All Forum Posts by: Kevin Branin

@Yuriy Skripnichenko Finding revenue generators is key in commercial property. Framing out chicken wire storage is cost effective. Just make sure your basement is dry, well lit, and free from mildew. Tenants won’t want to pay to store in a dingy basement as all items will smell like mildew.

@Frank Sumser Meet the appraiser there with a list of improvements you’ve made, especially behind the wall. They will take these into consideration when assessing the value of your building.

Hey all.  Looking for a recommendation for an attorney who knows Delaware County PA.  I need help navigating a lawsuit.  

@Christopher Ryan I own property in my name and in LLC. It’s import to keep your finances for each ownership separate in order to preserve the protections offered by an LLC. I have a bank account in my name as a sole proprietor and owner of my house hack triplex. Any money I spend on that comes of the SP business account. Even if I’m going to purchase something for another unit, I first transfer the money to the business account. Try to put as much space between you and your business when possible. My LLCs are theIr own entity that I am a member of. They have their own bank accounts and any addition addition by me is a capital contribution. Think of your business, regardless of structure, as a separate entity. FYI, I’m no lawyer or accountant. I’m just the best looking guy on BP.

@Andrew K. Second that as a DIG member. You can learn a ton. I’ve never been so fascinated by EBITDA than at a Meeting. You’ll meet great people and be inspired as well.

How many times have you done this before? And can you afford to pay that $400 / mo for the next.... 5 years? NEVER gamble with money you can’t afford to lose. Consider that $400 out of your budget for the next half decade. If you can handle that, then sure, speculate. You may end up coming out on top.

What do you flippers do from the time that you get a property under contract to closing to get the rehab in order. Putting together a checklist for this phase. I would like to be able to get as much done as possible and even be able to start construction on the day of settlement.

Pre-Hab Work Phase

• Hire architect
• Hire structural engineer
• Apply for building permits
• Design Kitchen
• Choose tile, flooring, cabinets, door hardware, light fixtures, railings, front doors.
• Measure windows
• Get estimates from 3 GCs
• Get estimates from 1-2 ECs
• Get estimates from 1-2 Plumbers

I think I might be jumping the gun on getting Permits…don’t you have to own the building for that? Please share any other items or if you think some of these don’t belong…or can’t happen until ownership.

Thanks!

I own a SFR in Kensington (Philadelphia) with a partner that we acquired subject to the existing mortgage.

Existing MTG is 13k

Section 8 rent: $900/mo

ARV is 42.5k, (w/ 15k in construction)

Owned by me and my partner's LLC

I'd like to fix it up to Section 8 standards, get a tenant, and hold it. What are my options for a refi? I would like to get as much of my cash out of it as possible

@Doug W. what do you do the first time you are working with a contractor?

@Jon Holdman PHYSICS BABY! 

@Brian Pulaski @Frank S. @Aaron McGinnis @Doug W.

@Mike McCarthyDo you have it written into your contract or draw schedule that payment is for completed work only and completed work includes having the system pass inspection?