All Forum Posts by: Kenneth C.

As an update, the eviction was a success! The tenant wasn't medically declared as disabled and miraculously managed to walk out of the apartment (with assistance from her partner). Aside from from disparaging remarks towards the sheriff (not wise), it was relatively uneventful. 

Thanks for the feedback @Henry T. I'm going to steer clear of this and allow the sheriff to do his/her job. As you stated, they know it's coming so it literally is their choice to be forcibly removed.

BP,

I have a tenant in Philadelphia, PA. that is scheduled to be evicted by the Sheriff within the next several weeks. The caveat with this eviction (at least from my perspective) is that the tenant is sickly and will likely be bed-ridden. The tenant and her partner are aware of the pending visit from the sheriff (served with all writs), but they do not know which day this will transpire on. I'm inclined to give them a heads up regarding when the Sheriff will be arriving, but I have some reservations. Will the tenant's health have any bearing in the Sheriff's ability to evict them? Have you all had a similar experience? Looking forward to your response.

KC

BP!

Do you have any recommendations for a land surveyor? Also, what is the approximate cost that I can expect? For a residential property, I've consistently seen in the $800 - $1000 range. Looking forward to your response!

KC

@Bruce Woodruff @Roarke Van Brunt Thank you both!

@John Teachout @Bruce Woodruff Thanks for the feedback guys. With regard to the square footage of the lot, it's not a matter of "if" I can build, it comes down to how many units am I able to build.

@Roarke Van Brunt Ha. It is not a typo. If I had a lot that was designated as RSA-3 or RSA-5 and I wanted to convert the zoning to RM-1, in that instance those guidelines would apply and I would not be allowed to rezone the lot to RM-1. However, I would still be able to get a variance to have multiple units.

Thank you all for your insight, however, the purpose of this post was concerning the calculation of the construction cost. If you have any other info re: how you calculate construction cost, it would be greatly appreciated.

Regards,

Ken

@Abigail Glover Hi Abigail. I think that you are in a great position due to the options available to you. Whether you do a cash-out refinance or a HELOC, your PITI payments will be higher for your current properties. How much more depends on the interest rates, but ultimately your payments will be higher, but you'll have the funds to proceed with expanding your portfolio.

Once you have the funds, you'll have even more options. You can purchase the property in cash and finance the construction via private/hard money or a construction loan from a bank. You also would have the option of leveraging private/hard money to fund the acquisition and construction of the property. All of this information is applicable for purchasing at an auction or an off-market/MLS deal. There's slight differences, but have the initial pool of money that will be pulled from the equity in your properties would be the catalyst.

The bottom line is that you have options. Crunch the numbers, make your decision and grow that portfolio!

@Bruce Woodruff Thanks. The example of the 2000 SF Build is the square footage of the building and not the size of the lot correct?

@Scott Mac

Thanks for the feedback re: the structure. This lot is 20 ft. x 50 ft. so I'm pretty much confined to an over/under layout.

@William Sing Thank you for the feedback.