All Forum Posts by: Anthony Del Russo

I’m just going to get the review. Better safe than sorry. Thanks for the advice guys! Really helped me expedite this decision.

Thanks for the response Mitch,

We requested to have the AOS written up in the standard format. The seller said they only want to work with the AOS initially provided. I will look into seeing if there are others my agent can pass it off to for a second opinion. I think the biggest hangup is the AOS was written up when the property was still under construction and, now that it is finished, it is awkward due to the unnecessary clauses and sections.

Where I am getting hung up is, the language is not that nebulous inside the AOS provided. I feel like I do understand the terms provided in the AOS, however I am finding myself doubting myself as I have no experience.

I appreciate the advice, will update with my path forward

Hello BP!

I have been analyzing properties for a SFH house hack locally for some time now.

I found a new construction condominium that I fell in love with. More importantly, it works financially and would reduce my monthly living expense to just over 200 dollars while putting me in a great location close to work. score!

I ran into a pretty early roadblock. The Agreement of sale is not typical to what my agent is used to seeing, so my agent suggested I get it reviewed by an attorney.

I have gone over it myself and am finding nothing that makes me balk at the offer and document. However, though I like to think of myself as a smart guy, I am not an attorney.

I am reluctant to seek advice from an attorney because I am already a little tight on money to bring to closing. I am putting 5% down and have about 3 months reserves (outside of my 401k) and getting a seller assist. I would feel less comfortable with the sale if another 1-2k was taken from me just to sure up the AOS before going in on a deal knowing full well it is possible the amended AOS gets rejected and I then must return to the market with less cash on hand.

So BP community: Considering this is my first deal, do I trust my gut and move forward with the deal or err on the side of caution and spend the extra money to get an attorney review which may result in just sunk funds? Are complications with an AIS common?

Thanks in advance

Hello BP Community,

I was wondering if any property owners in the Grays Ferry area could share any info on the health of the rental market in the area. Primarily looking for information regarding vacancy, demand, and future prospects. I have heard a lot of varying information about the area (both good and bad) but am looking for someone that has a more extensive knowledge/experience in the area.

Thanks in advance

Hello BP Community,

I am about to begin offering on SFHs in my area for a house hack. I am looking into a 3/2 and already have 2 tenants lined up after closing. I had a few questions regarding Landlord/Tenant Relations and general house hacking questions for a SFH house hack. I am going to dump all my questions below, but feel free to answer some or all of them if possible! Thanks in advance.

1. Do I still need to require my tenants to have renters insurance. If so, how much?

2. In what cases would you suggest I require a Cosigner (I am suspecting I will need this for one of the tenants, as they are still in college and working part time)

3. What is a normal Deposit to hold amount?

4. If we are all splitting utilities, internet etc.. should they be in all of our names? Is it smarter/safer to just tack it onto the rent and put it all under my name?

5. Does a notice to enter apply to any of the property even if I own it?

More to come

Hey Philly BP community!

I am looking to make my first purchase in Richmond Philadelphia. Looking primarily at updated 3/1 and 3/2 SFH with 1000+ sqft. Are there any property managers or investors out there that are familiar with the rental rates for those types of properties? It seems primarily east of aramingo, depending on amenities they go for 1600-2000/mo. Is that a good ballpark?

Thanks in advance

BP,

I am looking for any experienced investors who could share any rules of thumb on proper capitalization before a RE purchase.

For example, If I am looking to get a 80% LTV loan on a $400,000 property. What would be a good capitalization range.

I assume there must be some rule of thumb like [Purchase Price] * [%Down] + [Closing Costs] + [Some Safety Net] = RequiredCapital before purchase

Is there any advice out there for a newbie who fears jumping into a deal undercapitalized and being ruined by the first big expense while also trying to get into the game ASAP?

Thanks

Hello BP Community,

I was wondering if anyone has experience in their full time job (if it is not flipping houses) that directly translates or contributes to contractor/project management as it relates to flipping houses.

For example, I am a new investor working full time as a chemical engineer. My job involves managing medium budget rehabs of Industrial Boilers (Budget of $1,000,000) over a 3 month period. This includes defining a work scope, Bidding to multiple contractors, scheduling work over a course of 1-2 months with multiple contractors doing different work, inspecting work done, adjusting to unforeseen discovery work.

Most of the work that goes on in these boilers is welding, electrical, and mechanical (refractory work, cosmetic work, work on machinery). I, having no experience flipping houses, was wondering whether this experience would be directly applicable to managing a house rehab.

Not knowing the process/complications that arise with house flipping, I was wondering if any of the experienced house flippers out there could elaborate on their experience with managing a rehab/flip. Any nuances to the process may not translate over well from my personal job experience.

Also if anyone has a similar full time job that synergizes with their real estate investing, I would love to hear about how!

Hello!

I am looking for a REA in Philadelphia that has experience/insight into the small multifamily market primarily in the Kensington/Frankford area and/or West Philly and Lower (south) Philadelphia.

I am a new investor finishing up final financial preparations to make my first (of many!) purchase. Really interested in finding an experienced person to bounce ideas off of as well as talk local real estate with. Look forward to hearing for any of you that are out there and speaking to you.

Feel free to shoot me a message so we may exchange contact information and get on a quick intro call to discuss strategies and general to specific market trends and information.

Also if any of the other BP Philly investors have any referrals that would be a great help!

Thanks

Thanks for the feedback. The inspection tag along is a good tip. I am definitely most hung up on trying to outline a good process/workflow for the buying process from negotiations to closing and everything in between. I'm trying to do everything I can to minimize the fear of missing something/getting bit during inspections/due diligence.