All Forum Posts by: Kevin Branin

@Vincent Gurko I think you’re in a good position to do some house hacking in a multi-unit. If you plan on doing the work yourself, which financially makes the most sense and practically since you have experience with your day job, you’ll be able to find something that needs upgrading, but is livable at the time of purchase.

Using a low down payment VA loan and saving your cash for the renovation is what I would do in your situation. Then refi once your done to get a lower payment and maybe pull some of that cash back out.

I have done this myself with a triplex in Philadelphia and a low-down, FHA loan. I live in one of the units, rent the other one out, and renovate the third. So I still get help with the mortgage even while I'm renovating. If you can find a Quad, you'll be in an even better position to have one unit vacant while you renovate.

Let me know if you want to look for your first house hack in Philly. I can help.

@Jane S. The two most concerning blemishes to me are the lack of verifiable income and the outstanding debts. Those two by themselves would force me to decline her. However, you also have this large cloud of shadiness hovering over her entire story. I get a bad gut feeling about this. Pass on this.

@Mike B. that's music to my ears!  I'm going to be separating the gas meters soon in Bridesburg.  Good to know PGW doesn't charge for additional meters!

@Anthony Vann I'm with you on the mindset.  You have to think long term as an investor, at least a successful one. Save a dollar today, get four tomorrow.  Time Value of money baby.  

@Anthony Wick, What's your recourse for violating the policy in the lease?

@Anthony Wick That's good!  

Hey All,

I received a message from a tenant that her bedroom smells of cigarette smoke.  Directly underneath her exterior window, are steps that lead to another unit and the tenants in there often smoke on the steps.  They may also be smoking in the common basement/laundry area that is directly below her unit, and this building is 125+ years old... So there is no gap smaller than 1/8" anywhere.

I'll place a sign in the basement saying no smoking, but I think it's best if the 1st floor tenant explains the situation.,.  I could put a no smoking sign near the stairs outside, but I think if they realize that a neighbor is getting that 2nd hand smoke, it will be more effective.  They choose to keep their own living environment smoke free by smoking outside.  They may have the same respect towards the other tenant.

What is y'all s thoughts?

108 Morton Avenue, Ridley Park, PA

Cash flowing Investment Property! Half a block for the train to Philadelphia. One block to Taylor Hospital. Minutes to the airport and I-95. Recently renovated colonial revival 7-unit apartment building.

This is a great investment opportunity. The current owner has added a 5 car parking lot and coin-operated laundry machines. There is room for adding storage lockers in the basement to generate additional income. Replaced 2 of 3 cast iron plumbing stacks with modern PVC (3rd plumbing stack was replaced by previous owner). 4 units have been completely rewired.

Parking Lot added Common area updated Your tenants will LOVE the granite counter tops and stainless steel appliances in the 4 units that were renovated this year. All units have gas stoves that are a luxury and each one is individually metered. There is an electrical meter for each unit and one for the common area electric.

A recently upgraded condensing boiler provides heat and domestic hot water to the building. Landlord pays heat, hot water, and common electric.

ASKING $650k

Income

Rental Income  $6300

Laundry Revenue  $125

Parking Fees  $250

Total Income $6,675 / mo

Expenses

Utilities  $582

Taxes  $988

Insurance  $210

Maintenance & Repairs  $190

Total Expenses  $1970 / mo

NET INCOME  (Less 5% Vacancy Loss)  $4,390 / mo

I have a neighborhood Handyman doing a few odd things to improve one of the units in my triplex. The guy is a little unhinged but ultimately does good work. And it works that I can buy materials and pay him by the day.... I’m funding this with proceeds from my day job. Last night is trash night, so I went over and started gathering junk and debris to put out on the curb. Well! I’m picking up parts of an old window when I see an orange capped syringe on the floor. Now I live in Philadelphia, and Just a miles away, it’s common to find these all over the ground. But this is MY triplex in a B- neighborhood, and neighborhood handyman is the only one with keys. To add to it, that apartment connects to the common area on my side via the basement. I also noticed the set of pocket doors to my apartment were a little a jar. I don’t know what the Heck is going on... but my next stop was to Home Depot to get new locks. From what I hear, he’s been having some un-sundry folk over while I’m at work. I think it’s time to fire someone... nothings stolen yet, and I aim to keep it that way.

@Joseph ODonovan Thank You!