives but I think there are better opportunities out there.

@James Masotti, 

I guess I do mention BPG a lot, but they own half the city and are building the other half, so kinda hard not to especially considering I live here and it's my business to know.

And I believe they are creating the jobs you're referring to (construction, services, retail). I never said it will work. And I did say that security (safety) is the key.

@Dustin Verley, @Brian Wert, @James Masotti, @Donovon Rogers

Buccini Polin Group is building a large mixed use building in the heart of the city one block from Market St. They have also purchased the Dupont hotel and are renovating and updating that as well. BPG is also renovating an older 8 story apartment building on 9th St which will be luxury condos and high end retail. They own the Nemours building which is located right behind the DuPont hotel and has a cool 4th floor space called the Mill which was designed by Rob Herrera as a co-working space which is now almost at full capacity. The Riverfront has gone through a few development phases and of course BPG owns most of the condo buildings down there as well. A lot of young professionals live in the condos on the Riverfront.

The focus is Market St and everything will hopefully build out from there. What they need is to get people to start living downtown and not just downtown, but in the heart of it near Market St. I believe the Millenials are more likely to live down there and will probably start to as soon as BPG's units are complete. The key to it all will be security. Once you have security then you can achieve "walkable urbanism". In order for a city to be revitalized you have to make it walkable and safe (google the success of places like Santa Fe and Charlotte).

@Dustin Verley, They will be spending 40 mil to rebuild the existing station into a new state of the art one. Completion date is 2020. And yes it is on the same line as Wilmington and Newark and serves SEPTA as well as Amtrak.