All Forum Posts by: Christopher Lombardi

Of course you should rent it for the higher amount. There is no law saying rent has to be identical. Why would there be bad blood if both tenants freely enter into an agreement with you. Markets change as do rental rates depending on time of year. People understand that. Just make sure you raise the rent in the other tenant when the lease renews so you are getting the full value of the rental.

I've delt with this issue many times. It's most likely corroded cast iron line between the floors causing the paper towels to get hung up. Probably need to drop a camera down there to be sure. Also, always put in the lease what can and can't go in the toilet and if the wrong thing is flushed it's the tenants responsibility for payment. If you buy older properties and sometimes newer ones, you will run in lot this problem a lot.

This probably isn't the answer you are looking for but I found that after you purchase your first deal brokers show up at your doorstep to offer you more. After purchasing a 52 unit building off loopnet, I was able to find so many more great deals because brokers knew I had the capital and ability to close. Even if you first deal isn't the best deal, keep in mind the future value it can have by putting you on the map and on brokers' radar.

For me I think the biggest change will be with the EPA. He is going to loosen the stranglehold the EPA has on development which will allow builders to build.

For those of us who can't wait to see what's in store for this industry now that a real estate developer is in office... what major changes do you think will take place?

I can't tell if this is a facetious post. I own 88 units and have only 2 that pay below $1300.

report them to the real estate commission

I legally denied someone for having 3 German Shepherds, all service dogs.  As long as your denial is reasonable, you should be fine.  Denying it to maintain your insurance should be reasonable enough. 

If you live in the property, a mortgage will actually help your credit score (usually).  This is because statistics show that homeowners are less likely than renters to default on their obligations.  Even if it had some type of negative impact, it should not be enough to keep you from pursuing financial independence.  

If anyone is interested in multifamily in Manayunk, I have two properties I am looking to put on the market next month.  4519 Baker St is a 3 family.  I am renovating one of the units now which will get $1,400 per month.  The other two units are rented for $1,400 and $950.   The other property is 123 Dupont Street and was renting for $1900 and $1400 but I'm fixing up the 3bd unit now and had to lower the price on the bottom floor unit to $1250.   Let me know if you would be interested in some more info.