All Forum Posts by: Mike B.

Yes I require it as well (I invest in Philadelphia, PA).  As a side note, I use COZY.com to collect rent and they now offer tenants to purchase renters insurance directly through their site, which then streamlines things more.  I just did this with my latest rental (before I gave tenant option of comparing quotes and giving me a copy of final policy), but now I prefer the cozy.com way instead.. much easier to use and I can see their insurance certificate, etc online.  I notify all tenants applying, in advance, that renters insurance for 100K is a requirement for occupancy. 

This also helps deter some people just fishing around / wasting your time

For those following along, a couple of GREAT updates. 

As I noted earlier, Home was rented out starting end of July at $1600/month (no issues thus far). 

PGW came through and I spoke with them one day.. they're replacing ALL of the gas piping in my area.  In addition (per PGW guys), water dept is coming through to update sewers, etc next. THEN they are repaving the entire road and installing all new sidewalks throughout! WHAT A WIN for curb appeal. 

What could be better you ask?  My neighbor's called me to sell me their home OFF MARKET.  I had met and spoken with them while doing my current rehab and mentioned that I buy homes to rehab and rent etc. and I'm always looking for my next deal.  Had no idea they were thinking of selling and they called me out of the blue one day to offer it to me.  We have a verbal agreement.. getting AOS together this week to sign! Will post updates on that property in the future. 

Cheers!

from personal experience (friend's rehab)... bought a duplex where previous renters had 2 cats, basically marked up all the carpet.  Carpet was pulled and trashed.  Then subfloor had obvious staining of animal feces.  Subfloor was cleaned so no feces/urine was physically present.  

Then he used a paint roller, applied KILZ primer paint to subfloor areas (could even do the studs if you want since you have that open).  Then go back with OZONE as noted above.  That should help get rid of the smell.  The KILZ alone worked for my friend.  After a few days and airing out (windows open) cat smell (urine etc) was gone.  Then he put down new laminate and painted the whole place.  Smelled like a new home! 

I'm purchasing a philly row home that has an original metal bay window on the 2nd floor (similar to pictures below).  It's in ROUGH shape.. unsure if it can be saved, but I would like to attempt to save it and/or have it restored to it's original glory. 

Does anyone have a contractor to recommend that specifically does this restoration work? I have newer windows in there already. Just need the metal fixed up (read: large holes on bottom, etc) and painted to preserve it. Trying to forego doing new vinyl siding which would be $1500 (approximately).  Plus an original bay window looks awesome. 

pix below are of my past rehab where I was lucky and the original bay window just needed to be pressure washed and painted.  

Thanks in advance for recs.

@Alexander Brian Frederick - my bias (and favorite area to invest currently) is West Passyunk.  Close to lots of retail, walking distance to coffee shops, new breweries, also large big box stores (Home depot, pet smart, gym, etc) and close to I-76.  Easy access to center city (bus lines on 21/22nd run north/south) and the stadiums.  5 min car ride to the Upenn/Drexel area and about 15 mins to Phila airport.  Also most homes need some rehab, but can be purchased for 125-150K and depending on finish levels, rented up to 1600/month.  I speak from experience.. I own 2 and am purchasing a 3rd right now in that area. 

Thanks for clarifying @Nicholas Bailey!  As a suggestion, would also reach out to local utility company about separating meters.  Here in Philly, as long as you (the owner) get the gas lines installed for each unit (subdivided that is), they will come out and install the new meters for free (assuming zoning, etc is all appropriate). 

Good luck with everything!

@Nicholas Bailey - curious about the hot water heaters.  I assume you want tankless to save space??  If not, you could use an electric water heater since it doesn't require venting (although would require a 2 poll, 30amp breaker in your panel).  Price wise (I'm unfamiliar but did a quick search on Home Depot's website) it looks like you would spend about the same, if not slightly more with Tankless. Unsure what maintenance/reliability is on those though, so I cannot comment.  I did run into a venting situation with a flip and thus, I installed an electric hot water heater so I didn't have to deal with the venting issues. 

@Isaac B. - I honestly think it's silly to do a BRRR and NOT have any cashflow after the REFI period. The whole point of all of this (REI) is to make money. Why would you want to lose it? I can understand you want to recoup your investment by doing the cash out refi, however your goal should be to also cashflow after the Refi. I consider this with all my BRRRs and ONLY do a property if I'm going to make a some good cash (NET) each month.. else I pass on the deal.

Perhaps when doing your refis, leave some skin in the game, e.g. $10K, if it would yield you $200/month NET for example. If you did this for 10 homes, you would (in theory) make $2K/month in passive income.

I believe insurance companies would call it an 'act of god'.  However if the tree has been leaning and then neighbor (in writing) warned you of concerns of the tree I'm pretty sure that's on you. 

If it were me, since the tree is from my property.. I would take care of it immediately (pay for it myself). This also shows the neighbors you care about the neighborhood etc.