Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Dan Fine

Dan Fine has started 3 posts and replied 8 times.

Post: Violations after acquisition in Philly

Dan FinePosted
  • New York City, NY
  • Posts 8
  • Votes 1

@Kevin M. Could you elaborate a little about your personal experience on what you went through? Curious if what I'm seeing on file has any similarities... 100k is pretty substantial... Was it a large building? Were the violations concerning some sort of serious public safety hazard? 

@Dan Powers Thanks for the response. Kevin has me a little worried now but I remain cautiously optimistic. Prob will be reaching out to our GC tonight to see if he's got any additional insight. 

Post: Violations after acquisition in Philly

Dan FinePosted
  • New York City, NY
  • Posts 8
  • Votes 1

Hey Adam,

The building is in East Kensington so not too far from Fishtown and it shares the same zip code. Definitely hear you on getting in 5 years earlier... That's how I feel about most areas in Brooklyn, except that's more like 10 - 15 years.. 

Post: Violations after acquisition in Philly

Dan FinePosted
  • New York City, NY
  • Posts 8
  • Votes 1

Agreed that it seems odd nothing is accruing but if L&I and the inspector are telling me they see nothing I'm not sure how else to verify. They even checked for court summons associated with the violations...Nothing. In terms of clearing the violations my understanding was that we clear them after the GC pulls permits / completes the work and it's inspected. It's a full gut on a vacant building that's been hit by scrappers. 

Post: Violations after acquisition in Philly

Dan FinePosted
  • New York City, NY
  • Posts 8
  • Votes 1

Hey Sheryl, appreciate the response. I did eventually get in touch with L&I who confirmed that there aren't any fees associated with any of the violations that relate to plumbing, electric, interior / exterior damages, etc. Our agent was also looking into this question but I had some free time on my hands and decided to be proactive. The inspector for the property also mentioned needing a vacant building license which was a nice bit of bonus info since this will be our first gut renovation and still learning a lot about the entire process. 

Best,

Dan

Post: Violations after acquisition in Philly

Dan FinePosted
  • New York City, NY
  • Posts 8
  • Votes 1

Working on closing a deal in Philly that has 10+ open violations for various disrepair. Do these violations have monthly fees involved that I'm going to have to pay while we wait to pull permits for the rehab? Tried contacting L&I and went to voicemail, brokers don't seem to know... Just wondering how much, if any I'm going to have to pay monthly until everything is handled. 

Appreciate any insight. 

Thanks,

Dan

Post: Best way to use our equity to start.

Dan FinePosted
  • New York City, NY
  • Posts 8
  • Votes 1

Hey Mitch. Thanks for the input. We wouldn't be too far away, probably a 30 minute subway ride from the current apartment. I think we're going to keep it for now and use a combo of savings and HELOC to get started and focus on multifamilies upstate that are priced around 200k. We're still seeing a lot of development in our area and figure it'll prob keep driving home values up for a while. 1BR's have been going for 650k - 750k without much sign of dropping in price.

Being debt free was really tempting but we'll wait a little while longer on that.

Post: Best way to use our equity to start.

Dan FinePosted
  • New York City, NY
  • Posts 8
  • Votes 1

Hey guys,

My girlfriend and I are looking to start investing in rentals and wanted a little guidance on how to use our current apartment's equity to do so. We're interested in moving out of Manhattan and renting for a while. Since we're moving we need to either sell or rent out our 1BR.

If we sold, we'd get a substantial amount of cash to start purchasing properties and have no debt starting out. 

If we rent out our apartment, we'd probably break even every month with rental income due to coop fees (2x maintenance) . We'd most likely need to take money out of a HELOC to start out. Would also have someone paying down our mortgage which would be nice.

Also looked into cash out refinance but I don't think we could rent the apt. for enough money to cover the new mortgage payments. More debt doesn't sound like the best idea right now.. 

My gut is telling me we should sell, but the property is pretty valuable and in a great area. We also love all the work we've put into it.

Any advice would be appreciated. 

thanks,

dan

Post: NM - NYC - Looking to make first steps.

Dan FinePosted
  • New York City, NY
  • Posts 8
  • Votes 1

Hey everyone.

I've been reading a lot of posts on BP for some time now and figured it's time to join in on the conversations. I've been living in Manhattan for about 10 years, working as a CG project lead for commercial / VFX production studios. I bought a 1BR in the Lower East Side about 6 years ago and I'm looking to make a move in both location and game plan. Right now we're thinking about moving to Brooklyn, renting, and using the equity of the apartment to invest in RE. Our focus will most likely be multi-family rentals in the tri-state area. We'll probably sell within the year and use that money to start our RE investment path. Really excited to get learn as much as possible and get started.

Looking forward to contributing to this great community.

thanks!

-dan