All Forum Posts by: Account Closed

thanks Ryan! Yes, Laban it is a legal duplex. 

Hello Everyone!! 

I've been listening to Biggerpockets Podcasts for a few months now, I am so thankful for all the information that Joshua Dorkin, Brandon Turner & the many guests have shared with listeners on the daily bases. I tell almost everyone I meet, friends, family, and strangers about the podcast. Today I am sharing with you my first deal which I closed on 7/27/2018:) 

As you know, I am from Philadelphia and lived here my entire life, so It only made sense to invest here. I currently hold 1 single family and now 1 duplex :) in my real estate portfolio, I had 2 single families at one point but sold it for a profit of 20K! The duplex a 2 X 3 bedroom unit and is in the zip code 19133. It is in a BOOMING AREA OF PHILADELPHIA, near temple university. What made this deal worth it to me, was the type of financing I was able to use, The Location, and The fact that the previous owner literally did all the work for me!! I utilized FHA financing and the sellers were generous enough to provide the full sellers assist I requested! So I ended up bringing only 5,000 to the table. And received a check for 500 after negotiating some issues during the final walk thru. After looking a rentometer, I think I can rent each unit for 1-1.2K month my positive cash flow would be about 900-1,100. Pretty Good for a duplex:) I am also expecting the value to greatly increase, there is new construction all around this area. After getting the property fully occupied I am looking for my next deal immediately. I tried my best not to fall in love with the property and more with the deal!! Hope all goes well. Any more questions about this deal or Philadelphia Please reach out!

@rayreed thanks for the replay. I did check rentometer, I also called around a few 2 bedrooms and I looked at the financial reports. Which is where the $850 came from. It was previously rented for $850 as well. I’m not as familiar with Gloucester city as I am with Philadelphia. But I don’t want to miss out on what could be a great opportunity due to not stepping outside of my comfort zone. I see you are located in NJ are you familiar with Gloucester ?

Hello investors, I need help deciding on my first multifamily deal. here are my two options;

Property 1 : Triplex, 2 two Bed Rms ($600), 1 one Bedrm($550). fully occupied but has NO leases. Seller accepted my offer of 145,000 with full assist, but is doing no repairs. there is obvious plumbing issues and will need at least 10k in repairs. But is in a booming area. taxes are under 2K.

Property 2 : Triplex, 1 two bed ($850), 1 one bed ($650), and 1 studio ($550). the two bed is vacant, other two has long term tenants and 1 of them is section 8, property is professional managed and need no repairs. my offer is accepted for 133,000 full assist. needs very minor repairs, but i'm not familiar with area. I do know that the property value wont be raising no where near as fast as philly.

Thanks for your time and feedback!