All Forum Posts by: Joe S.

Gardner's Basin is a pocket of Atlantic City in the inlet area. It's away from the Casinos and is not nearly as distressed as most of AC. It features the AC Aquarium, great views of both bay and sea, fishing, charter boats and other activities. The boardwalk is under construction and will extend all the way to the Aquarium.The Kushners (yes, them) own a multi acre plot at the tip of Gardner's Basin but I don't believe they have decided what to do with it. And finally, AC is trying once again to make a comeback...this time with the first Casino since the Revel opening in 2018 (Hard Rock) and Stockton University bringing a campus to AC (also set to open in 2018).

Is anyone else investing in Gardner's Basin or considering it? Could it be a good chance to buy low? Just looking for some opinions form people who know this area. Thanks!

@Chris Purcell hey thanks. We already encountered 1 issue and it's only been under contract less than 24 hours lol. Hopefully goes smooth from here. 

Hi @Chris Purcell! I guess you missed the part where I said I have the property under contract. Does that count as doing? :) 

Thank you @Igor Messano. No, I am not buying at a huge discount. You can't really get a discount in this market if your buying turn key. However, according to my calculations, after refi I could expect a payment in the 1600-1700 range. Of course I would have to bring the cash to bring my equity up to 25%. So after I refi I can cash flow about 1k per month off this building...more if I can raise the rents. That being said, I get where you are coming from with the expenses. But I've been looking in this market for a while and this is one of the best deals I have found. 

Hi @Peter Dunne, thanks for the reply. I already own a single family in the same neighborhood that I currently rent out by the room. Also, I have an update on the duplex... The seller and I have come to an agreement. I'm making the purchase without a realtor which I have never done before, so if you have a checklist for that, I would appreciate it. But for now, I'm taking the purchase agreement to my attorney for review. 

thanks for the input!

Hello,

I have an opportunity to make an investment purchase in an A neighborhood in Philadelphia. Zip code is 19127. I would like to get some input from experienced investors in the Philly area. Thank you. 

Description: This is a 2,300 sq ft duplex featuring 1 bi level unit that is rented for $1,400 and another unit with a projected rent of $1,300 (but I would occupy this unit). The building is a new renovation from 1 year ago and features brand new everything including hvac, plumbing, electric, roof, kitchens, baths....everything except the foundation is new.

Purchase price: $315,000 using FHA 3.5% down payment. Total PITI is about $2,150, including PMI.

My thinking is this: I can acquire a very nice building in a great neighborhood right now for a low down payment. To start the cash flow would be low, but eventually when I re-fi I should be able to cash flow $1,000/month. 

Here is where I would like some advice from experienced investors in Philly...Is it worth paying a little more for the new renovation? The alternative is to get an older property and pay less and get more cash flow right off the bat. But it would need updating eventually. Also, renovation is not my strong suit.

Thank you in advance. If you need more information about the property just ask and I'll respond. 

@Kyle Pelech is it all documented w2 income?  also how much credit do you have?  one credit card, 2 cards, student loans auto loans?  And how long is your credit history?  All this stuff will make a difference.  

@Kyle Pelech I think if you find the right lender they will go higher on the dti ratio.  Also, in the multi unit they should let you count 75% of the income from the 2 units you are not living in.  So you can qualify for more than if it were just a single family.  Go talk to lenders only way to find out.  Another thing is, has your income been steady before switching to this new job?  If not they may want you to establish more work history.  

Your probably worrying too much. I am doing the same thing, house hacking a 100 year old house. My foundation is old...my solution is I am going to buy some mortar mix and take a weekend or two to parge the walls myself. Cost is a few hundred bux. I have cast iron drains that work....I am monitoring them but I have pipe insurance if anything goes wrong. Try to do the cosmetic stuff yourself. I reconnected with a friend from college who became a general contractor and he is helping me update my kitchen for very cheap. I'm helping with the work and it's great experience. Just continue with your plan of renting the one side to cover your mortgage and save for your next one. Congrats on getting started.