All Forum Posts by: Mike B.

@Timm DeSalis I have mixed thoughts about the casino on packer Ave. While I think an entertainment avenue of some kind is great, my concern with the casino is we already have sugarhouse just a little bit to the north as well as Parx in Bensalem. And then of course you are about 45 minutes from Atlantic City as well. I feel like we have enough casinos but we could use a general entertainment complex that we all could benefit from. Something that has movie theater, bowling/mini golf etc. something for family and people of all ages to enjoy.

Did anyone else see this on OCF website recently?  

http://www.ocfrealty.com/naked-philly/girard-estates/fresh-renderings-upcoming-south-quarter-crossing-renovation

Big news for West Passyunk / Girard Esates area!!  Hope you guys have been buying up rentals in this neighborhood.. I've been talking about it for a bit!  

Close to shopping, highway access, & short drive to 30th ST station, center city, and stadiums.  Prime location! 

What are your thoughts?

Yes I did this previously while at a prior job (had a bigger 403B to borrow from) and it worked to do BRRRR then after the refinance is done just pay back the loan. Verify the loan terms as well as payback, etc and if any penalties can be incurred. Something to consider is if you leave your job they usually want full payment remitted within 30 days (plus interest) so just make sure you know all the terms of the borrowing agreement.

Black Friday.. get to Home Depot/Lowes and buy the $35 faucet set specials.  Save them in your garage and when they break, you can easily replace.  

TO be safe for our 'property line' we had a fence installed approx 1 foot INSIDE on our property line.  That way it could never be disputed that we installed the fence on the neighbor's property line (which was marked by a licensed surveyor)

As noted above.  @James Brunetto, jr would also look at facebook groups in your area (or the house area) to see what other homeowners are doing or whom they recommend for quality work.  Else if you're on a budget, search out a local handyman and you buy and deliver materials to control costs. 

@Jarrod Covey ,from what my HVAC guys tell me (i've renovated/flipped several homes in NE PA) the heat pumps are fine in the moderate cold to warmer climates so your area should be fine.  If you already have natural gas (NG) piped to the home then just replace the current system. If not, then go the electric route. Yes, you're correct about "cost of electricity vs cost of gas".  Also.. what are most homes in your area selling with?  If they're all NG.. I would go that route to ensure you have an easier time selling (you don't want to be the only one on the block with electric if everyone has NG is what I mean). 

@Jarrod Covey

Either way.. the city is getting their money.  At closing, any liens/back taxes/etc owed are paid to the people who are owed.  So let's say you're buying the property for $100K, but the current owner owes back taxes ($37,500) and for example, money to the Water Dept (owed $1500) and PGW (owed $1500).  Then at closing your $100K payment is made, but the title company pays out appropriately the taxes to City of Phila along with money owed to Water and PGW.  Whatever is leftover goes to the seller.  I've heard of closings where tens of thousands went back to the city, water, etc dept and the seller only walks away with $5K.  There's no way to skirt around it and also you don't want to either because if you do and you're the "new" property owner.. they'll come after you (e.g. collections agent). 

No, that price is average. The online "quote" is garbage.  I've known a few people who had to do this and in the poconos (cheaper labor costs) it runs about $15-20K for full replacement (remove old, add new system, plumbing, permits, use of heavy equipment, etc).  I would NOT buy a property with a septic unless you're getting a hell of a deal.  They can be really problematic.  Oh and also check if you install a NEW septic.. is that ABOVE or BELOW ground?  In the hay day, you could install a septic system below ground but most places now only allow installation of a septic system ABOVE ground.. thus you have a large grassy mound in front or rear of the property (quite unsightly). 

I went through this with 2 SFHs within a block of each other.  My lender gave me a $100 credit but that's all they could do since you still have under writing costs, separate appraisals (and reports) etc etc.  I even sked other lenders to be sure.. no dice.  You CAN save if you shop around for title etc and find a cheaper company to utilize.  But no, you can't save thousands