All Forum Posts by: Adam Varone

Thanks Ray!

I'm looking at a duplex, and decided to reach out to the seller agent to represent me to try to get a better deal. I think the property is about 10% overpriced. The agent said there are other offers, but I think he's just trying to get me to put one in myself. He mentioned they accepted a house sale contingency offer, but are backing out of that one. I don't think this is true because the house never went "under contract" on the MLS.

Is this a common occurrence where agents make up ghost offers? If an offer is accepted with a house sale contingency will it be shown as still available on the MLS?

I am a real estate investor in Philadelphia. I own two properties and I am looking for a CPA starting with this tax season. Does anybody have any recommendations for a CPA In the Philly area? 

I am a Philadelphia investor. I purchased my first property a year ago and am currently house hacking it. I am in the process of purchasing another and doing the same. When I move into the second property I plan on turning my first property into a rental. I spoke to my CPA, and he mentioned it may not be worth it to transfer the first into an LLC because of the Philadelphia transfer tax. Is the protection of the LLC worth the ~18k in transfer tax I will be paying to put it into the LLC?

I am looking into putting an offer into a 2 bed 2 bath condo in Philadelphia. There is 7 years remaining on the tax abatement and it will cash flow about 300/month. My question is do condos not appreciate as much as SFH homes? Even if this is in a area going through strong gentrification. The HOA fee is 140/month.

I became friendly with a builder who is willing to sell me his newly built condo at a “discounted rate”. He said he will be listing the property at 375k but will give it to me for 360k. My plan is to offer 370k with 10k seller assist. I was able to get into a GREAT program with the bank the details are below. 

5% Down: 18509(No PMI)

Closing Cost: 21000(this includes ~$4500 in points)

Interest Rate: %2.5

10k grant towards down payment and 7500 grant towards closing cost.(I know sounds too good to be true)

The property has a 10 year tax abatement since it is new construction in Philadelphia therefore I only pay about 16/month in taxes.

Final monthly payment: 1550

Estimated Rent 1800

Cash to Close: 10k

~30% yearly return. Thoughts??