All Forum Posts by: Ravi Patel

I am looking to find a good GC to build a partnership with in Norristown, PA. I have a couple properties there and looking to scale up in the next 12 months (buy 3-4 more). Just need someone who can complete work as it comes up. Sometimes its rehabs, sometimes itll be small fixes. Please contact me. 

Also looking for someone looking to make some money on side that can do lease signings, and showings for vacant units. I will pay a certain % per month + pay fixed $ for each unit rented. I think it can be a good win-win. 

Steve,

We aren't doing a balloon payment with interest. We are going to pay him monthly installments principal + interest. Also we spoke to him about it, and he is fine with it because it also helps him from tax situation and helps us from financing situation because allows us to scale out. Also we are getting 25% owner financing, not 100%.

But appreciate it will reach out to our title company and ask about the NWMLS PSA addendums

Yes. I spoke to the bank. They only need to see that we have the down payment money in the bank which we do. They don't care whether we use it to pay down payment or not. 

I am just curious on any lawyer recommendations who has done this before to kind of get all sides of this deal.

Hey all. So my partner and I just negotiated on a 6 unit property with the bank providing 75% and then the seller providing 25% (5% @ 4 years). The numbers make sense in terms of monthly net income to seller / bank payments. We won't make much (if anything) every month, but it's our way of building equity without putting any money down. We have other properties (generate great cash flow) which will help if we fall short because vacancy is more than 5%.

However I wanted to know if this seller (old man in his mid 80s) can provide seller financing ? I think since this is his one and only property he can do it without any checks or licensing. 

Second thing was does anyone know any good priced Lawyers in the Philadelphia/NJ area that has experience in seller financing?

I appreciate everyones help. Thank you!

thanks guy. Probably won't through with it without the permits. Just have to find out about that yard rule if there is a min. length. 

Hey all,

Apologies if this is the wrong forum section to ask this. Did not really see where else it could go. 

So I have a great home in Fishtown, Philadelphia, PA area. It's a 2 bed 1 bath. It's a bit small at 700 sq ft. We are thinking about extending our home into the backyard region. We have a 10x10 backyard, and were thinking leave about 3-4 ft in the back for just putting HVAC system and such. Our contractor (who is licensed) said he can definitely extend it. However, he said getting permits for in Philadelphia would be like 2 months. I wanted to see if anyone has ever had experience of doing something without permits ? He is strongly advocating that we just not get the permit and extend it. However, I am worried that when we try to sell the place we may run into trouble. 

We are planning on making the master bedroom upstairs bigger and include a master bath, along with extending the other smaller room upstairs. Then we will build a 10x10 room downstairs as well so turn it into a 3bed, 2bath place and add about 250 sq ft of space total. 

All comments appreciated. Our realtor said he does things by the books, and is against not getting permits. Contractor said he can get it done in 3 weeks if we don't get permits.

i use an iphone + headphones. Most eps are fine, but then there are few that were low. 

Maybe I will research better podcast apps. Thanks everyone

Hey. Not sure if its me only or others as well. But whenever I listen to this podcast, the volume is quite low. Even at full on my phone, I can barely hear anything. Any tips on increasing volume ?

Scott,

Thanks a lot. This does help a lot. I know about the transfer fee, but wasn't sure on the tax part. Will have to look into it. We were thinking on getting first property under our names then transfer after 2/3 months to LLC so we can keep that 30 yr conventional loan option.

Going to see the difference in terms and interest in both options. If it's a half percent or something, it may be better to be protected under the LLC especially since we are renting it out.

Appreciate everyone's response!

Thank you for the help. 

What would be your opinion on if you were in this place ? Just trying to get a feel.