All Forum Posts by: Eric Greenberg

Hi Andrew, 

Search on here as the topic has been discussed before. I would also do some research on local builder's via google/local Facebook groups/etc to get a sense of what you are working with.

Personally unless I actually knew the builder, I would stay very far away from new construction.  To me, taxes aren't high enough to justify a buying model around a tax abatement. Ill take a 100year old house over most new construction all day.

Is this your first property? Do you have a property that you will be closing on soon? 

i personally punted on this descion and went with my own name for now. Maybe I'll swap them over at some point but it seemed in the noise at first.

I agree you could potentially take out the kitchen but they may still look at the zoning. Is there a variance specifying the property being a 5-unit?

Wow. I did not know that pet deposits went to the total sum deposit. I assume this is for refundable deposits only?

I agree, a lack of kitchen will give your buyers issues with acquiring a conventional mortgage. 

Intrest rate as in a mortgage? If so im refi-ing w property right now and was offered 3.999% or 3.625% w 1/2pt both 30year fixed.  They did not offer a 15year fixed rate

Like others above said, figure out if you want to flip/buy and hold/etc and go from there. I wouldn't focus on much past the first property personally. You will learn a plethora of information from the first. 

Then I would figure out what your budget it and what areas of Philly you are looking to buy in. That will help determine what areas/types of properties you can buy in those specific neighborhoods.  Since as you know there's a big difference for on campus properties vs 4 blocks away for example.

-Eric 

Out of curiosity have you ever been to 10th and Diamond?  Happy to discuss in more details if you would like to DM me as well.

So just a 3 block north/south span from 2nd to 10th. Kinda odd region but to me 2nd and Diamond vs 5th/6th and Diamond vs 10th and Diamond are very different to me. Id personally classify those as three different investing areas.

Glad to hear you have that clause. I would call L&I tomorrow morning and give them the addres and ask if you'd be able to use it as a rental property without a variance.  I imagine its going to be a no but always best to find out from the source.  If they say yes then I would probably go in person to verify.