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All Forum Posts by: Account Closed

Account Closed has started 1 posts and replied 3 times.

Post: Looking for Small multifamily in Philadelphia area

Account ClosedPosted
  • Investor
  • Philadelphia
  • Posts 3
  • Votes 1

@Art Johnson have you heard of Jumpstart Germantown? They have a great loan program where they will loan 85% of the total acquisition and rehab costs for any property thats within Germantown. Their website has a map with the boundaries for houses they will lend to. https://www.jumpstartgermantown.com/

Like others have said, a MFH within Philadelphia county at that price range will be tight right now. Jumpstart Germantown's loan program could be a good option for you if you're willing to wait for prices to drop. I'm keeping my eyes peeled on Germantown, West Philadelphia (between haverford ave / Baltimore and no further than 55th street), and even possibly the Mantua/Powelton area depending on how the Schuylkill Yards project pans out. 

Post: Hate Excel? Newbie Baltimore investor looking to trade advice

Account ClosedPosted
  • Investor
  • Philadelphia
  • Posts 3
  • Votes 1

Hey Raymond, I don't hate excel I actually love it. I don't have much advice to give but I'll share that my favorite part about making my own calculators is that I can create custom metrics. 

For example I have a simple JQM metric (Job Quit Money) which takes the expected net income from a property and calculates what percent that is to my target passive income salary. E.x. 60k passive income goal and 1 house at 250 net = (250*12)/60000*100= 5% . Great for motivation.

Post: Breaking concrete basement floor, then pouring new concrete

Account ClosedPosted
  • Investor
  • Philadelphia
  • Posts 3
  • Votes 1

Hey all. I'm new to BP and just bought my first primary residence in Philadelphia which I plan to convert into a rental in a few years.

The basement is unfinished and has decent height (~7 feet). However, the floor is rough and there is one corner where it slopes upwards about 4 inches above the rest of the floor and the raise starts about 2 feet away from the corner. It would obviously take a ton of concrete to level the basement for that corner. There are sections by the staircase where you can see the wooden remnants of what I assume was an older stair case and theres a 1 inch gap between the concrete and those pieces of wood. 

Ideally I'd like to break apart the whole basement flooring to reach the level of those pieces of wood, then pour concrete across the whole thing to essentially make a new floor. I've read that in Philly there is a lot of regulation around digging in basements. 

Since this would only be breaking the floor an inch or so down (to reach the wood from the old staircase) I was wondering if this would be a project that would need the basement digging permit/architect/engineer? Also does anyone have experience in breaking and recreating their basement floors?