All Forum Posts by: Vi Tran

Hi everyone

I have been looking around and I can't find anything related to this topic. Maybe is because I'm using my iPhone to search lol.

A group of young professional and I want to startup a equity fund to start buying, flipping, & renting real estate. Do I need to start an LLC for that? I'm also want to know what are the difference method I can you to pay out the investors?

Is there an books you guy can recommend

Thanks

Vi

My basement is above ground level. It can be us as a store front and add in as extra bedroom

How much do you trust zillow and eppraisal?

Eppraisal said it's worth $354k (range $300k to $407k)
Zillow said its worth $225 (range $146K to $282k)

Zillow only have it listed with 4 bd and 3 br

Btw thanks everyone for the replies

i am already putting in $40K to renovation. Plus i am increasing my rental income by $900. I already have a tentant line up. So you don't think an house with rental income of $3400 to $3500 can get it appraised at $350K? I am having a rental income of $2000 right now =)

with the new rental income, how much my house can appraise for?

Triplex appraised for $295K back in 5/2010
1 unit - 1 Bd, 1 Br, living room, kitch (living - but can rent for $650 -$725)
2 unit - 1 Bd, 1 Br, living room, kitch ($650 per month)
3 unit - 3 Bd, 1 Br, living room, kitch ($1,300 per month)

Now I am adding more spaces with my ground level basement to connect with the 2nd unit. This will be complete by 3/2012. The new set up will be:
1 unit - 1 Bd, 1 Br, living room, & kitch (living but can rent for $600 -$725)
2 unit - 4 Bd, 2 Br, living room, kitch, & a wet bar (est $1500 per month)
3 unit - 3 Bd, 1 Br, living room, & kitch ($1,300 per month)
Cost: $40K

My property is unique, so you can really find any similar home in the 19082 zip code. There is currently triplex on sales around my area for $265K but is much smaller.

Do you guy think I have a chance to get this to appraise around $350K? Do you guy think the value of home depriecated so much that it going to hurt my chance? I want to withdraw the equity so I can use this to purchase another property.

I don't really want to go thru the township as i am doing the work myself. In addition, i might get re-assessed and that my increase my taxes.
I want to keep it as a triplex. My appraiser actually told me to add a living and connect it thru the back unit. I am only adding a cooktop to go along with my wet bar. If i just have a bar, 2 bedrooms, a living room, and an extra bath room then it still be consider an triplex. B/c i only have 3 kitchens??

any advise will be greatly appreicated.

Hi everyone... is only take a year.. but i am finally doing this. quick question, i have an FHA loan right now. If my current property become an Quad, how will this effect me. Should i not tell them to put an full kitchen? Maybe make a wet bar?

Hi Everyone,

I have a general question. I was browing thru my township website and notice 3 properties are own by the same person and he did not pay his tax since 2007. All 3 of these properties are commerical. How long will it take before the township take his properties to a sheriff sales?

I am interested in acquiring these properties.

Thanks,

VI

I own a triplex right on West Chester Pike in Upper Darby, PA (2 units on the first floor and 1 unit on the second floor)

The basement is ground level. Should I renovate and put 2 additional bedrooms in the basement. If I turn the basement into other apartment units, do I need to get a U&O.? What if I am the one who live in the basement? I really don’t want to deal with the township again.

Also how much value will it add to the property if I can put an extra bathroom and kitchen? Is it even worth it to spend $25K in renovation if I can only collect like $500 in rental? Can anyone get me some comps for triplex in the Upper Darby area? I will give you the direct address if you email me.

Big thanks

Vi