All Forum Posts by: Chris Miller

 Thanks man, and Spruce Hill.  It borders University City in West Philly between 40th and 46th.

Thanks! So this is for my primary residence. I'll be living in the third floor unit for at least a year. If you can find a property that will cash flow after all your taxes, maintenance, PMI and principal/interest, I'd say go for it. This property should cash flow after I move out and in the meantime I'll own a nice asset that'll hopefully appreciate. Also on the commercial space, I'm not sure if you can renovate it with an FHA because that didn't apply to this property. For mixed use 51% of the building has to be residential to qualify for an FHA. I have a great mortgage broker that'll work with you if you need a name.

Hi Everyone,  First time poster here so I appreciate any responses!!!

I'm under contract on a mixed use property zoned CMX3 in the Spruce Hill area of West Philadelphia. I'm purchasing the property using an FHA 203k loan. I already have an FHA consultant but am looking for a well-respected contractor with 203k experience.

The property has a restaurant on the first floor, one bedroom on the second and two bedroom on the third.  The third floor is in need of a gut remodel.  I'm going to try to keep as much of the current lay out as possible, but may have to move a few walls.  I'm leaving the bathroom and kitchen in their current configuration.  I'm also considering adding a fiberglass roof deck if it fits in the budget.  The other two floors are currently rented and up to code.  Projected start date is mid to late June.

I'd really appreciate any help/guidance the community can provide.

Thanks!