All Forum Posts by: Neel Patel

@Dalion Baskerville - you’ll also need a vehicle with commercial insurance and contractors insurance. Else they won’t issue the actual contractors license (I had looked into this before). The insurance limits required are on the L&I website

@Amit P.  @Steve Vaughan  @Mayer M.

The rate I locked in today is 5.0%, on an investment duplex, not owner-occupied, 30-year fixed, with 25% down.  New purchase not refi.  

Rate was 5.125% without any points, I opted to put $500 in for 5% even.  Seller is splitting closing costs with me 50/50 so they are actually helping pay some of my points : )

My contact:

Kelly Lewis- NMLS# 871080, Senior Loan Officer

Her email is Kelly at aimloan.com

Hi,

Had a few questions about different zoning restrictions in Philadelphia, would greatly appreciate any input. Firstly, the zoning RM1 or RSA5 both require a minimum lot width to be 15 feet & 1440 sf. Are these building requirements or simply requirements needed to switch the zoning to one of these categories. I find blocks of homes zoned in either RSA5 or RM1 that don’t have these measurements. 

Additionally, the zoning guide states “*A lot containing at least 1600 sq. ft. may be divided into lots with a minimum lot size of 800 sq. ft.” Why would anyone divide the lots this way if this would prohibit them from building on it due to the 1440sf requirement?

Lastly, regarding CMX2.5 “*Residential uses are prohibited along the ground floor frontage.” what is considered residential uses ? Can I build a fitness center for the exclusive use for the residents of that building ? Would that be a residential use ?

Many thanks, Nathan

@Neel Patel I’m active in the Philadelphia investing community and I’m working through a development project in Point Breeze now. Feel free to shoot me a message if you would like to connect and talk real eatate!

 Are you currently working with multifamily in philadelphia too? I also wanted to know how many expenses I could put on the tenants, like water, electric, etc.