All Forum Posts by: Thoai Han

Yes that is the ideal goal. After I renovate the properties and sell one, would I need to get the property rezoned if I intend on having it mixed-use? Rent the bottom floor to a commercial tenant and second floor to another tenant and I stay on the top floor. Also if the property is zoned commercial do I have the right to use it as a triplex? 

@Ryan Cameron Thanks for replying! If I do outsource the funding, my only option is to flip the property due to the hard money loan. My ideal plan is to obtain hard money loan to purchase and rehab both the properties, flip one of them to repay the lender and keep one to hold as I plan on house hacking and leasing to other tenants. Do you see any flaw in the plan ? 

Hi BP, I'm 22 years old and sometimes may be ahead of myself. I ran into TWO commercial properties that needs renovation in the very hot market of Fishtown in Philadelphia, I do not have the finances to purchase them but I am looking to outsource the funding. The buildings are next to each other and comps there are 250k-350k. But the comps are residential. If I can get a hard money loan on this would it be able to sell for more due to the commercial zoning? The buildings are 3 stories and I was wondering can another investor purchase it and use the other two stories as apartments?

So I've tried to obtain financing through a hard money lender but they required me to own an LLC. Is this is requirement for ALL hard money lenders? I couldnt obtain the financing in the amount of time given on the contract and the deal fell through, but I feel as if I can always re open that deal because the comps are up to date and very good priced.

Hi Darryl! Finding deals and networking are the two best ways to do it. Check out meetup.com for REIA in the area. Which areas do you work in?

Welcome to Philadelphia! It's a great idea to have rental properties that brings passive income. You should also account for a property management team as an expense because you live in NY. I can help you check out the area of lawncrest, olney, and hunting park. With good tenants in these areas, you will get more ROI compared to the NY market. You should stay away from some parts of Kensington, horrible place.

Hi, I'm fairly new to BP. I wanted to know what are your views and perspectives on sweat equity if you know how to do all of the work yourself ? Would you hire a contractor to do so ?

Would properties in the NE part of philadelphia interest you?