All Forum Posts by: Joshua G.

@Jon Graboyes, I'm pretty sure that October 1, 2018 is the deadline to appeal: https://www.phila.gov/brt/appeals/Pages/default.aspx

Thanks for your replies everyone!  They are all very helpful.  I ended up missing the opportunity I was aiming at (got sold right away, Philly is hot right now), but I will keep it in mind for the future!  

@Lana Lee, if you don't mind sharing, what is the name of the credit union you used?  

Hi BiggerPockets,

I found an investment property that I think will cash flow very well, but I don't have cash to make the down payment. I'm considering pulling equity out of my primary home in a home equity loan (not HELOC) to get the down payment.

Has anyone had success doing this?  Anything I need to be aware of before I do it?  e.g., if there is a seasoning requirement to have the money in my bank account, or whether I'll need two lenders (one for the down payment, one for the actual mortgage), etc.   I'd really appreciate any guidance you might offer, as this will be my first acquisition using "creative" financing.

Thanks!

Hi BiggerPockets Friends,

Any Philadelphia investors out there?  Where do we think we are in the Philadelphia property cycle?  I'm considering investing in a property in Manayunk and am trying to decide whether I'm crazy or not to think the price should be lower.

Thanks!

This is an interesting question and one I'm grappling with myself. I'm also interested in multifamily (particularly, a quadruplex) but am focusing on the Mt. Airy / Chestnut Hill and suburb areas. Is working with a realtor the best way to locate these properties? Like the OP, I've been using the MLS, Zillow, etc. and haven't had much luck.

As for the prices being way too high in comparison to cash flow, it's also something I've noticed.  Do the prices just mean we're at the top of the cycle?

Brian Spigelmeyer.  He is the plumber we use and has not charged us to provide an estimate.  He is very professional and our go-to plumber.

I'd post his number, but that's prohibited here.  Message me if you'd like it.

You should seek the advice of a CPA or a tax attorney.  One of the best benefits of owning real estate are the tax benefits that you can get from ownership / operation.  

To echo the rest of the posters, I certainly wouldn't advise skipping out on the tax … It might be criminal and, if you get caught, cost you more than you'll save. 

Hi Lana,

I went through the exact same thing—my duplex was assessed for taxes and other indicators as a duplex, but was actually zoned single family (RSA-3, I think).  Same exact description as the "2-4 apartment stone mason" you mentioned.

The previous owner got rejected for a use permit, so he used the building  illegally as a duplex.  I got it rezoned before operating.  

Highly recommend getting it rezoned before you do anything.  Definitely hire a zoning attorney to at least consult on your path forward.

Hi everyone,

I own a duplex in Chestnut Hill, Philadelphia, PA.  The building has a roof that I believe could be converted into a deck for my second-floor tenant.  Does anyone have experience with getting a permit or know what the process of getting permission from the city looks like?

Please let me know if there is a more appropriate forum for this question and I can move there.  Thanks for your help!