All Forum Posts by: Michael Enriquez

@Account Closed just go to www.courts.phila.gov and search the Civil Court dockets. 

@Ana G. What's your strategy? Answering this will help you decide whether or not to pull the trigger. If cash flow is a determining factor I'd personally walk from this and consider 19139, 19131, 19143, 19151, 19132, 19121 as potential buy and hold zip codes. 

Now if appreciation is your long term goal and you personally feel that there is room for property values in the area to grow even after discounting for inflation and can sustain the monthly expenses then go for it. 

I'd personally walk, but that's due to the fact that my strategy is cash flow and I base my decisions on the fundamentals rather than the speculative aspect of appreciation. 

@Account Closed prior to closing on my duplex in West Philadelphia I had done a lot of research because the home was zoned RSA5. I then checked the zoning archives and found documentation showing that it had been used as a duplex since 1949!

Long story short, while performing my due diligence I was snooping around landlord-tenant court files involving the previous owner who had run into the same issue as far as attempting to obtain 2 rental licenses. I will look it up again and advise you of the attorney's name on the docket. 

I can vouch for Philadelphia Contributionship as I have personally used them. They have very competitive rates as well. 

@Steve Babiak @Richard Fields I was always under the impression that this (60 mi radius residency requirement) was only the case when dealing with tenants who have PHA vouchers. 

I have found that it really depends on the information entered into the "subject" and "comparable" listings. Prior to updating the info of one of my investment properties on Zillow, the zestimate was off about $30k from the "as-is" Appraisal I received. 

About a month after updating the the bedroom make up and square footage of the home, the zestimate was about $500 off of the "as-is" Appraisal. Although it's still wrong it's much closer than when the home facts were based off of the assessors information. 

@Lorenzo Jackson it looks really good. Having grown up in the projects and section 8 housing, I'm all for providing tremendous value. 

Hey @George Voutsinos, check out PFCU (Philadelphia Federal Credit Union). They'll lend to LLC's (commercial terms) and will do up to 80% LTV on both single and multifamily homes.

Congratulations! The rehab came out really nice and for only $14k. It sounds like I need to get a hold of this contractor. Lol. I have a duplex in West Philadelphia and love seeing other people put in work around the city. 

@Christopher Phillips Yes, this I understand, but, in the case of delayed financing exception (done prior to 6 months) it appears that you can pull out no more than the initial investment plus applicable closing costs. That's where I'm attempting to seek clarification.