All Forum Posts by: Kenneth C.

@Jonathan Bock More creative or find better tenants.

Thanks for the feedback @Mike Tamulevich. I appreciate it...I meant...My friend appreciates it.

BP Community!

I have a question. I have a "friend" that has an apartment unit that consistently has bad tenants. As a precaution, they now include in their lease that the landlord pays certain utilities and will be reimbursed by the tenant. They've recently evicted a tenant for non-payment and have not received any funds toward their outstanding balance, nor have any of the utilities been paid. The tenant was supposed to be gone by September 30, but they are still the property requesting additional time to move. My friend scheduled for the electricity to be turned off after the tenant assured them that they would be gone by September 30. 

I'm assuming my friend has the right to do so since the tenant hasn't paid their utilities, and they are officially no longer a tenant but a squatter until the sheriff comes. Your thoughts?

Hi Everyone,

I'm looking for referrals for an excavation and foundation/concrete contractor for a project that I have in Philadelphia. The project is for the erection of a 3 story duplex. The lot is currently empty and is approximately 1010 sq ft. Any guidance would be greatly appreciated.

Thanks

I figured this one out, but I still wanted to post this for anyone else that may search the topic. The special inspections that would be needed were outlined in my proposal with the architect and engineer.

Hello BP,

The City of Philadelphia approved my drawings and issued me my zoning permit. I am now able to request my building permit(s). Is anyone aware of which special inspections are needed for new construction? I know the answer is somewhat subjective. As an example, if I know that underpinning is a part of the project, I'll need to select that option. However, are there standard special inspections for the typical residential building (i.e. Duplex, Roof Deck, etc.)?

Any feedback would be greatly appreciated.

KC

Investment Info:

Other buy & hold investment.

Purchase price: $23,500
Cash invested: $23,500
Sale price: $25,000

Vacant lot purchase. Intent is to build a 2 family dwelling with roof deck and basement.

What made you interested in investing in this type of deal?

I was sick of losing out on deals for existing buildings, so I opted to by land to build new (less competition)

How did you find this deal and how did you negotiate it?

Searched on the MLS

How did you finance this deal?

I used my own finances to purchase the land. A construction loan will be leveraged to build the duplex.

How did you add value to the deal?

A structure will be built on this parcel

What was the outcome?

Still in progress. Zoning permit has been issued, and now I'm working through getting the building permits.

Lessons learned? Challenges?

Dealing with the city is a headache. I'll update this section once I break ground.

 @Melanie Thomas I'll check them out. Thanks for sharing.

 @Richard F. Thank for your feedback. 

BP,

I hope everyone is doing well. I'm looking for some solid leads re: how to report a judgement to the credit bureaus. Have you had experience with this? If so, did you use a collections agency or did you do this on your own? If with an agency, which organization did you use?

Thanks in advance for your feedback.

KC