All Forum Posts by: Joseph ODonovan

@Fabian Peraza Have you checked the City of Phila website, www.phila.gov? You can get good info from the site re the legal use of individual properties.

@Dave Van Horn You are so right about Eddystone Borough being anti-landlord. I just settled last week on my 2nd Eddystone SFR with a conditional CO. Of course the list of violations are excessive which in turn increases my acquisition cost. But I will still have decent cash flow once its rented. What areas in Delco would you recommend that could get you the best returns for BRRRR's? Your insight in greatly appreciated.

A few questions; what city/township is the property? Is it legal to rent rooms? I would check with the local Code Enforcement and or License and Inspection.

@Dave Van Horn, you seem to have a good grasp on Delco. Can I ask your opinion on Eddystone and Ridley Township for BRRR's ?

@John Lee Sounds like you need a realtor and possibly a general contractor. Do you have a realtor? Do you have a general contractor?

I have cashed out on 3 BRRR's and each time I had to wait 6 months from closing in order to borrow 75 percent of the appraised value. I believe they call it "seasoned". If I had borrowed prior to the 6 months then I could only borrow 75 percent of what I paid for the property.

I would run from this deal for all the above reasons. I'm no lawyer but here is another reason; if the sellers agent gets wind of exactly what happened, he could engage legal counsel and file suit against the seller AND you for "tortious interference". Run, don't walk.

@Morris Cohen, I am an investor in Philadelphia area. I will DM you my contacts. Best of luck!

@James VanVladricken II I'm an investor in the Swarthmore area as well. I have purchased 2 properties in Delco over the last 18 months and I'm under contract now for my third buy and hold in Delco. Kevin Morrissey was my GC and he did a real nice job from start to finish on both properties. He will be doing my third as well. His company name is Kevin J. Carpentry. Good luck!

@Lauren Robinson Spina and Company LLC are my accountants and they have a very strong background in Real Estate. They also manage properties. I've been doing business with them for over 10 years. Their office's are in the Fairmount section of the city, see spinacpa.com. Good luck!