All Forum Posts by: Luis Rosario

 
Thanks Calvin. You're right- especially when it comes to legal or licensing or inspection matters. What I love about this post is that it clearly outlines the process here in Philadelphia, so someone can speak to the attorney in an informed manner.

Good morning everyone. I wanted to see if anyone has any recommendations for a seller's agent who specializes in 2-4  unit multifamiles as I am considering selling a triplex in the 19124 zipcode. Any recommendations would be highly appreciated!

Best,

Luis

Good morning everyone. Thanks for posting this very thorough process Yuriy. I also wanted to add that I highly recommend speaking to an attorney to help with this process as they can really help get zoning cases through. In my case, I worked with the Anastasio Law Firm here in Philadelphia and Vern really helped me get legal zoning for a triplex (orginially a duplex.) I would agree that the costs are significantly higher than if you do this yourself but you can also save a lot of time and energy by allowing a professional who faces these types of situations very often. Cheers!

Good afternoon everyone,

I've been licensed for about a year and a half but I'm still very curious as to what strategies investor/agents use to look for potential properties on the MLS. I use TREND MLS (as I'm based in Philly).

My question is: What criteria tend to point to promising deals? I tend to search for homes that expired or that are cheaper than the average property. However, are there other important criteria that should be taken into account?

Good morning everyone!
@Michael Campbell

@Michael Campbell: Thanks for the advice. I'm currently looking at the Lawncrest/Feltonville neighborhoods as understand them pretty well and I know I can get some good cash flow from upgrading a SFH to a duplex.

I have not attended any local REI meetings as of yet. Any recommendations?

@Richard Fields: Congrats on your triplex! It is inspiring just to see that others in the area are experiencing success with this model. Just out of curiosity, did you run into any snags with the city's License & Inspection?

@Tiffany M.: Thanks for the insight. Congrats on the duplex and I know that 2nd deal will come your way! I'll definitely be looking into partnerships as a possibility as well. What are of the city are you focusing on, if any?

Hello BP Family,

Looking for your insight:

My first deal in 2014 is a 2 unit owner-occupied property that I converted to a legal triplex. It has taught and (still is) teaching me about the complexities involved. This is especially true as the city of Philadelphia is taking me through a loop with their licenses and inspections department. Long story short, I have to do more construction and alterations int he form of sprinkler systems and fire alarms to make the property compliant.

As difficult as this can be sometimes, I feel blessed to own my own triplex. I want to continue buying properties. Specifically, I want to purchase 1-2 unit properties that are under value, fix them up and rent them out. I'm looking for a cash flow strategy. In fact, I'm looking to buy at least 2 properties a year moving forward to really start snowballing these investments so that I can be financially independent through the rentals.

I've spoken to a real estate attorney in the city and have spoken to 5 or 6 hard money lenders in the region. The issue with the HML is that many seem to require 10-15k of funds in the bank or still require all kinds of income documentation. There is one lender who doesn't so much into income and lends based on the subject property but has a minimum of 120,000. This puts me in a strange position because I initially planned to purchase SFH and duplexes in the 35-55k range. I know that in my area, these sorts of properties would cash flow.

I am definitely looking into owner financing as option. Any suggestions? What would you do in these circumstances?

@Arnell Enriquez: Thanks for sharing! Are there any particular podcasts that you would recommend? 

 Hey John, I would love to learn how this works as time goes on (with the discount.)  I myself have used this with two of units and it is interesting how 1 tenant has consistently taken advantage of our $15 early discount (for 700 rent) while another tenant disregards and pays just on time. I like the combo of late fee and rent discount because it provides multiple methods of motivation for a wide variety of tenants.

For sure!

Hey BP family,

For the past 5 years or so I've made it a habit of dedicating the nighttime before bed and rising early to read and recite.

I intensely read mainstays such as Rich Dad, Poor Dad, The Richest Man of Babylon, Think and Grow Rich, Duplexes, Triplexes and Quads, and other personal finance books. I noticed that as time went on, the ritual of keeping those "sacred hours" attained exceptional momentum.... in fact in 2011, I made a personal commitment in writing to buy my first income producing triplex by January 2014. Shockingly, I bought that home in that exact month/year.

This experience has shown me that words are not only therapeudic, they also tend to carry an often misunderstood power to them. Keeping those hours sacred allowed me to focus wholeheartedly on what needed to be done, regardless of circumstance or challenge. The question I would like to pose to the community is this: What is your version of burning the midnight oil? How do you keep you mind and spirit nurtured?