All Forum Posts by: Account Closed

If you cash out refinance the whole thing, you will no longer have any equity left for HELOC. But if you do 50/50 or in any other proportion, it might work. Good thing about HELOC you can re-use it over and over again for down payment . But I was told by a lander, you can't use HELOC for closing costs on investment property. That is when your cash out refinance money comes handy.

That is just to my knowledge.

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Northeast Philadelphia is where we personally purchased 2 duplexes. The competition here is crazy, mainly in 19115, 19116, 19152 zipcodes. You are not going to get great cash flow here, but I would say it's a good schools area, family oriented. We want to buy and hold here for our retirement.

We live here and know the area very well, I would call it a very low risk area. Maybe in the future we will explore other less expensive ares and buy for higher cash flow.

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Originally posted by @Aman Gulati:

What I meant by 'Up and coming neighborhoods' is where there is continued/expected appreciation of home values and/or good rental ROI.

Thank you for explaining. How do you know Cobbs Creek area of Philadelphia is up and coming? What indicators are there to make that determination. As a newbie all i see is bad schools, low income, average appreciation.

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Originally posted by @Kyle McCorkel:

@Account Closed

The price based on sold comps, within the last 6-12 months.

The price listed on the county website, many times, is not accurate.

Thank you, Kyle. Also would like to ask you what is the definition of " up and coming" neighborhoods ? A lotoof investors are looking to invest in those, but i have no idea what that is?

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Originally posted by @Kyle McCorkel:

@Vika Bha

I would continue to look into both local and turnkey deals. You should never pay ABOVE market price on any deal, but don't assume that all turnkeys are price above market value. If you find the right TK provider in the right market, you can find some deals that are at market value OR slightly below.

What is market price? Is that the price that you would find on the county website or price based on recently sold similar property in the area ?

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Let me ask you what is considered "up and coming"???

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Originally posted by @Percy N.:

@Marc Izquierdo , NE philly is a hot bed for investors these days. A few years ago that was different.

You can still get some good deals in the suburbs - e.g. Chester and Montgomery counties.

PM me for details.

That is so true. We bought 2 duplexes in NE Philadelphia, where we live, through MLS and quickly ran out of cash. Not even cash flowing yet, considering improvements that needs to be done until those properties stabilize. I am now learning about how to find off market deals, how to beat those cash buyers that seems to snach every good deal, before you even able to look at the property. Creative financing is also what is on my radar of interest. Any advice and experience would be appreciated.

Svetlana

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Originally posted by @Sung Park:

Marc Izquierdo I just purchase my first house hack in main line area, duplex in an A class neighborhood. I was working with my realtor since February and just closed this month so it took some time. I was originally looking in philly proper but it was too competitive and the cash flow numbers just didn't work given the prices. For the property I purchased, the appraisal used both sale comps and rental income comps in the area. Given the lack of MFH in the area, the comps were sparse so it was more art than science. Anyways, I had to expand my search from my initial preference to find it and I'm glad it worked out for me. The cash flows not going to be as high as $200/month/unit but it's a great area, stable, and I expect a quality tenant pool.

Could you please let us know what area or zipcode considered to be an A class in Philadelphia?

Thank you

Svetlana

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Originally posted by @Sheryl Sitman:

@Joe White "State licensing" ? What license is required from the state and where is that acquired?

Housing Rental Licenses are required for any type of housing rentals. Prior to getting this license, applicants should obtain a Commercial Activity License, Business Tax Account Number, Federal Tax Identification Number or Social Security Number (for individuals), and Zoning Approval (for two or more units). Licenses cost $50/unit and must be renewed annually.

L&I CODE VIOLATIONS: No license shall be issued or renewed if the licensing property has any outstanding violations issued under the Philadelphia Building Construction and Occupancy Code.

TAX DELINQUENCY: No license shall be issued or renewed if the entity is delinquent in the filing or payment of City taxes.

$55 last time we obtained renting license .

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Glad to hear that!

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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 137 times.

Post: Can I Cash Out Refi AND HELOC On Same Property Simultaneously?

Post: Cobbs Creek Philadelphia

Post: Cobbs Creek Philadelphia

Post: Local or out of state

Post: Local or out of state

Post: Cobbs Creek Philadelphia

Post: Philadelphia 2-4 Unit Frustration!

Post: Philadelphia 2-4 Unit Frustration!

Post: Philadelphia Property Management Recommendation

Post: Inherited tenant refuses to leave