All Forum Posts by: Mike B.

@Charles Prem - I’ll PM you someone

@Dave Bass sure

@Matthew Tang - 6 foot bed I've found to work great for my needs.  Other guys will say at least an 8foot long bed which I agree can be useful at times.  For me, parking in the city can be an issue and I rarely pickup things where an 8' bed would be required.  Just my thoughts.

@Steve Johnson yes I would. If you wanted to you could calculate your cost to recoup that extra amount. Rates are rising though so getting lowest rate possible is key especially if this is a long term buy and hold

Are you paying utilites??  If so, why aren't the tenants? Or perhaps if there's a basement with no Laundry, add a coin-op machine? Or are there other value-add things you could do, in order to increase the rent?

I would also ask your home owners insurance company if they have any preference.  Mine (liberty mutual) advised me on the minimums and I passed that along to tenants to obtain and they must provide proof of insurance prior to move in 

Well it wouldn't be a renovation without running into more issues.  When we finally cleaned up some trash/debris and my hardwood floor guy (who I've used a lot and is excellent) closely looked at the floor, he determined it was FUBARd and recommended laying a new one.  Instead of wood (which would have easily been $6K installed, I opted for Water-resistant 12mm Laminate which luckily I found on sale, and in stock near by, so that is going in soon (see pix for details).  So schedule is pushed back 2 weeks also thanks to the holidays, but it is what it is.  Stucco is getting finished off this weekend in rear of house.  Kitchen cabinets are in (and appliances, not pictured). Countertop arrives next week as well.  Will post more updates when I get a chance; likely in the new year. 

Front got pressure washed; need to patch holes and paint the bay window

Kitchen cabinets going in (lighting isn't the best, so yes the colors look off)

New Flooring I purchased (picture from Lumber Liquidators website; just to give you an idea of the look.. Icelandic Oak, 12mm Water resistant Laminate). 

West Passyunk!  Homes can be bought for $115-145 range depending on size.  Lots of 3 bed/1 baths (some are larger with a 4/2 and usable basement).  ARVs are in the $250K range depending on size, finishes etc. Lots of commercial in the area with easy access to highways, PHL airport, and Center City vs. main bus routes heading North/South.

yes, always written agreements - NEVER just verbal. Verbal is a nice initial, "yes I'll lend to you" but you definitely want all details of the loan in a legal document, signed and notarized by both parties.

@Kyle Howard sometimes I did. I usually needed it for repairs/rehab though so it was always the same deal. Plus I work in a high paying medical field (W2 income) and could easily pay back loan within 12 months through a variety of other methods.