All Forum Posts by: Igor Messano

My real estate attorney will charge $250 to draft the agreement. If all you really need is to ensure the sales agreement is correct, why would you be willing to pay 1% to someone to fill in a template for you?

Hank,

Yes that is what I was thinking and it would also give me more breathing room in case of a change in tax or any unforeseen expenses. But it's hard to ignore the 10 year payment of an investment and the low rate.

I am in the process on purchasing my first investment property. For starters this will be a purchase from a family member so I can get as creative as I want with the purchasing and financing and they would be game.

I am assuming 10% vacancy, 3% maintenance, and included Tax and Insurance for a newly renovated property completely renovated property. Purchase price = 60,000.

Would you rather have a 10 year 2.75% that cash flows $107. 

Or would you have a 30 year 4.50% that cash flows $322.

Great information on emailing 311. Thank you very much for that as it would be much easier to communicate and stay relatively anonymous. Thank you for your response.

Well the area is changing but it is still in a very rough part of Philadelphia. Houses close are worth that much but not this block yet. The home is worth around 90,000. The owner is a close family friend that moved to another country. He wants the capital as quickly as possible to invest in something else there.

Hi BP people.

I am a new real estate investor with only 2 deals under my belt. I am looking to get my first rental property and am excited at the opportunity to start building some long-term investments. I have the opportunity to purchase a renovated 2 bed 2 bath home in Philadelphia for about $70,000. The property is worth somewhere around $90,000 right now, and properties 1-2 blocks away are starting to sell in the $250,000 range. All of the numbers work very well as far as cash flow is concerned.

The issue here is that part of the renovation includes a small addition to the home which has increased the size of the kitchen and one of the bedrooms. All of the work was done by skilled laborers but no permits where pulled. The know the current owner and was around when he was renovating and know the people who did all of the work. The entire house is new as far as plumbing and electric.

What would my options be here in terms of the lack of permits. Does Philadelphia provide any options besides tearing everything out and have it inspected and redone? 

I would be looking to financing the home or first having the title transferred and then re-financing the home to cash out.