All Forum Posts by: Nathan J.

@Kevin Yoo I have used the turnkey provider you mention here. PM me and i can give you feedback

thanks @Darrell Lee for the insight, and you're right @Jon Behlke that was a tough one to resist

Thank you @Irfan Raza and @Paulette Midgette that's very useful and insightful

Hi all - I am looking at a 6 unit on the 4200 block of Parkside Avenue in Philly. I know that generally West Philly seems to have good prospects, especially west of University City. But does anyone have thoughts specifically about the Parkside area. Good prospects? Crime? It borders the park - but i don't know if that is always a good thing.

I'd appreciate your thoughts.

@Paulette Midgette you always seem to have good insight on philly. Are you familiar with this area?

@David Bokman it would be the 2000 block of east arizona st

thanks @David Bokman the property is close to E.Arizona and Coral St. I'd appreciate insight there? 

I'm less interested in SFH right now, and vacant lots are not my thing right now either ,but thanks.

@Account Closed i will be using a prop mgmnt company.

@Noman Tariq Hi Noman - I am interested in that portfolio. I will pm you for details

Hi all,

What are people seeing as cap rates in Philly (I assume 15% for maintenance, replacements reserves, and vacancies). For apartments buildings (not SFH)

I am torn between getting higher cap rates in areas like northeast philly (mayfair, holmesburg) versus much lower cap rates in cooler, appreciating areas like Kensington, Rittenhouse Square. 

Would you choose lower cap rates in appreciating areas with all the millenials moving in, or go higher cap rates in areas that you know won't really appreciate?

Hi Guys,

Would you do below deal? It's a 6 unit condo apartment building that was high-end rehabbed. They are large open plan spaces with great fixtures and style. its 100% occupied currently. And it's in the Kensington area of Philly which seems to be hot.

I could get this done at $1.15mm

Total Expenses 27,031 (breakdown below)

NOI 77,564.

I see about a 6.7% cap rate and a 8.7% CoC (i can get a 30yr term at 25% down and around a 4% rate). Which i admit is thin and i would not normally do this. But it's a really nice building in a rapidly appreciating area which is what has me thinking hard about it. What would you do?

Monthly Income 9,175

Gross Potential Income 110,100

Vacancy 5%

Effective Gross Income  104,595

Taxes 1,799

Insurance 3,000

Water & Sewer 1,374

Electric/Gas 562

Management Fee 5,230

Staff Payroll, Landscaping 900

Maintenance/Repairs 5,230

Admin Costs/HOA 1,500

Security 261

Replacement Reserves 5,230

Trash 450

Other Expenses / Adjustments 1,496