All Forum Posts by: Jorge Lee

I'm considering purchasing an apartment building (over 20-unit) and using the Section 8 strategy. How can I determine if the property is eligible for the Section 8 program? Are there concerns like location, zoning or land use, or is it simply about passing the inspection if it's a residential use? Any insights from those with experience would be greatly appreciated.

Hi everyone, I'm interested in land development in Philadelphia and have a few questions. I have some experience in multi-family fix and hold but am new to new construction (ground up). 

I'm considering purchasing a vacant land in 19123 and would appreciate your guidance: 

1. Where can I find detailed zoning information (beyond just the code, such as max building height, maximum percentage for building size, etc.)? The current code is CMX2. 

2. What is the purchase process for vacant land? What should I be careful about compared to buying an existing property, and are there any key differences? 

3. How many permits do I need to apply for a commercial project, and how many plans will I need from the engineer? 

4. I plan to hire a general contractor but would like to understand the basic process. Can anyone briefly describe the steps involved in building from the ground up? 

Thank you in advance for your help! Your insights will be greatly appreciated.

Hi,

I'm new to Philadelphia investing and have a few questions before I submit an offer. I hope someone with experience can help.

The property is a 3-bedroom, 1-bathroom house according to public records, but the current owner converted it into a 2-bedroom, 2-bathroom about 10 years ago without permits and updates to the records.

Questions:

1.  I'm planning to use a conventional loan. Will the property pass appraisal and inspections, and will I get funded at closing? I've heard I might need to buy with cash, which confuses me.
2. Could this lead to issues with the closing process, such as problems with deed recording or property assessment?
3. Are there any potential risks after I take ownership, like monetary penalties from the city? What if I want to do a full rehab in the future and the unpermitted work is discovered?
4. Can I ask the seller to legalize the unpermitted work before closing? How can I apply for the process with the city? What is the likelihood of approval, and what are the time and cost implications? What is the process like?

Thank you in advance for your help!