All Forum Posts by: Mike B.

Thanks Ryan Detig

@Robin Boyer thanks!  I think you have to choose an avenue.. either flip to rent or flip to sell.  If you can't sell, you should be able to rent but make sure costs are covered and you're still making money at the end of the day (e.g. after cash out refi).  Another option you can take is flip to rent--> AND if the tenants really like your place, after a few months to a year, offer to do a private sale with them.  That way, you can do a 1031 exchange and avoid the cap gains.  

Deals can be found anywhere.. just need to get out there and start analyzing homes, areas, etc. Speak with wholesalers, network at local REIs, etc. After awhile, you'll meet enough people that you'll come across a good deal. 

@Dominic Punzo, as @Zachary Paul notes.. check the zoning.  RM1 would be great, but with RSA-5 you would/could apply for a change of use to a triplex (I'm unsure of legal requirements.. may need a lawyer to guide you down this path). Also you would have to (highly likely) go before your local RCO to appeal to the community about why you're converting a duplex to a triplex. With their approval (and support) that helps you then to go before the city board of zoning for approval of the conversion as well.  From what I've heard, if you have your local RCO's approval/support.. you're highly likely to get approved before the city zoning board for your request.  

Definitely your steps are: (1) confirm zoning for the building and (2) speak with/obtain a lawyer who has experience with zoning & U&O changes.  

Also.. I know from a code standpoint.. duplexes vs. triplexes are VERY different.  Triplexes for example.. need stand alone fire monitoring system (e.g. panel) and some of the newer builds, etc will require sprinkler systems to be installed, shared walls between units must all be fire rated (including all doors), emergency lighting required w/exit signs in hallways, etc etc.  Could be a lot of work/headache turning a duplex into a triplex unless it's a GREAT deal to purchase and rehab. 

Hi all,

Anyone heard of Bankers Financial Group??  I work in the healthcare industry full time and they've solicited me a few times via snail-mail with a pre-lim offer up to 250K.  I just contacted them to see what the real deal is.  Was wondering if anyone has dealt with or heard about them before?  

Found some reviews online of the company good and bad. One person noted they try and scam you with "simple interest" accruing daily (and at a very high rate) vs. compounded interest at the usual private lender rates. 

Thoughts on this?  I plan on utilizing the money for a flip

@Ryan Battista any new updates? 

Thanks @percy send them my contact info please. Let me know if you can't view it in my profile

Hi all,

Asking for a family friend.. Anyone have any recs for contractors to use to do vinyl siding and window capping in Bensalem or lower bucks county area of Pennsylvania?

Need the front and rear area of a 2 story row home done.

Thanks!

@Shantaviae Wynn - as stated above and to be clear.. PROCEED WITH CAUTION.  

As MaxT said.. RSA5 is usually single family, but can have a variance (I owned a duplex recently that was setup in this manner). 

Long story short, to be absolutely safe I would go to L&I to obtain the actual zoning records and certificate of occupancy.  Confirm via hard documentation (from zoning) that it is approved for USE as a 3 unit building.  Doesn't matter if it's RSA5, etc... if it's not "Approved" for use as a 3 unit building, you may run into trouble down the road.  And I wouldn't take someone's word for it over the phone.. get it in writing from the city. It's worth the fees (should run about $100 or so) for the paperwork. 

I have a friend who purchased a duplex 2 years ago.. after closing found out that RSA5 was not "approved" for use as a duplex in Passyunk Square neighborhood (no variance present).  He had to hire an attorney, go to zoning meetings, etc to obtain a variance to use as a duplex (he claimed by right since meters are separate for each unit). HOWEVER.. the local RCO didn't like the duplex idea and denied him.  Luckily he had a good attorney who fought with the city and eventually won the variance...but that was a good year long ordeal.  

Anyone have any recs for contractors to use to do vinyl siding and window capping in Bensalem or lower bucks county area of Pennsylvania? Need the front and rear area of a 2 story row home done. Thanks!

Derek Badgley as others have stated look in different neighborhoods. Amazing deals aren't the easiest to find of course as everyone would have them! But with some persistence you'll find a good deal. check out a recent update to my post below: @First Flip to rent finished! SUCCESS! on the BiggerPockets forums http://www.biggerpockets.com/forums/223/topics/408336-first-flip-to-rent-finished-success I just outlined how I found a property, did rehab with sweat equity and am in the process of cash out refi currently. Made $40K in appreciation. After refi, my PITI and expenses are $900/month. Cashflow of $300/month and I own the property outright with cash in hand to go do another one.