All Forum Posts by: Tom Doherty

BP - Looking to network with investors in the Philadelphia and surrounding suburbs. I'm originally from the Delco area so I know that area very well. I live currently in Philadelphia and have been studying that market as well. More than happy to grab coffee or set up a phone call with an investor (Flips/Buy & Holds/New Construction etc) I helped an investor flip a property in the Westbrook park section of Delaware County. I also helped another client purchase a  "Live-in Flip". PM me and I can go deeper in the numbers. As I have heard in the podcast before.... "You make money when you purchase the property, not when you sell"

My goal is to add value and just not be a typical realtor as well as help you make the right financial decision.

Great investment opportunity to own a completely occupied triplex in Clifton Heights, PA. Turnkey property for a new investor or one looking to add to their portfolio. 9.5 Cap Rate. Unit #1 is a 2BR/1BA. Unit #2 and Unit #3 are both 1BR/1BA. Shared washer/dryer in basement of home. Property has large backyard. Plenty of street parking available. Tenant paid electric, owner paid heat/water. Walking distance to trolley and public transportation routes.

@Cain Castor

Welcome to BP and Philly!

You are doing all of the right things. I've helped a few of my clients with investment properties as I am an investor friendly realtor. I recently helped a client of mine purchase a "live in flip" property in Delaware County, for around $153k, comps in the neighborhood are currently around $220k as of now. His goal is to fix it up over the next few months and sell it after 2-3yrs to take advantage of not paying taxes on the capital gains (always speak to a tax advisor first) being that it is his primary residence. Might be a good plan for you to start of that way. I also helped out a couple investors in the Delaware county area with flips.

What is your strategy? Buy and Hold or Flips? Let me know if I can help out at all. More than happy to set up a time to speak.

Thank you and good luck!

@Arjay Vergara Congrats! The toughest part is actually doing a deal. I'm looking for my first deal! What section of Philly?

@Marlon Long

Welcome to BP!

I'm a realtor based in Philly but also cover the surrounding counties. I agree as it depends on the lender but if you want I can run a hypothetical for you on a property. Keep in mind in Philly transfer tax is around2% vs the outside counties it is only 1% (of sale price). PM me your email and I can send you a example closing cost sheet on the buying side.

I agree with @Evan Bell with rentometer.com very accurate.

@Boyd McClean

Thank you for the advice! Great info.

The millionaire next door is one of my favorite books.

@Clark Bower

Good morning. I'm an investor friendly realtor working in the Philadelphia, Delco and Chesco markets. Originally from Delaware county so I know the area well and have worked with an investor on a couple investment properties so far. My office is in the city (2200 Walnut st). I live in the city so let me know if you are free to grab coffee.

I actually helped out a client of mine purchase a "live-in-flip" in Delco. His plan is to live in it for 2-3 years, fix it up as time goes on and sell for profit then roll it in to the next property. ARV is around 220k he bought his for 153k. It wasn't a total rehab, needed fresh paint, flooring, kitchen countertop & cabinets but overall smart buy for him.

@Michael Noto I appreciate the advice! very helpful.

Hey BP I've been reviewing the BRRRR stratgey and the big question (I'm sure asked a lot) is the refinance part of the stratgey. I've been hearing people say they refinance with a commercial loan because a commercial loan determines their approval based on the property and not the borrower where as the traditional convetional loan will look at both? Commercial loan sounds great but what is the catch? From my understanding the rate is fixed for 5 yrs (depnding on loan) and then you have to refinance again? What are the pros and cons? Is commercial the only way? The reason I ask is because I made the jump into real estate as a realtor and soon to become an investing. I'm worried that I am not able to receive an approval for a traditional/convetional loan due to my lack/history of income. Thank you for all of the help.

@Kelsey Marshall Congrats! The course that you took sounds like it was very beneficial. I'm in a similar position as you right now. I'm a licensed realtor in the city and also looking to jump into the investing side (flips). I like how you are putting together a presentation for the lenders, it shows your professionalism and that this isn't just some hobby. I'm sure some guys will say tie up the property first but I would try and speak to the lenders first. It sounds like you have a good deal. Regarding the disclosure, yes, you will have to disclosure that you are a licensed agent. Confirm with you broker first.

Good luck!