All Forum Posts by: James Brand

I believe the transfer tax unavoidable. In my research it has frequently come up as one of the most pronounced drawbacks of PA investing, and even more specifically Philadelphia. I would be thrilled if you find some type of loophole or work around, so definitely let me know if you do. I will be in your shoes in a year or two. Good luck!

-James

Hey All,

I was hoping to get some input on the best method of reaching out to owners of properties not on the market. A client of mine who flips properties has an interest in two slightly dilapidated properties near where he lives. I was going to send letters initially to the owners based on public record mailing address, and then see if I can find phone numbers as well. Any tips on how best to broach this would be greatly appreciated.

Thanks!

-James

Welcome Adam!

Terrific move getting yourself set up on this resource. While you are just getting started there are several go-to tools BP offers that I would highly recommend.

Firstly, check out BP's Ultimate Beginner's guide:

http://www.biggerpockets.com/real-estate-investing

This will get you acclimated to many of the strategies, terms, and calculations used in the business.

Secondly, start listening to Josh and Brandon on BP's podcast. they have over 130 podcasts that they have recorded over the past 2+ years. Their topics and interviews cover all different facets of the industry and will help you get up to speed, and avoid the mistakes of others.

Philadelphia is a very exciting market to be in, if you have any city specific questions, or you would just like to chat, pm me or reach out to my contact info in my signature. I love discussing strategies and how they can be applied to our market. Best of luck!

-James

Welcome Andrew! 

I completely agree with both @Ayodeji Kuponiyi and @Paulette Midgette. I would imagine your study has included the BP podcasts, where they have covered many times the importance to get educated but not experience analysis paralysis. You cannot succeed in Real Estate without actually buying it so once you are confident in your knowledge and have a system to evaluate deals, dive in. 

I would like to stress evaluating each deal, the numbers are the key. Coming from Finance, I am sure you will have no problem building models to analyze properties. To get you started though, check out the BP Fileplace (http://www.biggerpockets.com/files). 

There are a lot of Philadelphia specific websites and tools that can prove very helpful too. Especially when considering multi-family where you have to consider zoning ordinances, taxes, and city-specific operating costs. I very much support the house-hacking strategy, it is a great way to put low money down on properties at closing and bust into the industry. 

Also think about where you would like to invest. Personally, I preach that it is all about the proximity to Center City. The quicker and easier you can get into CC, the easier your property will be to rent, and the stronger chance you have for appreciation.

PM me if you have any further questions about Philly areas or strategies. Best of luck!

-James

Hey Joe,

I would think window air conditioners would be your most efficient option, seeing as they can cool whatever zone of the property someone is in vs. the whole thing. Though if the inhabitants are not paying a portion of the bill they might not be inclined to try and conserve energy. A nest or other wireless thermostat might also be worth considering too.

James

Just to spitball a possible alternative. If the numbers on the deal are solid, you may want to consider paying him to break his lease in some manner. Might not work, but if he is tight on funds it could be a less costly option then eviction if you even have grounds to evict in Indiana in the first place. 

Good luck though, this is one of those ugly things you have to deal with on occasion when you have your own business.

James

Hey there BP,

I am hoping to get some recommendations for a tax accountant to help me with my investment portfolio and expenses as a realtor. Personal experience with the professional is what I am looking for from a recommendation. Hoping the individual can help me grow my business and make it as efficient as possible.

Thanks in advance!

James

Welcome Tom,

I was born and raised in NJ, and have been in Philadelphia for the past 8 years. Is Philly the market where you plan to invest? Or are you planning on a little closer to home?

Welcome Brian,

A lot of new construction is going up in the point breeze area. Every block is different and some are definitely dicey, but there are some inexpensive properties that can be turned around and offer some appreciation potential. The major benefit being the access to the Broad street subway. I was just looking at several properties in that area with a client of mine who flips houses yesterday, and there are certainly options to consider. 

Definitely check out BPs step by step guide to flipping (http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/0). 

You want to be very calculated with what you plan to do. Good luck, and pm me any time to chat.

-James

Clarence,

The link below will show you how your property is currently zoned.

http://www.phila.gov/Map?#id=757bbd2d07704a9bb684a...

Once you have determined the exact designation, use the guide below to get a handle on what you can/cannot do.

http://philadelphiaplaneto.com/wp-content/uploads/...

Best of luck,

James