All Forum Posts by: Giang Nguyen

@Melvin List Hi Melvin! Thanks for the advice! Any literature that you found helpful for understanding the whole process that you can recommend? Thanks! 

Jeshua Patrick Hi Jeshua. I didn't know about the $100 option. I don't think that's an option for my area but I'll keep an eye out for that. I'll talk to my lender about the appraised value. Any literature you found particularly helpful for understanding all the components of the process and how they work together?

Hi all,

Anyone had a good experience with a 203k lender in the Philadelphia region and could recommend him/her to me?

Thanks so much!!

Giang

I just got a quote for an 1M umbrella policy that covers my primary residence and 1 duplex rental in Philadelphia for almost $550 a year. I have read that an 1M umbrella policy would be around $200??? Is my quote too high or have things changed? 

My personal liability is 500k and rental liability is 300k. 

Greg H. Hi Greg! Thanks for your input. I put in an offer back in Jan. It wasn't accepted then, but was held as a backup. 7 months later, they then accepted mine. I assume all of the offers ahead of me fell through. I sure would love to know the reasons why they fell through but don't know how to find out. I understand 203k is challenging. I started the preapproval process for another property but that offer wasn't accepted. I do have a very experienced 203k loan officer who specializes in 203k and used a 203k loan himself.

@Christopher Phillips Thanks so much for your reply! Yes, I'm planning on occupying one unit while renting the other one out. 

Hello! I just got my HUD offer accepted. The thing is I made this offer in Jan as a cash offer. I'm still interested in the property and would very much like to get it. Is it possible to change an accepted offer to the same amount but using a 203k loan? Or is a hard money loan my only option now?

If it's of any help, it's in Philadelphia, through Sage, and there's an incentive for a 203k on the property. 

Thanks so much!

Dominic, RM1 can be a triplex (http://phillyzoning.com/newcode/wp-content/uploads...)

You'll just need to apply for a use registration permit. However, the document notes that 

"Multi-Family requires a Use Registration Permit (see page 17). One dwelling is permitted for every 360 sq. ft. of lot area up to 1,440 sq. ft; then one dwelling for each additional 480 sq. ft. in excess of 1,440 sq. ft. (Whenever the calculation results in a fraction of a unit, the number is rounded down.) Any proposal in excess of this limit requires a Variance (see page 19)." 

So do make sure your lot is big enough. I personally stay away from anything that will require obtaining a variance because the process is a lot more complicated, and there's always a chance it won't get approved.

I agree with what Mike B. said regarding additional requirements for triplex in regards to building code. Here's some additional information: http://www.phila.gov/li/Documents/partnersinhousing.pdf

Thanks Berny, Ozzy, and Scott!!

@Michael James : Thanks! The property I just bought isn't quite in UCity, but it's only 20 mins walk from USciences. I would rate the area as B-/C+ (based on the "B=you and your family could live there, and C=you can your family could live there as an emergency"). I'm looking at a total cost of 70k-90k after renovation (not fancy but with dishwasher/washer+dryer in the units) and about 1.5-1.7k gross rental income per month. But these are all just predictions based on rent info from zillow/craiglist around the area, and 2 quotes from 2 GCs. I'll update what it actually turns out to be once I have tenants. However, I think it's very doable to get a legally-zoned multi in 19143 and 19139 area with a total cost under 200k. I could keep an eye out and send some your way if you're interested. I still get emails with interesting ones from my agent, but I don't want to spread myself too thin. I'm a bit uncertain about the appreciation aspect of West Philly. Definitely not as fast as some other neighborhood but I think it's better than average???? Maybe someone else can comment on this.

@Dave Van Horn  Thanks for the advice. I'm also looking into DIG for the Home Depot cash back as I'm expecting some large upcoming purchases. Do you go to the general meeting or a specific subgroup one? Thanks for the book recommendation as well! I'll start that one once I finish Frank Gallinelli's "What every real estate investor needs to know about cash flow...". Hope to meet you at future DIG events!

@Steve Babiak  I saw HAPCO and thought I would join once the property renovation is almost done, but I didn't think about asking for contractor recommendation there. Thanks for the great advice! Will join this week!

Hi all!

I moved to Philly after college in 2012, and have been working full-time in medical research since. My plan is to go to med school in 3 years. 

In 2015, I bought a Homepath property in West Philly. My boyfriend and I have completely gutted this place and we have been renovating it since then (a whole lot of DIY so it has been quite a project). We're putting finishing touches on it now; and while I want to say we'll be done with this place in 3 months, I was told that once you're a homeowner, there will always be some sort of home improvement projects happening :) 

Last month, I bought a duplex in West Philly. We're now in the process of reconfiguring the layout, looking for contractors, and reading up on books about tax strategies and being a landlord. 

I'm looking for passive income, and my real estate focus is 2-4 multi-units (and hopefully eventually apartment complexes).

Looking forward to connecting with everyone! 

-Giang