All Forum Posts by: Jared Burns

@Corey Meyer

Check out the Creative Financing For Real Estate Investors Podcast. Really great, detailed, and technical content on seller financing. Prepare to give the content your undivided attention though. The information is very technical and at times dense. Provides you with a free fast track for a seller financing education though. And like any typical class, the content in each episode builds on the last episode, so start at the beginning.

Thanks for the reply @Wayne Brooks. Understood re: no amortization in year 1. My uncertainty was with how to incorporate the year 1 principal-only payments into the amortization schedule once the payments became P&I. I wasn't sure if the calculation was as simple as reducing the principal balance by the dollar amount of principal-only payments and amortizing the remaining P&I over the remaining term, or whether I was missing doing something else or additional with the calculation in year 1 during the principal-only period. Sounds like the former, based on your reply. 

Can anyone teach me how to calculate an amortization schedule that includes 1 year of principal-only payments using a 10bii financial calculator? I can calculate the amortization schedule of a loan with traditional principal/interest payments, but am unsure how to factor in the principal-only payments. Loan is $400k at 3% amortized over 30 years with a 10 year balloon. Thanks in advance.  

I'm looking for recommendations for a good financial calculator app for iPhone. I see there are several available. Anyone have suggestions for one they've used and enjoyed from both a quality and cost perspective?

@Ty Thomas 100% agree with the comments above. Now that you have a reasonable idea that it may be financially feasible, you need to check the zoning. Lot's of small MF properties in Philadelphia are grandfathered into their existing use. Expanding the use beyond what is grandfathered may trigger the need to seek zoning relief which, depending on your neighborhood, might be difficult to get, especially when it comes to expanding a MF property located in a RSF zoning district. 

@Joe P.'s response is not at all inaccurate, and perfectly illustrates the block by block nature of Philadelphia real estate, because the difference between his and my respective outer limit geographic boundary for the Temple student tenant population is probably 3 blocks.   

To the extent it helps in determining your gross monthly rent, at 23rd and Cecil B. your tenant base is likely to be Temple University students. Depending on the location, finishes, etc., rents for this market tend to be between $400-$500 per bed for single family homes. 

Thanks @Zack Hawkins. 

Anyone in or around Philadelphia have a form of contractor agreement they like to use for GC’s in Philadelphia, including indemnity and insurance requirements, and drawdown schedule? Thanks in advance!

This has been a really helpful and useful thread. Thanks to everyone for contributing your resources.