All Forum Posts by: Mike B.

@Craig Hansen - speaking from personal experience.. the spray foam is worth it if you plan to hold onto the place for rental purposes for awhile.  You can calculate your break even point.  For me, I was in an owner-occupied duplex and I spray foamed our unit and put in a 95% efficient Gas forced hot air unit (and central AC).  Totally worth it.  It's a 2/1, approx. 1200 sq ft and in the worst of winters (Philadelphia) bills (gas and electric) never went above $150 total.  Gas charges were around $75/month on average.  It is also a selling/rental point as when I advertised (and my downstairs rental which has great insulation) tenants loved knowing utility bills were low.  Thus, could justify getting a little extra rent.

From a time perspective.. a good company should be able to spray foam your whole place and clean up the scrap, etc.. ready for you to drywall in 2 days or less. Unsure if you're on a time crunch, but I also found that very helpful during renovations.

Igor Messano I've used Everest mortgage. Ask for Amy Dolan. She's great to work with. They're off of 15/South

John Barr I think it varies. Based on your example which is same for me (I buy, renovate everything and rent) if you have mostly newer stuff that shouldn't break I use a much lower capEX. If I had a property that I know will need a new roof etc in the next 1-3 years I save more. It's definitely situational I think your goal of $150 may be a little too high. Maybe only save $100/month? You know your place better. I just completed a renovation and replaced everything (roof, appliances, HVAC) except the water heater so my cap ex is about $100/month as I know it'll need replacement in 1-3 years. Hope this helps.

Adam Beckstetdt you can buy HD camera systems online now a days for about $500 for a 4 camera system with 1-2TB hard drive. Easy to install. Would recommend if you put up cameras also put up signs notifying people audio/video recording in use.

Thanks @Steve Babiak.. was hoping you would chime in on this. Appreciate the assistance! 

@Account Closed yes I purchased a SFH at auction several months ago (just finished rehab and rented out). I found the home on Hubzu.com (home was 20 mins away from me) and since it was a REO, unoccupied, I was able to see the home with my realtor before bidding on it. Please note that some are "sight unseen / no entry".

Overall was a good experience w/Hubzu (search the BP forums for more info on this site and others like Auction or Xome.com), was able to close in 25 days (I paid all cash).  There's suspicion (and I agree) that some auctions are auto bid-up by the website or another person to generate more money.  

When I purchased several months ago, I had to pay flat closing costs/fees.. about $3K to Hubzu (no other realtors used so that was my only 'closing cost' besides transfer tax).  Now though, I've noticed they're collecting more money (e.g. 4% of purchase) vs. a flat fee (which is what I was charged) so make sure you check out all the fees for closing, etc. 

I think you can find good deals at auctions but you really need to:  

(1) Know your market and what a good price really is ( as well as rehab, est ARV, etc)

(2) Be aware of ALL fees/terms up front before bidding (don't buy something and then pay a hefty fee to close)

(3) Have patience.. may take awhile to find a truly good deal

Hope this helps; good luck

@Matt Burns agree with Joe White.  I used to look at this area a lot (and still do sometimes for deals).  The area between 4th-8th street can be a little 'block to block' as to say, but 9th to broad (snyder to oregon) you're good.  Of course the closer you are to public transit routes or restaurants/bars is a big sale.  Whitman plaza area (eg...  2nd/Oregon) is also pretty stable. 

Thanks @Irfan Raza and @Joe White

I have turnkey properties that require minimal (if any) maintenance though, so if possible would like to continue managing them (avoiding other fees/costs whenever possible). I wonder also if I could just get a PO BOX in the city instead?

Nicole do a google search, lots come up.. or the yellow letters website, etc.  Then refine it to the property you're interested in, etc. 

Hi all,

**Question for investors who live OUTSIDE Phila city limits.  

I currently have rental properties in the city of Philadelphia, where I currently live.  I'm looking to move out of the city this year, but still keep my rental properties.  I found online via city of Phila website (unsure if this is old info) that as an owner/property manager of rental properties in Phila.. you need to live in the city OR have an agent representative in city limits to represent you.  Anyone ever hear about this?  

For those who have rental properties within city limits (Philadelphia), but you live OUTSIDE the city limits, do you self manage?  Any issues (or other thoughts) I need to be aware of as an investment owner (and property manager) in this future scenario? 

Thanks in advance!