All Forum Posts by: Jim Rivell

Hey Dana, we own 2 college rentals near my alma matter outside of Philadelphia. The definite pro is higher CoC return and cash flow since you can rent by the room and typically get a nice premium on the market rates for non-students. Con would be the fact that it is students. Yearly turnover with usually some damage, dealing with kids, dealing with kids' parents, etc. I've also seen some landlords have a separate lease for rent by room so sometimes you may have 3-4 leas per property, some include parent cosigners so that's either A more leases or B more signatures per lease which is more work on you or a PM. Hard to hit on every experience we have seen so far. Let me know if you have any more specific questions and I can try to help!

I don't have one, but at the bottom of the BP Website on desktop there is a tab called "File Place" that might have what you're looking for. 

https://www.biggerpockets.com/files

Biggest issue for me right now is spread between purchase and rent prices. Although inventory is limited there is still some properties out there, just not enough meat on the bone in many cases. 

Quote from @Alan Asriants:

Hey Alex! I am an investor and agent in the area and hold investor happy hour with @Gaetano Ciambriello every 2 month or so. I have one coming up in September. Reach out anytime and I can send you the details

Great to have you, Alex. I have 2 properties in Delco and looking to acquire. Feel free to DM me with any questions and I can help! I also attend a few meetups in the DELCO area if that area interests you I can point you in the right direction. 

Quote from @Sheryl Sitman:

@Ram there are quite a few meetups and events in the region. We  have a group called Philadelphia Landlords Connect on FB for the Philly metro region that is highly active. No lack of fantastic people to learn from and connect with here and elsewhere. Good for you for getting out there and networking! @Greg Kasmer  @Jim Rivell you may be interested in the group as well if you are active landlords. Good conversations, info and we have a network of reliable contractors.

 Thanks for the info Sheryl, I will take a look into joining the FB group! 

@Shawn Kostoff, @Jimmy O'Connor, @Justin Seng, @Rich O'Neill, @Eric Armstrong, I'm sorry for reaching out on such an old thread, but I just purchased 2 rentals in the last 12 months in Delco and looking to scale my business. If any of you are interested to meet-up and chat business, let me know. I'd love to learn from other investors in the area.

@Rami Khaldi and @Greg Kasmer, I have a few properties in the Delco area, currently living in NJ. Would love to connect with both of you. @Alan Asriants, just shot you a text!

Quote from @Chris Seveney:

@Jim Rivell

Was there anything recorded? If not then two options - get a letter from them noting the debt was satisfied

2. If there was also a promisorry note- have them give it back to you. You can then destroy it.

And @David M., nothing was secured with title. We are planning to record a formal payoff letter so there’s documentation of the payoff.

thank you all for the insight and advice! 

Hey everyone - I am going to be paying back a family member who lent private money on a deal recently. We did sign a loan agreement at the beginning of the loan and there is no early pre-payment in the contract. Do you typically fill out a "Loan Payoff Letter" signed by both parties? If so, is there one specifically that you typically use?

Using RentRedi and Stessa with 2 properties and 1 LLC. Working great for us so far.