All Forum Posts by: Michael Enriquez

Hello all,

I'm narrowing down my search for a multi-family rental unit in Philadelphia and would like the input of fellow investors on their experiences with property management companies. With that said, as the thread title indicates. Who is your property manager and how would you rate them? And if applicable, who was your last property manager and why did the relationship end?

@Zachary Paul  thanks for you insight. The property in question was actually a short sale that only allowed inspections for informational purposes only. I wanted one done to determine my offer, however, the utilities were shut off and they were unwilling to turn them on (I even offered to pay for the costs associated with..). With that said, my search continues. Thanks!

I'd definitely shop around for those title services. Those are just their estimates. 

You mentioned the closing costs eating into your rehab budget. Wasn't the purpose of getting a 203k loan to have the lender fund the rehab?

@Wesley Allen in regards to using an FHA loan for a condo, keep in mind that FHA will only lend within anFHA approved condominium project.

Touching on seller financing...the old adage goes, "the answer will always be no unless you ask". Don't be afraid to ask sellers or their respective agents if they own the property free and clear and would be willing to carry a note. Another way to find owners that own properties free and clear would be by using a list broker (listsource etc...) to compile a list of owners with 100% equity in a targeted zip code and reaching out to them via direct mail or you can be brave and knock on their door. Lol. 

Hello All! 

Can you guys kindly refer a trust worthy home inspector that can come out to work on relatively short notice? I'll be in Philly on Tuesday and would like a home inspected prior to putting in an offer. Thanks!

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Hey, I couldn't make the July meeting so I'd like to know when the August meeting will take place?

@Steve Bracero Yes! Brandon Turner outlined it very clearly in his book on investing in rental properties. We can avoid the 2am calls by treating the management aspect as a business. This means setting up systems and rules.