All Forum Posts by: Steve Karpinski

Glad to hear. I was just going off the title of the post lol. I have seen a few people make that mistake so figured I'd mention it. Trainer & Linwood are solid rental areas. 

i hope you accounted for the fire sprinklers that Marcus Hook requires for rental properties. That's about 8-10k.

I am an investor and agent in Delco. The areas below are where I find most investors buying rentals in Delco. It depends on your strategy. You can definitely find a MF or Brrrr deal that will give you solid cash flow and some appreciation. Don't expect anything crazy like in Philly. Those areas are being gentrified and are mostly new construction/flips. There are a lot of MF in Drexel Hill but the high taxes hurt the deals. Areas like Havertown and Media are the hot areas and are probably safer places to put your money but I don't see you cash flowing much there. Feel free to reach out if you have any questions or need help with your search.

Brookhaven, Essington, Glenolden, Clifton Heights, Aldan, Folcroft

Darby/Collingdale

Ridley Park, Woodlyn, Folsom, Rutledge, Secane, Holmes

Trainer/Linwood

I have a client who wants to sell a unique property. it is a duplex that has 19 garages behind it. The garages are all rented out for $100/month so it is a nice added income producer along with the duplex. How would you go about valuing this property with the addition to the garages? I analyzed it using its net income but the value seems way too high for the area. 

Also consider the fact, UD just made it so all properties have to get a sewer lateral inspection for the U & O. Could come back to bite you if you buy "as is" and the U & O is on you.

Hi guys, 

I've been flipping the past 3 years and am an agent as well. My strategy is pretty simple. I flip houses and roll the profits into rentals. As of now, I've only done flips in Delco. I am not giving up on Delco but flips are getting harder to find. I am starting to explore other options and the obvious choice is Philly. Seems like 90% of the deals I get from wholesalers are in Philly. What are some areas in Philly I should be checking out and researching? I've done one BRRRR deal so far so I am open to that as well. I looked at some of the previous deals I was sent and it seems like most of them are in Point Breeze, Port Richmond, Grays Ferry, and Brewerytown.

What areas in Philly would you flip?

What areas in Philly would you BRRRR?

Thank you

Thanks for the input guys. I appreciate it. I usually deal with residential on the agent side and do some flips and own smaller rentals. I have built strong relationships with a few bigger investors and lenders who now have asked me to help them find these types of deals so obviously I want to be their deal source. A lot more commission on a 2 million dollar building than a 250k house lol but I do agree they are not easy to come by. Everyone is getting bombarded with mailers too so you have to find a way to separate yourself from the crowd. I never realized a lot of commercial deals never hit the market so I’m going to start by connecting with more brokers.

Hi everyone. I am curious to how people find off market smaller multi family properties. I am talking 5-20 units. I am familiar with finding residential deals to flip and 2-4 units using things like list source, tax liens, probate, etc. Is there a service people use for commercial real estate or how are you finding them? I have already reached out to my local commercial brokers and mortgage brokers that deal with MF but I wasn't sure if it was similar to residential deals where you can buy lists of them or how you can track these people down. It seems very different than residential. Thank you

All great points appreciate the response. That’s why I am going to continue to pay because I know that is what I signed up for. My first post seems more of a vent now that I reread it. Just frustrated like I’m sure a lot of people are. The buyers lender did change this because of the Corona virus they called me directly to tell me that. 

I planned to continue paying I just wanted to hear people’s opinion on this and the rare situation. Very true not the best words to use. Appreciate the response. I don’t want to ruin my relationship with the lender.