All Forum Posts by: James Brand

Joan broke it down well. Once you look at all the terms of the competing offers and if you consider them to be comparable I would ask for best and final. I would shy away from excessive back and forth, if after 2 or 3 offers per buyer neither has differentiated themselves, I'd say it is time for best and final.

Seems like these properties were bought inexpensively in less desirable areas and flipped.

One recommendation to think about when considering these properties would be the value you can add to them. For instance, a second bathroom, even just a half bath goes a long way. There is a lot of new construction going up in Point Breeze, and a fair amount of flips are being churned out. I would not all together rule out appreciation in that area, especially if you plan to hold for a decade. 

Are you planning on living in the property? Or are you purchasing to rent?

James

Welcome Derek! 

You have definitely taken a great step to "get your feet wet". As most people on this site would agree, the podcasts and ultimate beginner's guide (http://www.biggerpockets.com/real-estate-investing) are great resources for laying a foundation of knowledge. I highly recommend checking them out to start learning the industry and the language. House hacking with a multi is a strategy that I am particularly fond of too. Philadelphia does not have a lot of 4plexes but there are definitely duplexes and triplexes in the city that offer opportunity.

Best of luck, and pm me any time if you have questions...

James 

Hey there BP

In looking for an investment property I came across a Multi-family that has two residential units and a 1st floor commercial. I plan to finance through an FHA. I am wondering if this property can even be considered, and how I could go about attempting to have the 1st floor rezoned as residential. Any and all advice would be greatly appreciated!

James

Many people think of their home as their castle. Similarly, I would like to view my rental units as fortresses, built to withstand the abuse that tenants can inflict upon them. I would like to focus my attention on a property only when I buy it, and get it in rentable condition.

We are all about keeping costs low. While this might mean using more “economical” building materials to some, I am inclined to believe that the better long term strategy is using more durable building/renovation materials. Things I have come across that can lead to saving money, time, and headaches:

-Smoke detectors with long-lasting battery

-Low-pile and stain resistant carpet

-Heavy-duty tile w/ lifetime guarantee

-Long-lasting light fixtures and bulbs

-High-gloss paint (easier to remove stains)

I am curious to hear others weigh in on these practices and provide others. What materials require less upkeep and prevent a landlord from replacing them? Any and all advice is welcome…

Brewerytown is an area of Philadelphia that is gentrifying which is good for the appreciation of the property. It is not particularly close to the subway, however there are buses that remove the reliance on a vehicle. It all depends on how far North you are because that affects the safety of the area and the rent you can expect... At the end of the day it's all about the numbers. Be thorough, crunch them, and don't make an emotional decision, make a fact-based one... Good Luck!

No Problem @Anna Hamann, see the link below:

http://property.phila.gov/#

Very useful...

Thank for adding @Daniel Mohnkern

 & @Paul Ortiz

@Mike Kelley

 Thanks for the advice, I was able to acquire the owners names through an online tax search of the property. Complete with a mailing address. 

While looking into one particular property I was interested in, I noticed another with seemingly identical bones. This other property was a more run-down version definitely requiring more rehab and likely vacant. The property is not listed for sale but given its state I would imagine the owner would entertain an offer. Can anyone guide me in how I could go about ascertaining who owns the property? I am in Philadelphia, PA, and this is a Duplex...

I was able to find the link to this event, I posted it below for any who might be interested:

http://www.greaterphiladelphiareia.com/Events.aspx...