All Forum Posts by: Mauricio Botero

Thanks @Ernest Chamblee, will try and make it next week. 

@Shawn Carney Welcome to BP. Reading what you wrote and the first thought I had if I were you would be if you can pull off House hacking. I know here in Stafford it's not easy to find a Duplex (and you don't necessarily need a duplex to house hack), but if I was in your shoes I would definitely consider the house hacking strategy. Maybe downtown Fredericksburg? There are 2-units and some 3-units to be found there. Or, you could go for a 3bd house and bring in people you know, or students from Mary Washington, to rent the two other bedrooms. Basically, you have tons of options here and of course I am making a few assumptions. 

The Set for Life book might also be a perfect read for you at this moment if you have not read it yet. 

Hope this helps and let me know if you have any questions. 

@Paulette Midgette Thanks for your input. Yes definitely planning on finishing the basement. And definitely would consider the full bath in the basement. Saw a few examples of that in a recent tour of houses in the market that were recently renovated and liked what I saw, and the proof that it sold/rented for really good value with that addition (Richmond area). I did of course also see a few houses that had the renovated half bath in the first floor that also sold/rented for added value compared to those without. I have come to the conclusion after my recent tour working with my agent, and from all the responses to this post, that I am good with either a bath in the basement or the half bath on the 1st floor. I'll treat it more of a case by case situation with the GC to see what would be the most cost-effective way to add it, versus just forcing one choice. 

Why do I want to add one? 

- To get more demand for my rentals and attract more tenants looking for that extra bath. 

- To keep up with the changes in housing happening in North Philly including things like Central AC, digging out the basement, etc. 

- Take advantage of cost-effectiveness of adding this during a complete gut 

- To get the best ARV for the level of rehab that I am going to complete

@Mindy Jensen I completely agree. I'll get whatever size half bath I can get on that first floor. Still haven't run into one yet though in these rowhomes in North Philly. And like @Greg Wilkins mentioned, most of these homes have stairs to the basement directly above the stairs to the 2nd floor. 

@Tom McDevitt Thanks Tom. You wouldn't by any chance have any examples of a property you've come across that matches what you said? I've seen where the bathroom is added using that side window inside of the space, but have not seen what you are describing yet.

@Bart H. Let's say yes, there is room under the stairs. I've seen very few examples of that, but do like the idea. Although, I do not think I like the idea of the airplane-sized bathroom for 2017. I'm all about future proofing my rental properties.

@Chris Purcell This was a theoretical question. But in my case, I am looking for properties that would be gutted for an almost-new construction result. Looking in Fishtown, Northern Liberties, Kensington, Port Richmond/Richmond.

@Manolo D. Thanks! 

Hello BP,

I have been looking at investing in North Philadelphia (Fishtown, Port Richmond, etc) and one thing I quickly learned is that most of these older row houses do not have a half bath on the first floor. I also see that a majority of these houses fit in two categories:  

a)the stairs to the second floor are against one of the long walls near the front door

or b) the stairs stick out from the wall perpendicular separating the living room space from the rest of the house (kitchen, dining room). These homes and lot are usually within 14 to 15 ft wide and 50 to 60 ft long. 

Did not find much on BP about the subject, so figured I'd start a discussion on it. Where and how would you add the half bath in the first floor in these style homes? 

- What if this was a complete gut and you could have a clean slate, where would you add it? 

- What if this is a small remodel and you are trying to keep costs down, while still getting that half bath in?

- What other variables or specifics would you need to be able to give a good answer?

Here are one of the examples I've found that I like the most if the layout of the house allows for it:

The 10% Vacancy, just curious why or how you got that number. I am looking at analyzing deals over in Fishtown and Port Richmond and was looking at using 5%, but now I'm thinking of maybe something more conservative like a 10%. 

Hey Allen, I'm a newer investor as well who is preparing to invest in the Fishtown/Port Richmond areas in Philly, but as an out of town investor (North VA). Have a few properties I'm going to visit next week and will hopefully put in a few offers. Definitely want to hear how your experience goes. Good luck!

Thanks so much @Eddy Dumire for spending the time to document your story and process. Lots of great nuggets in this thread.