All Forum Posts by: Ryan D.

I'm not a CPA but yes the taxation is similar. The main difference is cost. Annual dues for an LLC in PA is one of the lowest in the nation at $70 every 10 years. Annual dues for an LLC in NJ is $75/year. Both cost $125 upfront. 

@Irfan Raza and I were looking a couple of months ago to find someone who had their property redeemed via the right of redemption period. Can you talk more about what the experience was like? Did you receive your full investment back + 10%? Was the property occupied when you purchased it? Cash for keys situation pop up prior to the redemption? Any insights you can share would be great. 

I'm looking at taking the leap over the Ben Franklin bridge and adding a bit of speculation to my portfolio by buying in Camden, NJ. I was hoping to find someone here who has gone through the zoning variance process before as the property I'm looking to buy is currently set up as an illegal duplex (located in R-3 residential zoning where two-family is permitted but not by right). It's on a block where 25-40% of the properties are two-family, the rest single-family and are all virtually the same sqft. The city's planning department tells me I'll have to submit this form then it's up to the zoning officer if I'll be approved (they don't seem to have a clue what the zoning officer's requirements for approval are) or if I'll need to solicit neighbors within 200ft of the property to then go in front of the zoning board.

My question is does Camden automatically deny all variance requests like Philadelphia does? Has anyone had any success in obtaining variance in Camden by simply completing the zoning application without soliciting neighbors for variance approval? Thanks, BP fam!

I've tried it before with an old property that somehow slipped through the cracks with my family. I did it mostly to learn the process from the property owner side of things as I've bid on a handful of tax foreclosures at the auction. It was my great grandfather's vacant half-lot in Oxford Circle that was sold 12 months before I found it via PhilaDox online when I was researching my family's history in Philadelphia. How it was still in his name after he passed 75 years ago is a mystery to me. I submitted the DART form then called the office at least 7 or 8 times and never heard anything back from them. I was outside the right of redemption but still wanted to see how impossible it would be to get the city to do anything. As expected, nothing happened and I never heard from anyone in the office.

You can definitely get the job done for 50k total but it'll be difficult to do that with hiring a GC who handles the entire project from start to finish unless they are freshly licensed and just getting started. If I was trying to finish 850sqft for under 50k I'd try to find some cheap labor to do the handyman work like finishing demo, leveling floors and framing then have multiple subs bid for mechanicals (HVAC, electrical, plumbing). Same with drywall and finishes. You don't need to do any work yourself but putting in the time to have competing bids from subs and hiring your own cheap labor is going to see you paying $55-$75/sqft compared to $100+ /sqft to have a GC get everything done for you. 

What is the sqft of the property and are you doing any work yourself?

Right of redemption varies. If its a mortgage foreclosure, there is no right of redemption period. If it is an *owner-occupied* tax foreclosure you have to wait at least 9 months before receiving sheriff's deed and if you make any repairs during that time they must be structural or else you have no chance of recapturing the cost of repairs should a homeowner redeem the property for the purchase price plus 10% within 9 months of auction. 

https://www.officeofphiladelphiasheriff.com/en/real-estate/how-sheriffs-sales-work/overview-of-the-sheriff-sale-process

Elaine, 

This is the usual New Western Acquisitions pitch, I wouldn't waste your time with them unless you enjoy the 1980s used car salesman approach to buying an investment property via their "agents".

 Here's some O zone articles & maps. 

Opportunity Zones explained: https://eig.org/news/opportunity-zones-map-comes-focus

Search for city in top right: http://dced.maps.arcgis.com/home/webmap/viewer.html?webmap=b0bd4d703ddc498fb0a993a00d77ed4c

PA Federal O Zones: https://esrimedia.maps.arcgis.com/apps/View/index.html?appid=77f3cad12b6c4bffb816332544f04542

 You seem very knowledgable in this area. I wonder if you understand the legality behind listing wholesale deals on Zillow? I personally wholesale from time to time when I can't personally take on the deal and do not carry any sort of fiduciary responsibility as I'm not a licensed agent. The wholesale deals I've done I disclose I'm not an agent and I'm going to make an assignment fee on this transaction. I've yet to have a bad experience on either side of the closing table doing this and truly feel it's solving a real need for a lot of homeowners left behind due to the condition of their property or personal financial situation.

Has anyone here listed an assignment deal on Zillow or heard of any stipulations against doing so?

Hey James I'd be interested in hearing more on this deal. How'd you find it? Was it a BRRRR? Current rents? Cash flow? Etc. I'm mostly invested in the Riverwards part of town but would love to eventually own a piece of Rittenhouse. Love that area and your building sounds just like what I'd want to own.