All Forum Posts by: Bob Metry

@Adam Wells what is the current market value of the home?

@Laura MacDonald do you have a primary residence that you could potentially get a HELOC on? This should be a much cheaper form of financing to get your rental properties renovated and then increase rents.

@Victor Chan $3500 rent on a $1mill property is not a good return. I would sell the property now while the market is strong. You should also benefit from not paying capitals gains taxes on the profits up to $250k if you are single and $500k if you are married (check with your CPA on this). I would then reinvest the proceeds in better yielding properties. 

@Evan Tuuk +1 for Buildium. Great technical phone support as well which is critical when your are learning how to use any new software 

@Jonathan Hudak I would probably sell and take advantage of not paying any taxes on the capital gains (assuming you qualify for the exemption). 

@Peter Morgan I agree with the others on getting a good vented fan hooked to the light switch so it goes on every time they use the bathrooms. We us the Whisper series from Panasonic and they are very good and quiet. The have switches that can leave the fan on for a certain amount of minutes after the switch is turned off but I found those to be too complicated or prone to breaking. We also use mold resistant grout and caulk on the tubs and showers.  

@Bob Wilson I think you need to compare apples to apples here. If you are currently looking for a comparison to your offering of short to medium term furnished single family homes, I think you need to compare that to short to medium term furnished multi family apartments. I don not believe you will likely get the same returns you are getting with traditional long term rentals in apartments, but I would be curious if you could do as well in with short to medium term furnished multi family apartments.

If the title insurance accepts the claim, they would retain and pay for a lawyer on your behalf. 

@Mike Bianchi first step is to find a great CPA that has expertise working with real estate investors. Cost segregation seems like it might be a good fit for your needs. The cost for this has come down in recent years. Find a good CPA and they usually have a cost seg. engineer they can recommend. 

You should be able to get a use permit by right to change zoning to single family. You can apply online on the eclipse website eclipse.phila.gov. I just did this and I think it took about a week and I think cost about $50. You will get a copy of the zoning use permit that should satisfy the lender. If necessary, remove the extra kitchen cabinets but I don't think that will be an issue.