All Forum Posts by: Bradford Behrins

Hey, I am contemplating going the Airbnb route with one of my larger single families that has 4 bedrooms, 2 baths and 2 kitchens. Looking for an airbnb operator. Thanks.

Unfortunately the company is a scam and it’s actually amazing the owner is not in jail yet. Hire an attorney and call the local DA. I am sure they know all about it at this point but for some reason the coming still operates. Good luck. 

Hi. Can anyone recommend a good vendor that handles the required Lead Inspections to obtain Rental Licenses? Thanks.

@Dylan Buttenbusch it might be a good idea to get the opinion from a zoning counsel. If it’s not legally a duplex, I would negotiate a credit to the sale price in the amount it would cost to obtain a variance if one is necessary. I obtained a variance after a 4 month process. Ended up costing me around 7k. There was also no guaranty the variance Would be approved, which means you just purchased a single family for the price of a duplex. It’s all fun and games until you get tagged by LI. If you are willing to take the risk without knowing for sure than go for it. Good luck.

Can anyone recommend a company that can assist with maintaining rental licenses for a single family/small multifamily portfolio in Philadelphia? Ideally, I am looking for 1 company to be the main point of contact to manage the licenses and renewals each year.  Thanks

Ask the title company to see if there is a zoning variance on file. If not, it may be an illegal duplex and it can be an expensive and time consuming fix if Licenses and Inspections tags you. Trust me I know very well! Good luck. 

Private money all the way. It takes a while to cultivate relationships but I get much more flexible terms with private individuals who have savings accounts earning nothing each year. Give someone a mortgage and pay them 8% interest only with a discretionary bonus upon sale or refinance is pretty sweet for most average investors. Hard money as a last resort. I spend an equal amount of time prospecting for private lenders as much as prospecting for deals. Good luck out there.

@Steven Ocampo Congrats on your journey Steven. While everyone's path is different, I recommend you start smaller if you are just starting out. Contrary to what the internet says about no or low money down, you need capital or access to capital to purchase, renovate and hold property. I have not found a short cut. Maybe spend the time now analyzing deals, start networking and try to find a good contractor who can walk properties with you. To gain some good will, perhaps throw the contractor some money for their time. If you find a good deal and a willing seller, perhaps try to wholesale or joint venture with an experienced investor. In the meantime, keep saving and getting your credit score up. I tell people starting out to set up zillow alerts in your desired zip codes and criteria (ie 19143, 3 bed, 1 bath greater than 1000 sf) and begin to track the for-sales, solds and rents. If you can speak intelligently about a neighborhood and its trends, experienced investors will take you seriously when you find a deal. Good luck.

@Nashid Ali Thanks for the feedback. Yes I am contemplating doing something just like that with some local partners who would be able to provide a portfolio of OZ properties ripe for renovation. I understand the regulation is still being interpreted, but is there a specific deadline when the OZ funds need to begin to execute their plan? For example, how long do I have to form a OZ fund, raise the money and deploy the capital to purchase 20 SFRs/duplexes and/or triplexes ? Either way, the OZ fund would need an experienced attorney to guide the general partners/managing members. Is that something you would be able to do? Thanks for your feedback.

@Nashid Ali Yes there are a lot of properties in OZ zones in Philly neighborhoods that would be great for OZ investors, but I do not hear of anyone taking advantage. I am renovating a property now that would have qualified. When I networked, I was told the property was too small. The OZ investors I have encountered are looking for larger multifamily. Just trying to gauge if there is a market out there...