All Forum Posts by: Ivorie Walker

Quote from @Zach Bosson:

@Ko Kashiwagi is correct.

Delayed financing is what you're looking for.

It allows you to borrow up to the amount of cash you used to buy the property, no more. This will be done as a "rate/term" transaction, so better rates than a cashout transaction. Be prepared to document where that cash came from - in your case, that's easy, your HELOC.

Would be happy to help you with that sort of transaction if you want to reach out - I find a lot loan officers are unfamiliar that this option even exists. 

 @Zach Bosson does this option also apply if the property was purchased using funds from a private lender? 

Hey Jada, welcome! I’m a new investor with 1 property in Philadelphia. Happy to connect! 

Quote from @Jonathan Greene:

Use Rentometer to get a fair estimate for free. If you really want to fine-tune it, you need an agent with MLS access to run the on-market rentals which are a fair representation of what you can expect. Just make sure you are looking at like-kind rental on each. If you are renting an apartment, look at apartment comps. Same for units in a multifamily.

 Hi @Jonathan Greene, do you have any insights on the accuracy of Rentometer versus the BP Rent Estimator? I typically use the latter but would love to hear opinions on how they compare. 

Thanks @Jonathan Greene! As a newbie, I always search the forums for my question before asking one. 99% of the time, the question has already been answered. 

Quote from @Joyce Beck:

@Rachel Hadass and @Ivorie Walker I'm right there with y'all, balancing family, job and RE.  I'm just starting out though. The property I bought and am in the process of rehabbing is out of state. My first project.  May God help me! It's tough, but I'm keen on seeing it to completion.

Joyce, I’d love to hear more about how it goes! The property I purchased is out of state but came with a tenant. I know it’ll need some work when the tenant leaves so I could use some pointers from you! 

Rachel! You’re speaking my language! My husband and I both work full time- he’s a nurse and I’m a neuropsychologist. I have 2 sons, ages 3 and 1.5. I live in NC and have 1 rental property in Philly. I’m actively looking to build my portfolio in Philadelphia and locally in NC. Also looking to build connections, would love to connect with you and other investing mamas as well! 

Quote from @Alan Asriants:

Hey Guys,

please check out my guide I posted:

https://www.biggerpockets.com/forums/899/topics/1186145-the-... 

Hi Alan! Thanks so much for your expertise. I haven’t been able to find good answers to my situation, maybe you can help: how does the process differ when you have an inherited tenant and the previous landlord had an active rental license? I closed on a property on 4/3 and the deed is not yet recorded with the county, so the eclipse system is not showing me as an eligible person to claim the property. I  reached out to L&I about getting the previous rental license deactivated so that I can activate mine on the home but received a very confusing response. Have you had experience with this type of situation? Would the previous owner’s Lead safe test will transfer or if I’d have to get a new one? Any other insight would be greatly appreciated! 

Hi @Jessica DiPonziano! Have you gotten this all sorted out? I’ve been in the same boat of trying to navigate all these steps and wanting to self-manage from outside of Philadelphia. I’ve done the first few steps and am now stuck on the agent requirement before submitting the license application. 

Quote from @Alan Asriants:

Hey Ivorie, it can take some time to record the new deed for philadelphia records. That being said, that has not stopped me from getting a rental license. The eClispe system allows you to upload proof of ownership your ALTA or HUD statement should do.

BTW, you must get a phila tax ID first, then a commercial activity license, and finally a rental license.

Hope this helps

https://www.phila.gov/services/permits-violations-licenses/g...

https://www.phila.gov/services/permits-violations-licenses/g...

https://www.phila.gov/services/payments-assistance-taxes/tax... 

 Thank you so much for your response! Very helpful info! 

Hey all! I closed on my first rental property 2 weeks ago with an inherited tenant in Philadelphia. I think I’m in a pickle and could use some guidance. Philadelphia is a city that requires a rental license. The previous landlord had one for the property, obviously for his own business.  I’ve been trying to get the rental license but am running into hurdles with 1. The length of time the deed takes to get recorded with the county which has also slowed the process of getting the water transferred to my name and 2. Being able to cancel the previous owner’s rental license on the property so that I can activate mine given the slowness of the deed being recorded. Any one have any insight on if this could pose a problem and guidance on how to proceed?