All Forum Posts by: Mike Girard

Hi Pierre:

I live in Brooklyn too and just bought my first multi. I wasn't looking for turnkey, but noticed there are quite a few of them in the regular listings on redfin. I think you could go either route, agent or turnkey company, but the former is likely to be a lot more time-consuming. If you go the turnkey company route, I think you should at least familiarize yourself with Philly neighborhoods, so you're not flying blind when choosing an offering. That way you can better assess if a property is fairly priced, and whether or not it's a good long-term investment. I wouldn't buy a turnkey property in an area with a high vacancy rate, for example, unless the neighborhood was on the upswing. 

I don't know enough to recommend a turnkey company. There are some people on BP who represent Maverick, which seems to be some kind of consolidator of various turnkey outfits all over the country. Here are their current offerings in Philly. I find the expected rent on some of those high, but presumably that's what tenants are paying. I don't see any particular risk in going that route first, since evaluating a turnkey deal is no different from evaluating something you find yourself so long as there are no restrictions on doing due diligence. It's either a good deal or it isn't. Since these deals usually come bundled with a management company, you should make sure it's a good one. 

Good luck!

It looks like I'm close to having my first property (woo hoo!), a duplex in Newbold that has a variance for a commercial first floor. It's set up to rent out as a large studio apartment, but I kind of like the idea of a business tenant that pays higher rent and doesn't stay the night.

Is this something a new investor shouldn't even attempt? If not, got any good ideas of what to do with a first floor that's about 900 sq. ft? It's in  a good spot on a busy, mixed use street and would be ideal for a number of business rentals: office space for small business, tax accountancy, artist studio, real estate office, small co-working community, coin laundry. My preference would be to figure out what I want it to be -- office? studio? -- and renovate it accordingly, then seek the proper tenant. I don't want to be a kind of de facto partner of a tenant that needs the place completely reworked. I want simplicity akin to what I would get from a solid residential tenant. 

Would love some feedback, even if its only a resounding "DON'T DO IT!"

This is great.  So much information in one place. As someone who's just starting out, I really appreciate this.

Thanks Paulette.

Do these maps help you?

Of course I've seen those maps, and no, that's not what i'm looking for. 

I would like something comprehensive that shows buses, trolleys and subway or failing that, shows buses separately. Something like this.

The bus system is the hardest thing to learn.

Thanks for the article, @Paulette Midgette. Helpful tips as always. 

"I'd definitely stay as close to the bus routes as you can, which, for most of Brewerytown, runs down 29th St."

I'm only interested in areas that have access to public transportation.  I'm having a lot of trouble, though, finding what those areas are, if they're not near the BSL or MFL. I more or less ignored Brewerytown at the start of my search because I assumed it was for car people only. 

I have had no luck finding a transport map that includes buses and trolleys. It's disappointing that at least the trolleys aren't on the subway map since they're integrated. I love Philly's commitment to public transportation, but it seems a little weak on the map/documentation side. Any tips for identifying neighborhoods that are a SEPTA hop and a skip from Center City either by bus or trolley? If I had my way, there would be a redfin filter for access to transportation and low crime. 

Welcome! I'm also a newbie investor in Philly and became a member about six months ago. BP has great resources as well as a great community. Philly BPers are super helpful. 

i don't know if I'm a uniquely unappealing client or what, but the follow-through with agents I've contacted so far has been truly lousy. It's becoming a trend. I am simply not going to work with someone who can't even keep an agreement to phone me, or doesnt seem to know anything about financing except the basics. 

I'm tempted to just go it alone until I'm ready to purchase, but presumably a knowledgable agent can help me with locating inspectors, rehab contractors etc. Has anyone else had a lot of difficulty finding a good agent? How did you finally solve the problem? 

So I had one good lead and he blew me off the first time I contacted him and didn't follow up with the call he'd promised to make. I'm thinking this is a dealbreaker. 

How do I go about finding a good agent that has experience with investors and might even be an investor him/herself? I can't make a move until this is nailed down. Please help. Feel free to send me mail if you wish to make your recommendations privately. 

Yeah, I know this has been asked a couple times, but it seems the answers mostly come from agents selling themselves, which in this case would be complete waste of time since I would never pick an agent simply because they recommended themselves. If people want to make their recommendations privately, feel free.

I am looking for an experienced agent or agents that is used to working with investors and is perhaps an investor themselves. Someone who is really plugged in and can also make good recommendations about contractors, property managers, inspectors, financing etc. 

I've spun my wheels now for four months or more. I need some trustworthy regular guidance or this is never gonna work.  I will be so grateful for good leads.