All Forum Posts by: Leonard Brown

@Manju Nat @Manju Nat it comes down to the local market and your investment strategy. I do believe there are certain demographics that go for properties for their proximity to major roads and highways.

I’m currently looking at property with the highway sound barrier wall at the end of the property line. I’ve driven pass it at different times of the day throughout the week to gauge traffic and noise level. Besides the physical appearance, there wasn’t much difference.

It's prime for people who use the highway daily for their commute which in Philly could include Jersey or Delaware, quick access to a highway and/or bridge is ideal. I was one of those people. Think in terms of how apartment complexes are marketed to renters vs. SFH. It could also work well for STR.

If you factor in improvements that mitigate the downsides of a property near highways and freeways into your rehab equation there could be a win. A proven cash flowing property isn’t hard to sell to another investor. Also possible to sell to would-be home buyers who value accessibility.

@Alfredo Villegas here are some of the options that I’ve considered: loan signing agent, real estate marketer, home stager, property management, home inspector, home appraiser, and property preservation.

@Supada L.

That's a great point and important to consider when deciding which route to take. High heat will most likely cause it to soften. I'm based in PA and typically do not have to worry about the asphalt tracking. Definitely worth mentioning to your PM if they get quoted for an asphalt driveway.

@Supada L.

Since it is a rental property, you should think of the longevity of any work you will have done. With concrete driveways, it's possible for the concrete to shift or sink if the base isn't laid properly. Removing it and replacing with asphalt is a better alternative as replacing the concrete will probably lead to similar repairs over time. Asphalt is more cost-effective and requires less maintenance in the long run.

@Eric Greenberg there are still gems the further east you go, specifically in Port Richmond. If you consider the activity that's happening on American, Richmond St. could be pretty attractive for buy and holds or rentals because it's adjacent to Fishtowns development, has easy access to I-95, the bridge, and the Aramingo shopping corridor (although still a bit rough). It has all of the potential of the Brewerytown wave.

@Susan Wang

Hi Susan,

I'm going to echo what you and others have said about the importance of having a solid team in place for acquiring properties. While there are property disclosures, sellers are not always forthcoming. In some cases, they just aren't aware of certain issues. In other cases, they deliberately hide issues, especially if FSBO, to push the sell through.

Recently, a client of my mine was considering purchasing another investment property. The property in question was inherited and had substantial termite damage. The sellers disclosed that there WAS a termite issue and that it had been treated. In actuality, the problem was covered up to the point were a structural engineer is required.

This probably could've slipped through the cracks if the buyer is long-distance but all of the fees mentioned work in the favor of sellers in the current market. Would-be buyers are willing to waive contingencies and pay any associated fees to submit more attractive offers.

It really all boils down to your investment strategy and how you analyze deals. If the numbers fit within your strategy, the fees are only nominal.