All Forum Posts by: Michael Enriquez

I will PM you. 

Hi @Anne N. as mentioned before house hacking is still a viable solution in The Bronx. Not all co-ops are cost prohibitive to rent out. Let's connect. I know of a complex in a decent area of Yonkers if you're interested. 

@Ross Woods Congratulations and welcome! Keep your eye out in the New York forum for an up and coming mastermind meeting hosted by @Ceasar Rosas.  There's a lot of positive energy in the room that will surely motivate you even further!

@Justin Rodriguez as mentioned before it totally depends on your goals.  I recently got licensed because I wanted to be in the trenches and truly learn the market (and make a little money) as my long term goal is to eventually buy and hold a multifamily property in NY, even though I'm starting with a small duplex in Philadelphia.  As @Sid Leibowitz mentioned it's a great way to get an inexpensive education.  If you search on Groupon you can take the online course for as little as $99 from a school that is recognized by NY's department of state.

Give Firstrust bank a look. I know they offer commercial loan products as well. Typically with a 5 year fixed rate, adjustable thereafter.  

Are you shopping for cash value or replacement cost?

This is such a grey area and everyone I ask says, "oh, don't worry about it. This is Philly" which is kind of nerve racking. For this reason I've only been looking at multifamilies with RM1 zoning. 

Below I've included a link to the Philadelphia Zoning Quick Reference Guide:

http://www.phila.gov/CityPlanning/projectreviews/P...

In the CMX section you'll see the minimum square footage requirements that are needed to make a unit legal. However, they all have the first floor of the property as commercial. As for the rental license, I've looked up several Landlord-Tenant case dockets in the municipal courts and all you do is sign an affidavit of how many units you're renting so I've seen properties with the aforementioned zoning having been issued licenses for each unit. Also, if you are looking to finance the property it can't be done with Fannie Mae/Freddie Mac conventional terms. Regardless of its use, you'd have to finance under commercial terms. 

If you want to dig deeper, you can also look up all archived documents that pertain to zoning to see if a certain use has been approved or not here:

http://www.phila.gov/zoningarchive/

Not to hijack the thread, but, @Clay Smith would you mind sharing some info in regards to that 8 unit package?were the initial financing terms favorable? If you'd have to refinance due to it being an ARM how would you go abou? Additionally, any tips or educational resources that we may refer to, to better understand the subject of commercial financing?

@Madeline Burke I'd be open to it as well had my target market been in fairly close proximity (30 minutes or less).  Philadelphia is about 2 hours away from where I live so it would prove to be best to have actual boots on the ground. 

@Nathan J. Thanks! If it's not too invasive if a question, what area of Philly do you have your rental property?