All Forum Posts by: Alan Blitz

@Kristin Kenney

I believe if you are living in the property and are renting out less than 3 units in it you only need an Activity License Number instead of a rental license. But you have to live there. You’ll need a few things in order to get the license number. Check phila.gov and that should list what other documentation you need to get the activity license. I can’t remember everything. But I believe you will want a FEIN (instead of using your SSN) and need a City of Philadelphia tax account number.

@Scott Littlefield

Just remember this is a house and not a home. You don’t live there.

@Brandon Cronkhite

Before you give up part of your deals to someone who may or may not have your best interests at heart, perhaps you should approach family and friends to see if they do real estate or know someone who does. I do not talk about the specifics of my real estate portfolio with my family or friends but they all know I do it. And I am always willing to talk about with people over coffee or lunch. I think you would get better information from family, or friends, or friends of friends than you would with someone who is only in it for the money.

@Scott Littlefield

Don’t waste your money on smart technology in a rental - it is one more thing for your tenant to break or not understand to use properly. You will spend too much time and energy fixing or teaching how to use the smart technology. From friends that have more rentals than me, none of them use push code locks on their doors.

@John King

Much can be learned from going to the library. The important thing is to get a good foundation of the terms and concepts before you start looking for a mentor. Simultaneously, find a local real estate group and meet people with a variety of experience. You will have a lot of questions. Spend 15-18 months learning before you start using your own money. That way you don’t use your capital foolishly. Best of luck!

@BJ Gibbs

Camaplan in Ambler, PA has been really easy to work with. Really knowledgeable people and very responsive to questions. Not sure about a checkbook IRA though. I have a contact there who I work with and he is terrific. PM me if you want his contact information.

@Kyle Galloway

Install electric baseboard heat in both units. Not expensive to do. That way the tenets control the temperature and pay the bill. Don’t tell them you have a furnace and keep that for emergency backup.

I took out a HELOC with the bank I do the majority of my banking with. That way I can easily transfer funds back and forth from my HELOC to the savings/checking account as needed. Also, payments are easier to make when both are at the same bank. But I have read that many people prefer to go to credit unions as opposed to banks because of better service and better rates.

@Blake Edwards

I am doing both. I am saving 10% of my salary in my company’s Roth 401k and maximizing the company match and saving 5-7% outside of the plan.

I have the name of good estate attorney if you need one.  PM me if needed.