All Forum Posts by: Joseph Micheal

Hi All!

I am looking into purchasing an illegally zoned property (currently used as MFH and zoned as SFH). I spoke with a loan officer who had some concerns that the discrepancy in zoning may derail the deal and leave out of pocket my escrow deposit and appraisal fee. Have others encountered this?

Some ideas I have are:

1) Hard money: Not ideal but would allow for me to purchase the property go through appropriate zoning and then refi.

2) Use online mortgage company: More removed from the details and less likely to raise a concern over the zoning.

3) Subject-To purchase: Need to connect with the owner

Would appreciate and insight on how to best navigate this situation!

Thanks!

Lol I would also add to be careful WHERE you invest....

You could find something great for 120 (but may be in the middle of warzone)

If you are in VA may be worth your time to do some research, find some AREAs that fit your criteria and drive around. Then you can make an informed decision. In Philly there are general realtors (city wide) but certainly some that have neighborhoods of special interest.

BUMP!  

I am currently under contract for a property that appears to have been CMX2.5 and Multifam in the past - however per L&I is currently SFH. Any sense of how much time and money to convert back to a duplex? I imagine given history this should be easier (but I am in the dark on this one). (I am trying to understand if the deal is still worth closing).

I am planning to hire out for this be completely hands off in the process.  

Thanks in advance!

Thanks for your response Eric.  My overall question is not specific to assessing an appropriate rent, but to understand more if the rental market is still strong.  I am a bit spooked by all this recession talk and curious if there are any ways I can mitigate risk (other than standard due diligence). 

Thanks!

Hi!
Anyone realtors in Philly who can provide some insight into the rental market right now? Will be listing soon in Point Breeze and Newbold.  Would love to have some info from our boots on the ground!

Thank in advance!

This is great advice! Thank you!

Hi All!

Looking for some thoughts or resources on how to move forward. I am in the process of acquiring my 4th duplex in South Philly (1 Point Breeze, 2 Newbold, and 1 East Passyunk) - 8 total doors. I would like to understand how to scale up my operation. I currently have a full time job which pays well so each current property was purchased somewhat turnkey (no time / opportunity for value add) although each property cash flows nicely each month (especially when interest rates were good)! Also I hold about 15-25% equity in each property so no opportunity for a HELOC.

Is there a credit union who may be able to use the properties as collateral to purchase something larger?  I welcome all ideas and creative thoughts. 

Cheers!  Thank you!

Bump

3 properties acquired over 3 years (moved after 1 year owner occupied commitment)

Hi All!

Hoping to close the loop.  I paid for an inspection up front and walked through with the inspector (I figured $500 was the price to play).  After we agreed on a number, we moved forward with an agreement of sale form and deposit to the title company for escrow.  We just closed on the property at the end of January.  Starting 2022 off with a bag!

Total Doors: 6 (All owner occupied duplexes)