All Forum Posts by: Kevin Branin

Ridley Park, PA Seven Unit Flip

Since I started buying property last year, I have wanted to get into doing fix and flips, buying and holding large MF, and getting involved with commercial lending.  Then this deal popped up and had the potential to solve all three.  Buy an apartment building, rehab the vacant units, and sell property once fully stabilized (with an alternate exit strategy of refinancing with a commercial lender).

The acquisition and construction will be financed by private money, the renovations performed by a GC, and the property listed and sold via a traditional agent.  

The deal has good Debt Coverage at 1.62 and it will cash flow at 19k/year.

The building is partially rented (2 units - 2 Bdrm and a Studio) with one 2-Bdrm ready to go.  The two 1-Bdrms and two studios will need new kitchens and bathrooms.

We are currently (as of 9/16) in the middle of renovation, but I will take it back to the beginning and highlight key areas and lessons learned. 

Check back!

Erica,

Welcome! I attend many of the local REIA meeting in Philadelphia. There are meetings once a month in different part of the city. NW Philadelphia, South Philadelphia, Riverwards, University City, and Commercial sub group. Check out Diversified Investor Group.  

Stay focused on your goals!

sure, a tenants relationship can evolve with a girlfriend from just dating to living together.  I'm a big fan of talking to people and getting to know them. Then remind them that if they are thinking about taking the relationship to the next level... living together.... then they will both have to be approved.  

And then you as the landlord buy them a bottle of wine and wish them the best of luck in their future relationship.  Don't fforget to be a human! 

Aaron Phillips the real estate community is small in local terms. Even in a city of 1.6 million like Philadelphia. If he swipes the deal out from under you, tell everyone you know in your local community. His name will be mud. And you will go on to score some great deals.

Edward Farrell I too work as an engineer. Been in M/P for about 10 years now. I had the opportunity to really learn residential HVAC a few years back. Now I'm taking what I learned from that and applying it towards REI. Haha, I even view it as getting to learn construction estimating on someone else's dime while they pay you. I highly recommend joining DIG, the local REIA. At $125 a year, the membership is a steal if you go a meeting a week. Good Luck!

The lease says i's 60 days form point of notice that property has sold. 

Originally posted by @Nathan Gesner:

So it turns out even "first class" Landlords in the big city can "place a weathered notice on the front door."

Nathan, thanks for that link.  I bookmarked it.  Less expensive than my lawyer.  In PA, cities are ranked by population into classes.  Allows them to have different laws than the rest of the state.

@Hillbilly Spence.  Is this how you market in WY?  A little less Franciscan and more Stetson, though.

You see what I did there?

Originally posted by @Christina Gentry:

I'd post on the door and follow up with a certified and/or copy in first class.  You could hire the processor... or bicycle! 

 I'm going to try this.  Thanks Christina

I'm asking HOW I should notify the tenant.  I'm sure in Wyoming, you place a weathered notice on the front door using a hammer and a nail, all while making sure your shotgun stays firmly slung around your back. Can't do that in a city of the first class.  Plus, I don't want to damage the door.

Can I pay a bicycle messenger to do this...or send it as registered mail?

I'm buying my first live in triplex, and I will need to ask one of the tenant's to leave.  In Philadelphia, PA.  Can i just drop this notice in the mail to the tenant giving them 30-60 days to leave?  Do I need to or have some one serve them appropriately?