All Forum Posts by: Phil C.

very interesting but unfortunate situation. I can't but feel suspect about the actions of the seller. I feel like he set this up to get our off a bad situation for himself.  Please let us know how it turns out

that's not a terrible list, id say most of those items can be done in a day.

This is a great thread.  Thanks Sean&

Brandon - How did you deal with the duplex that had a sandwich shop in it?  Did you have to close down and reconvert?

Thanks Ned & Joe.  That's a little more reassuring.   I know CO issues in NYC can be a nightmare, i.e. a neighbor I knew bought a house without C&O, it has taken 2 yrs and counting and still have not gotten it yet and have not been able to move in. 

I'm looking in Pennsylvania so I hope it's a little faster/easier to obtain.   Cheers. 

There are a few foreclosures I've been eyeing, however, very clearly states that buyer is responsible for any certifications, including Use & Occupancy, Certificate of Occupancy's, permits etc or anything else.   

I find myself very eager to just pull the trigger because of the price, but I'm sure there's a lot more than meets the eye and as a newb investor, it can be an fast way to exit the RE game. Any advice from the experienced folk?

Question is, if the house is even 50% off market value and looks cosmetically ready to rent out, would you go for it?  

my goal is to buy right units to match my salary so, I can focus on this full time.I'm ok driving down every week to manage the properties if I have too, its better than commuting to a job you hate working for people you despise. =)

Great advice guys! Troy, I'm looking in the so so areas of Philly like Germantown Oxford Frankford and trying to avoid north Philly and west Philly.  They are with in my budget and provides the a good enough roi despite being aware of the additional potential headaches included in lower income areas.  

Can you give me the name of your eviction service provider?  I don't want to kick any tenants out but definitely a great thing to have in my back pocket just in case.  Thank you again!

Also, any one have experience with evictions and or obtaining the Philadelphia business transaction license requirement?

Hi All, 

After researching and biggerpocketing for about 6 months I'm closer than ever to taking my first step.  I have a list of several houses I found on RedFin and have an agent lined up to show me this weekend.  Despite being very early in the process, I'm still very excited and nervous.

My business model is Buy/Hold 3-5 Unit Homes in the $75-150k range.  My ultimate goal is to have at least a portfolio of 10-15 MFH in 5 yrs and 25 in 10 yrs. 

My current top choice is a 5 Unit for $140k.  It's been on the market for over 6 months, so I plan to come in low at $95k.   I plan to do about $5-10k in renovations to attract some good tenants and maybe get a premium on the rent. 

Annual Rent Income         +$34k (~$600 each)
Annual Expenses             -$12k

   - Taxes, Ins., Mtce - $8k
   - Vacancy 10% - $4k
Annual Cash Flow             +$22k

Based on my numbers, it passes the 2% rule, but please let me know if I've missed a glaring costly item.  One of the units is for a commercial business, don't think that changes anything, but I could be wrong.  I believe Philly requires a business license for all landlords....is this true?

ALSO - are there a list of specific questions that I must ask or should ask the agent?

Any advice will be greatly appreciated! 

Thanks so much - I will post my progress. 

Cheers, 
Phil