All Forum Posts by: Joseph Scorese

Diversified Investors Group – Philadelphia Commercial Sub Group

Location: London Grill, 2301 Fairmount Ave, Philadelphia, Pennsylvania 19130

Date: March 3rd, 2015 6:30-8:30PM we meet the 1st Tuesday of the Month

Discussion: Protecting your Landlord Rights with the Right Lease in Place for Investment Property

Speaker: Michael E. Adler, Esquire, Law Office of Michael E. Adler, Business Law - Real Estate – Litigation, Email: [email protected], Phone: 215-485-0542

Though the investment housing market has started to recover, many Professional Real Estate Investors still are renting there properties quickly. The key is with your Lease for the Tenants being correctly put together or you may become a reluctant landlord.

Protect your rights with a lease. Have a written lease so that each party understands their rights and obligation. A good lease complies with fair housing, rental, health and safety, and tenant and insurance laws of your region. Working with a Local Attorney is very important. Avoid using blank leases from the Internet, she warns, because they may not comply with the laws in your area.

A Lease should spell out the following and will be discussed:

?Lease term
?Security deposit
?Due date for rent
?Routine repairs, upkeep and maintenance responsibilities
?List of tenants
?Rules of behavior
?Pet policies
?Homeowner association dues and rules
?Arrangements for showing
?Eviction terms

Diversified Investors Group – South Philadelphia Sub Group

Real Estate Development, Zoning and Land Use

As a real estate investor, do you understand the complexities of local zoning codes, land-use ordinances and the sequence of events involved with developing a piece of real estate? If you want to learn more about zoning and land development, please come out to the Diversified Investors Group networking event at Famous Dave’s BBQ February 23rd, 2015 6:30-8:30 PM.
Mark Danek, a real estate attorney with an undergraduate degree in architecture, has extensive experience with zoning and land development. He currently manages a solo law practice with an emphasis on real estate, zoning and development, and currently sits as a voting board member of the Borough of Conshohocken Zoning Hearing Board.

During the networking event, Mark Danek will provide you with information designed to demystify the process and help you develop a piece of property according to your plans. Please come ready with questions. Topics will include:

Diversified Investors Group – South Philadelphia Sub Group

Real Estate Development, Zoning and Land Use

As a real estate investor, do you understand the complexities of local zoning codes, land-use ordinances and the sequence of events involved with developing a piece of real estate?If you want to learn more about zoning and land development, please come out to the Diversified Investors Group networking event at Famous Dave’s BBQ February 23rd, 2015 6:30-8:30 PM.

Mark Danek, a real estate attorney with an undergraduate degree in architecture, has extensive experience with zoning and land development.He currently manages a solo law practice with an emphasis on real estate, zoning and development, and currently sits as a voting board member of the Borough of Conshohocken Zoning Hearing Board.

During the networking event, Mark Danek will provide you with information designed to demystify the process and help you develop a piece of property according to your plans.Please come ready with questions.Topics will include:

• Identifying The Property
  • Vacant Lots
  • Abandoned Properties
  • Properties in Use
  • What do you want to do with the property?
• The Property’s Zoning
  • The Properties Current Zoning – Why it matters.
  • Permitted Uses in the Zoning District – Why it matters
    • Non-conforming Uses
    • Special Exceptions
    • Use Variances
  • Changing the Current Use – What can be done under the zoning code?
  • Expanding a non-conforming use and overcoming a presumption of abandonment of non-conforming use.
  • What is happening in the neighborhood?Any other properties similar to your proposed use?
• Developing the Property
  • The initial meeting with the local code enforcement officer
  • Sewer and Water tie-ins – Pre-approvals, escrows and engineering
  • Planning Commission Recommendations.
  • Determining what zoning relief, if any, will be needed and how to secure that relief.
    • Appeals to the Zoning Hearing Board and to Common Pleas Court

ARV – After Repair Value.This number is derived from Comps, CMA's, and other appraisal tools.

Costs – These are the costs to get into (and sometimes out of) the property.The table below depicts the cost breakdown.

Repairs – These are the estimated repairs.Use the supplied Rehab Worksheet to get your initial estimate.

MAO – Maximum Allowable Offer. This is the theoretical maximum you can pay and NOT leave any of your money in the deal after refinancing.This is NOT a requirement to do a deal, however what is acceptable to leave in will be different for everyone depending on your own cash flow and financial ability.

Starting MAO – Get this number by subtracting another 15% from your MAO.This is a decent starting point to begin your negotiations.If you get no counter offers at starting MAO, you will need to increase your initial offer.Market conditions will always impact starting MAO.

Diversified Investors Group - Philadelphia Breakfast Sub Group

NETWORK, NETWORK & MORE NETWORKING! CREATE ADDITIONAL POWER TEAM MEMBERS TO YOUR REFERRAL TEAM!

Come out and join the Diversified Investors Group - Philadelphia Breakfast Sub Group in Philadelphia. The meetings are designed to help all types of area business professionals meet other professionals to exchange information and warm leads to assist in growing their businesses.


