All Forum Posts by: Robert Palladino

@Paul Lund, Thank you, that is very valuable insight. I should add that I have the option to fix the rate of my HELOC, in which it would act as a 20 year amortized loan. It would be a high interest, but at least keep me safe if the market were to suddenly drop out before I got a chance to refinance into a conventional mortgage. I can switch from variable to fixed at any time. I do plan to refinance as soon as possible, and pay off the HELOC. The thought is that I can make cash offers without actually having any cash.

The current interest rates on my HELOC are 5% variable or 6.125% fixed. Since the HELOC is a short-term play, I was thinking of keeping it on the variable rate, and keep close watch of the prime rate & the Federal Funds Rate to have an idea if the interest rate is set to increase.

I'd like to know your thoughts.

@Justin K. & @Corby Goade, what you said is basically what I'm thinking.  

Regards,

Rob

Hey @Jimmy O'Connor, thank s a lot for the feedback, much appreciated. I am in agreement on a property on E. Birch Street, between Frankford Ave & Kensington Ave. It's in eye-shot of Jasper Lofts (fortunate), and also the new Project Home building (not so awesome.... maybe). I get mixed opinions on being so close to the Project Home site. I personally don't think it will have a negative affect. 

Has anyone purchased property using a home equity line of credit, HELOC? I curious to hear your experiences, good & bad.

@Matthew Tierney,

Thanks a lot, that's extremely helpful

@Matthew Tierney, Can you share some of your experience with section 8 in that area? Did you have a hard time finding a good tenant(s). Did you receive many applications?

 Oh wow, that's good to know. I was thinking it would be a little more than that with Section 8. I was really just basing my assumtions off of of this: 

http://www.pha.phila.gov/media/178215/payment_standards.pdf

@John L Desimone, thank you. That is very helpful. In an area such as kensington, a few blocks north of Lehigh, between Frankford & Kensington Ave, do you see the possibility for market-rate tenants yet? I think that area has a lot of growth ahead of it, but right now, I assume my best option is section 8. What are your thoughts?

Does anyone here have experience to share with Section 8 rentals in Philadelphia? I am looking to purchase a 3-bedroom in the Kensington section of the city (north of Lehigh). any advice or experience (good or bad) would be greatly appreciated.

Thanks,

Rob

They will not accelerate applications for existing single-family & duplex buildings, but they will allow you to accelerate existing commercial buildings or residential of 3 or more units. It's been this way for a while. I just accelerated an existing multifamily building permit application this week, and had no issues. 

In an RM-1 district, you should be able to pull a use-only zoning permit without plans to secure your use. Any additions proposed on the building will require a zoning plan, and construction drawings. Hope this helps. 

-Rob-

 Art,

Would you mind sharing with me where you found that map? Thanks a lot!

-Rob-