All Forum Posts by: Reda Akbil

point breeze and grays ferry ( south philly).

i live and invest in Philly and 100% agree with @Darren Sager.

Lots of potential in Philly.

possibly. A bit too south but i would consider it.

Lockbox?

2672051369

why get 20% conventional? Get conventional 5% down as "primary residence" (  you don't have to move in ) for the first one or use fha if you haven't. I'm pretty sure you can rent it (if 5% conventional) and apply for another loan as primary for 5% down again.

The process may be longer than if you get conventinal loan with 20% down but you are spending less money in down payment.

I'm thinking of the doing the same.

Hi John,

Welcome to BP. I also invest in Philly and only startwd few months ago and now own 3 properties with a partner that we have renovated and rented for passive income. I plan on growing this business as fast as i can.

Glad to connect and help each other.

Reda

Hi All, Have an investment property under contract. It is a great deal. However the original owner is still living there but he does not own the property at all. The property is under a trustee (ex wife and kids), the ex wife is selling it. Before paying for it i stopped by to talk to him but he is not willing to negotiate or talk it out since he has a sentimental attachment to it (he has been living there for years), he keeps insisting that the ex wife can't sell it without the kids signing on it but i know it is not true. He keeps saying he has a lawyer working on it and that if he ever has to leave he will burn it first (i don't care since i can get insurance on it)... I already know that this will be a big headache and will require $ to get him out legally which is ok with me. However squatters in Philadelphia have rights and he may be allowed to live there for 6months to a year for free but im mostly scared of him coming after me personally as i'm renovating another house 2 blocks away from me. Should I keep pursuing this deal (if i don't, someone else will) or not worth the headache? Although the deal is too good to let it go. Not sure if any of you have dealt with something like this before? You opinion and advice is appreciated. Thank you.

I'm also a local Philly investor, mainly in south Philly. My partner and I buy, rehab and rent or flip. We also own a construction company and have done big and small rehabs for others. Good luck and feel free to reach out if have questions or need any type of help.

Hi Ethan, Welcome to BP. I'm also a local Philly investor, mainly in south Philly. My partner and I buy, rehab and rent or flip. We also own a construction company and have done big and small rehabs for others. Good luck and feel free to reach out if have questions or need any type of help.

Welcome to BP. I'm also a local Philly investor, mainly in south Philly. My partner and I buy, rehab and rent or flip. We also own a construction company and have done big and small rehabs for others. Good luck and feel free to reach out if have questions or need any type of help.

will be puting 20% down on a 200k house but it is appraised at 270k. How can I get equity out of the extra 70k? second mortgage? is it easy to do?

Thank you Very Much,

Reda