All Forum Posts by: Account Closed

Definitely check with the township. I'm in PA and in certain towns the landlord needs a rental license and others you don't. Just do your homework.

In terms of section 8 there are rules and limitations on raising the rent. You would need to check with your local housing authority. You can try and raise rent and they can approve or deny it. Every county has their own housing authority. I'm in the Philly suburb area and there are differences just between Chester and Montgomery counties.

BP has partnered with MySmartMove for tenant screening. If you go Pro there's a tools section with the tenant screening.

@Chris Gilliland also read the BP blog post about tenant screening.

https://www.biggerpockets.com/renewsblog/2013/01/2...

It was a good first read for me as I'm getting ready to do the same thing.

Good luck!

@Graeme Ford I agree. The blog post is a great, concise read.

@Luke Jackson I'd also check with your state's landlord tenant laws to see if there are any other requirements or protections you need to consider.

@Duane Hundley you should consult an attorney local to your area. Every state has its own landlord tenant laws that you need to follow. A generic lease is just not good business, for your own protection.

Welcome! My strategy is very similar to yours. Flips for capital to move into income producing rentals. If you don't mind my asking how are you looking at funding? There's my current roadblock.

Beautiful job! I love the arabesque patterned carpet in the master. Where is that from?

Very ambitious for a first flip. I'm running my numbers right now and am planning on 30% contingency to be safe. Not nearly the size of your flip though. 

Good luck selling!

@Account Closed I have not been to a reia meeting yet. I'm about an hour outside Philadelphia so city meetings are not convenient. I may try to start my own in the western suburbs.

@Account Closed I'm running into the same brick wall (pun intended). I just ran the numbers on a twin I could flip pretty easily if I could only estimate the rehab costs accurately. Still working on my first deal so I'm not confident in my estimating abilities just yet. And it seems a good and available contractor is hard to find.