All Forum Posts by: Syed H.

I personally wouldn't give a crap as long as you were a good agent. I've fired more lawyers, accountants, and agents for being unresponsive than anything else. 

But image does matter. Not as much to investors, but to retail buyers/sellers. If your market is anything like mine, brokers that deal with sell a lot of homes for non-investors usually are pretty well dressed and clean cut. So it really depends on what your clientele looks like. 

Like everyone else said, fire your PM now. Don't wait, just fire them. 

Allentown has some many crappy PMs unfortunately. Most low priced rental markets have crappy PMs simply because they can't afford to hire enough people because these assets are not the easiest. 

I'd hire Spade Property management. He knows what he's doing and owns units himself. 

If you want to sell, shoot me a DM. 

No

offer what you want and move on. 

Doesn't pay to DIY IMO. Most things costs $15-$40/hr. You should be making more than that. But you should know what to do and how it should be done, so you know it's done properly. 

That 3 unit needed a full roof and a full Reno though. It was in crap condition. Congrats on the 6 unit. I bid on it as well. The 6 unit at $360k costs more than $60k/unit tho when you take into consideration the expense to break up the utilities and the super low in-place leases. But that building is large and in a great location. Great deal for an experienced investor. 

It's unfair to compare everything by a per unit basis and not take into account condition, size, and other costs. MLS is still a bit overpriced. I just closed a 9 unit for $58k/unit that needs very little work and have under contract another 8 unit for $62k/unit but 5 out of 8 units are fully renovated with strong in-place leases. So deals are out there, usually you do better on the non-MLS stuff.

Also for stuff on the MLS, you better move quick. Any decent deal is gone in a few days. If it sits on the market for more than a week, it's overpriced or something is wrong.

In 18102, I would try to be in a multi (5-10 units) for max $60-65k/unit. For smaller buildings (3-4 units) , you should be in it for $50-$55k/unit. Paying $180k+ for a 3 unit is a bad idea.

SFH's - $700-$1200/year

Multis- $350-$500/unit/year (depends on the size of the building)

They all have their pros and cons.

Bad & good deals exist in all of the markets. Most of the MLS deals are overpriced and that's why they sit for a long time and/or don't transact.

Just make sure to run your own numbers and speak to a local owner who owns in that specific town so you know the average expenses and costs associated with that town.

If you are new, I do not think it's realistic to turn a gut rehab in 3 months. It will realistically take you 6-9 months from close to close. 

I could get deeper into the numbers, but just off the back of my hand, I'd say this is a risky project better suited for someone with more experience and a local team. Sure $40k on $120k sounds good, but $40k can quickly become $0k or negative unless you have your numbers down.

Simply because investment carries risk. The restaurant and entertainment business is shutting down left & right. You can't bail out everyone.  

You put yourself into the wonderful world of being a REI. Navigating the downturns is what makes a good REI. People on this forum started complaining the first month that they couldn't survive with no rent. You shouldn't be a landlord if you don't have a single month in reserve. Remember leverage cuts both ways. It boosts your returns and also can kill you in a downturn.

This whole thing is overblown IMO. You see a new BS article Out of a 50 unit portfolio I had 0 evictions. How you manage your rentals matter. If you placed decent tenants, they will work with you if you are reasonable.