All Forum Posts by: Charles McCabe

I, too, would like more details.  [email protected]

I have 3 properties currently, bought for cash and looking to mortgage.  Closing on two more this week that I'll want to mortgage in 60-90 days.  Won an auction on a sixth which, assuming the bid is actually accepted, it would be nice to close on with someone else's money ; >

Thanks,

Chaz

@Maurice Bailey I only own one property in Norristown so far (a duplex with a rented garage), but that's my target area.  As @Account Closed said, beware the code people/process.  I haven't found them to be very responsive except when they're harassing you for un-permitted work.  Also beware the HARB (Historical Architectural Review Board, http://www.norristown.org/historical-architecture-review-board.html).  I didn't realize that the HARB existed when I bought this property and it turns out it was in Zone A.  I'd love to meet up and discuss.  I can show the the property (from the outside, at least), tell you about the tenant profile, the work that went into it, and all the things I continue to learn.

@Steve Babiak, true. What I've heard (no personal experience) is that many DJs refuse to honor the clause even if they know the law, so one should just assume it has to be posted, lest you end up delaying the eviction because you have to go back and post anyway.

I see this post is a little old so I hope you didn't find out the hard way that you have to post that pay-or-quit notice first.

What does "a Receiver" mean in this context?

I just got started in buy-and-hold last year.  4 units up and running now, one in rehab, and two more closing next week.  My focus is on Delco/MontCo, specifically Norristown and the nicer outliers of Chester (Brookhaven, Eddystone).  Happy to meet up and discuss any time, including if you'd like to meet at the one that we just started rehabbing and get the details, hear about the issues, etc.

I bought my first three properties in 2016. One is owned in my name alone and the other two are owned in my and my partner's names. They were bought with our own cash. Our intent had always been to essentially sell them too our LLC, which would finance them on our credit, thereby getting the cash out of them to move on to other properties and transferring them into the LLC's name all at the same time. My lawyer wants to move forward with the transfer into the LLC well ahead of the sale/financing portion.

My question to the peanut gallery is whether there's any difference financially speaking. Does it matter if we transfer and then finance at a later date as opposed to doing it in one fell swoop?

@Laura Rodriguez Marquez Welcome. What you're looking for is definitely out there. Look in Norristown. There are several duplexes currently on the MLS in good areas (Norristown is kind of a dirty word, but it covers a large area) in the $150K range. And with your credit and debt, don't rule out commercial properties (5+ units). Last I looked, there were a couple of those available adjacent to the courthouse, like 501 Swede Street.

Thanks,

Chaz

@Ryan Dressel I live in Conshohocken and I've been keeping my eye open for any opportunities in the area (the rental numbers don't seem to work, but the appreciation has potential).  Let me know if you ever want to grab a coffee or a beer or something.

Thanks,
Chaz

@Brian Flounders I am not a lawyer...or an accountant...or anyone else you'd want to pay attention to, but it doesn't seem to me that you'd have to report security deposits as income because they're not your money until you use those deposits to cover damages.  And I, too, am interested in the bond option.  Too Google I go!

Thanks,

Chaz