Darling's Diner
1033 N 2nd St
Philadelphia, PA 19125
8:00-9:30AM

HI Jonathan,

How are you.

Would check with your CPA and consult with an attorney if you plan on multiple wholesales. The income could work in your favor down the road as a Professional Real Estate Investor.

Joseph V. Scorese
Area Manager
Monument Bank
378 No. Main St., 1'st Floor
PO Box 306
Doylestown, PA 18901
Tel. 267-455-0520
Cell 215-290-5108
e-Fax 267-244-4458
[email protected]
NMLS#391784

Hi Doug,

How are you.

Where are you placing the HELOC on? Your Primary or another Property?

Nothing wrong in establishing a construction loan on the property so you can at least refinance the debt after completing the property if in need to rent instead of flipping and you are not tying your money up in the property directly.

Regards,

Joseph V. Scorese
Area Manager
Monument Bank
378 No. Main St., 1'st Floor
PO Box 306
Doylestown, PA 18901
Tel. 267-455-0520
Cell 215-290-5108
e-Fax 267-244-4458
[email protected]
NMLS#391784

Diversified Investors Group – South Philadelphia Sub Group

February 23rd, 2015 6:30-8:30 PM

Famous Dave’s BBQ - 1936 South Christopher Columbus Boulevard Philadelphia, PA

4th Monday of the Month 6:30 - 8:30 PM

Speaker & Discussion:

Mark S. Danek, Esq. 350 Sentry Parkway East Building 630, Suite 110-A Blue Bell, PA 19422 Ph: (484) 344-5429

Practicing law since 1999, Mark possesses a substantial amount of legal experience in corporate law and real estate.
Early in his career, Mark was in-house counsel to a real estate investment trust ("REIT") located in Pittsburgh, Pennsylvania, and owned by a publicly traded corporation based in Virginia. As in-house counsel, Mark aided in the start-up and management of the REIT's legal department which specialized in real estate development and the collection of delinquent municipal receivables. While there, Mark:
•Executed numerous real estate matters related to properties purchased at Sheriff’s Sale, such as sales contracts and closings, for the REIT’s development department;
•Reviewed titles to real estate to ensure properly vested ownership;
•Negotiated contracts with the REIT’s vendors;
•Provided legal opinions to corporate executives on pending corporate transactions;
•Presented motions on a daily basis to the local Court of Common Pleas; and
•Filed and managed tax lien foreclosure lawsuits and ejectment cases.

During his undergraduate studies in architecture, Mark worked at Temple University’s Health Sciences Campus in its Planning and Design Department.

While there, Mark completed several design and drafting projects related to the renovation of existing hospital facilities and the development of a new hospital.

DIG/HAPCO Philly Riverwards Sub Group

February 18th, 2015 6:30-8:30 PM

Johnny Utah’s Philly 461 N 3rd St, Philadelphia, PA

3rd Wednesday of the Month 6:30 - 8:30 PM

Mike McCann “The Real Estate Man” Associate Broker The McCann Team BHHS Fox & Roach Realtors

For 27 years, He has been a top selling REALTOR®, having personally sold over 6,000 homes, with sales in excess of $2 Billion dollars.

Discussing the Future of Philadelphia Real Estate

A native of Philadelphia and graduate of the Temple Real Estate Institute, Mike McCann is well acquainted with the neighborhoods, geography and culture of the city. Mike is known as “The Real Estate Man” because of his extensive knowledge of and stellar reputation with Philadelphia and its real estate. For 26 years he has been a top selling REALTOR®. Mike is proudly associated with Berkshire Hathaway Home Services, Fox & Roach REALTORS®.

In 1996, Mike decided that in order to ensure home buyers would receive quality service, he would build a team of agents, or “Buyer Specialists”, who were commit ted to a professional standard of practice and would focus on his client’s needs. The McCann Team has continued to grow and now con sists of 14 Buyer Specialists and 6 full-time assistants. The Team’s knowledge, expertise and professionalism allowed them to settle 607 homes in 2013. They are committed to providing the highest level of service to their clients and strive to build lifelong relationships.

Diversified Investors Group - University City Sub Group
Monday, February 16, 2015
6:30 PM to 8:30 PM

Harvest Seasonal Grill - Philadelphia
200 S 40th St, Philadelphia, PA
www.digonline.org
Every 3rd Monday of the Month 6:30-8:30PM

Speaker & Discussion;
Laurence Elliott
Century 21 Advantage Gold, Southampton, PA
Associate Broker • Southampton, Pennsylvania

Overview of Landlord-Tenant Laws in Pennsylvania
As the owner of a rental home, you have certain legal rights. One of the most powerful rights you have is to evict the tenants of your property. However, you must exercise this right of eviction according to the law. In Pennsylvania, that law is the Pennsylvania Landlord Tenant Act. We will discuss the following;