All Forum Posts by: Ryan McLaughlin

Hey Ryan, how did you make out here? I agree with the previous poster that if you saw 2 prong outlets you needed to expect that none of the outlets would be grounded. Knob and tube and ungrounded outlets are super common in houses of that age in ROoand throughout the city. I would imagine you would have a tough time negotiating a credit for that. 

I would assume a full rewire should run you about $8.5-11K but I wouldn't expect the seller to come out of pocket for that, especially in this market, and good electricians are scheduling about 8 weeks out right now. It's hard to assess your structural issues without seeing them. Your agent should be able to advise you on all of this. Give us an update?

Hey Matthew, I've done some Airbnb here in Philly. Airbnb comes with higher margins than a traditional tenant but with MUCH more management and stress. I managed a great 2/2 in Brewerytown and dropped it right before Covid. Juice wasn't worth the squeeze. I also built a short term rental unit into the basement of my home in Manayunk. That has proven to be the smartest thing I've ever done. 

Even here though, I have switched away from an Airbnb model in favor of longer term rentals and I'm currently in the process of seeking a variance to make it a legal duplex. I have a strategy that will make my primary a cash flow monster when I move out but that's after lots of experimentation. Airbnb is enticing and you're on the right track but I wouldn't count on it as a long term model. It's flashy in the beginning and quickly loses it's luster. My two cents. Would love to hop on a call with you sometime if you'd like to discuss more in depth. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $240,000
Cash invested: $30,000

My wife and I used a renovation loan on our first home. Our full gut rehab added 2 full bathrooms and a short term rental unit. Creative house hacking at it's best! The unit is projected to cover our entire mortgage.

How did you finance this deal?

HomeStyle Loan

How did you add value to the deal?

We added a bathroom and mother in law suite.

What was the outcome?

We have a property now worth $375K and our rental is paying our mortgage.

This was great, much appreciated!