All Forum Posts by: Russell Volk

Hello everyone,

I have about $200K that I can invest.  Looking in and around the Naples area.  The goal is to rent out the place and also be able to use it for myself and my family maybe 5-6 times per year.  And, if I can make money, that would be a bonus.

What type of property is best to focus on?  Townhome, condo, single, etc.?  Which area of Naples is best to focus on?  Closer to the beach?  Maybe on the other side of 75?  I know some communities don't allow short term rentals, so if you can recommend some subdivisions that allow at least a 7 day rental, I would appreciate that.

Just looking for the best possible way to spend that money and still be able to enjoy the vacation home myself.  And of course I want to break even or better.

TIA

Thank you all for your feedback.  I tried contacting the inspector on multiple occasions, but he's not returning my calls.  Why would he, right?  There's a huge cost factor between insulating just the basements walls vs insulating all 3 floors.

Hello everyone,

I wasn't sure where to post this, but here's my situation.  I'm currently in the process of rehabbing a house in Philly.  It's an interior unit row home with basement, 1st floor and 2nd floor.  Got all my permits.  Inspector from L&I came out and said that the front and back walls need to be insulated.  So I noted that and after he left, I realized that in the basement, I will be taking down the interior drywall, but one the 1st and 2nd floors, drywall will be placed on top of the existing drywall.

After the inspector left, I tried calling him, but I can't get in touch with him, so I thought I would ask someone here.  I have 2 questions:

1. Since I will be removing existing drywall in the basement, I'm sure I have to insulate the walls before I put new drywall down.  But what about 1st and 2nd floors?  I'm not removing the existing drywall.   Should I still insulate them?

2. Inspector told me that whomever does the insulation, they need to provide a certificate that it was properly done.  I know I can rent a machine that blows insulation from Home Depot.  Obviously, there will be no certificate if I do it myself.  Do I have to hire a company to insulate the walls?  Can I do it myself?

Those of you with experience, please point me in the right direction.  Dealing with L&I in Philly is an absolute nightmare.

Thanks in advance.

Hey guys,

I'm new to all this, but can someone explain what is the step-by-step process of buying a house at a Philly sheriff's auction? I know there's a list of homes on their website. Let's say I'm interested in 20 of those properties. I drive by each house and I like them all. I do my comps and I know what their ARV should be, so I know how much I need to buy it for. Let's say I bid on a house and I win. What's next? What's the first step? What's the second step?

How do you get the title done?  I was told that not every title company will do this?

Can you please provide me with a step-by-step guide on how to buy and close on a house bought at a Philadelphia Sheriff's Auction?

Thanks in advance.

Thanks for the tip Sable.

Thanks guys.  I appreciate your feedback.

I guess I have another question.  Besides joining a local real estate club, is there a way to find a list of local wholesalers?  Basically, I want to contact all local wholesalers, tell them what I'm looking for and have them contact me when something becomes available.

Is that possible?

What are some of the most popular websites where wholesalers advertise their listings?  I know some people use craigslist.  But are there any other good websites to visit to see what's out there?

Thanks

Thanks John.  I'll review that post and browse for more discussions.

Hello everyone,

I'm new to all this, so I apologize if my question(s) sound silly, but if I find a house from a wholesaler, what are the steps to close it?  Like Denzel Washington said in movie "Philadelphia", "explain to me like I'm a 3 year old".

Please outline the steps it takes to go from A to Z.

Thanks in advance

I was in Northern Liberties area a few weeks ago and that area is being completely redeveloped.  New construction all over the place and not just one house at a time.  I'm talking about blocks and blocks of houses.  I haven't been to that area in over 5 years and I couldn't recognize it.

Also, I was in South Philly couple of days ago and saw lots of rehabs around Geno's/Pat's Steaks area.