All Forum Posts by: Colin C.

Omg, 20K?  I'll teach you everything I know if you buy me a beer. That's insanely high for any knowledge in a field that really is quite simple.  Buy a few books, watch some videos. Just go on Zillow and see what stuff costs and rents for. The only thing you NEED knowledge wise is to get to know the market you are investing in. You can do that on your own. 

I know this is 3 yrs old but I just stumbled on it. Don't invest in the Temple University market. I have been an investor here for 10+ years, and within the last 2 years it has DRASTICALLY changed for the worse. This market is getting rents that are BELOW what they were 10 years ago due to a huge over-supply of investors building new supply and pouring into the TU market, along with an increase in crime making students live in other areas. Invest at your own risk - but DEFINITELY don't build any new supply here whether reno or new const.

I know this is 3 yrs old but I just stumbled on it.  Don't invest in the Temple University market. I have been an investor here for 10+ years, and within the last 2 years it has DRASTICALLY changed for the worse. This market is getting rents that are BELOW what they were 10 years ago due to a huge over-supply of investors building new supply and pouring into the TU market, along with an increase in crime making students live in other areas. Invest at your own risk - but DEFINITELY don't build any new supply here whether reno or new const.

Thanks Yuriy. I actually looked up the code and it says that only systems installed before 1991 would need monitoring and just for Groups H and I. Because it differentiates between Automatic Fire Extinguishing Systems and Automatic Sprinkler Systems, it makes me think that the former is for non-water-based systems...

F-903.6.7 Monitoring of existing fire extinguishing systems. Automatic fire extinguishing systems installed on or after March 1, 1991 and automatic sprinkler systems installed in Gr oup H and I occupancies and high- rise buildings prior to March 1, 1991, shall be monitored in accordance with Sections F-903.4 and F-904.3.5 as applicable. Where systems are monitored on site at a constantly attended location, approval of the fire code official is not required.

I also found out that the triplex most likely doesn't actually require a sprinkler system in the first place so I've been trying to see if that's correct, and if so it wouldn't need the system or monitoring. Just trying to sort this all out. Anyone have insight, please chime in.

@Pat Hamilton Curious if you found anything more out about the monitoring?  We were just told we need to pay about $550/year for 'cellular monitoring' of the fire system at a triplex. This was said by a company and I'm wondering if that's a requirement or if they are just trying to sell something.

Question for you guys that are in states where Zillow charges: How does Zillow protect themselves against people who pay for just one or a few listings in the city where their properties are, but then just take the Zillow leads and show them all their other inventory? I'm looking for actual insight or terms & conditions on how they shield against that loss. Thanks

Just found this thread. Wondering about those that have asked their lender upfront to allow them to transfer from personal name to an LLC (either with the 'threat' of refinancing if they say no, or to a new lender prior to refinancing)... How did it go? How did you ask? What verification document did they give you if successful? Also, how can you be sure that the document is transferred with the original docs when the loan is sold/transferred? Thanks for any insight.

Hey everyone. For those in Philadelphia... I was told here and there that renting out a SFH that has keyed entry bedroom door knobs (standard single cylinder and turn-button on the other side) is a fire hazard and against some kind of code or, if not, makes you liable for fire hazard dangers. Is this true? I can't find anything that tells me definitively either way... Any help is greatly appreciated. Thanks.

I know about necessary egresses and about quick release mechanisms for window bars and about alarms vs. window bars...  I want to figure out the answer to a specific question.  

Is there a legal precedent for the following?.... Landlord rents a property to Tenants. Property has bedrooms on the 1st floor which have window bars.  The window bars are able to swing open, unless locked.  Tenant has the option to either leave the window bars 'swing-able' without a lock (essentially just for use as a visual deterrent)...or they can add a key or combo lock to the bars to keep them more secure (key/combo lock is NOT OK for fire codes).  The Lease states that the window bars are there only for visual deterrent and that if a Tenant chooses to lock them, the Tenant is liable for any fire hazard that results.  What happens if there's a fire and the Tenant has locked themselves in without a code or key? Who is liable?

Same boat here...I have 8 properties, not commercial.  They do have college students living there.  I've found it hard to find a 'good' insurance carrier who will insure them simply because there are college students living there.  Allow me to vent for a second....this seems like the dumbest 'risk assessment' ever by insurance carriers, for various reasons.  Anyways.... What insurance carriers (who are at least somewhat reputable in paying claims) will insure college housing?  Anyone find a more meaty thread on this issue?  Thanks!!