All Forum Posts by: William Thomas

@Mahauijue Mack I charge 0 because I don’t allow pets. But you could change a pet deposit I’ve heard of people doing that.

@Gavin Davie hey I don’t have many I’ve done my own property management for a couple years with many headaches. I went with Pabian a couple years ago and wish I went with a property manager years ago. Any question please feel free to message me.

Good realtors are hard to come by these days. 

Thanks Rick great info! I'm checking out the property this coming Monday along with a couple others. Think the city is a great way to build up my portfolio. Also this one is zoned commercial and my broker doesn't do commercial loans do you guys have anyone you use?

Originally posted by @Rick Beno:

I have properties both in the city and New Castle County.  The city property will incur city taxes on top of county taxes, requires a business license ($50 a year for, I think, 5 or fewer properties), and landlord must pay water bill directly (your lease would require the tenant to pay you for the bill).  I also have had a few contractors unable to work for me because they were not licensed in the city.  None of these are necessarily deal breakers, but you should keep them in mind if comparing similar properties in and out of the City of Wilmington.

Hey Guys

I'm looking at purchasing a rental property in the city of Wilmington Delaware. I have other rental properties just not in the city. I was just looking for any advise or insight about properties in the city. I've heard you should stay clear on rentals in the city. Any info would be great.

Wil Thomas

I mean if you can get that kind of equity that would be a big plus.  As long as all the numbers work. There is going to be a BP first meeting this Saturday if it works out its going to be in Trolley square somewhere not sure where yet.

Could be that the taxes are higher then Delaware which will raise you monthly payment. I've also considered NJ to expand but like you haven't pulled the trigger. When you look for a Realtor always look for one that invest as well. Also know your first investment property will be your hardest one to get.

Hi all first post on BP. Well here it goes. There is a lot in my neighborhood that had a house that burned down in 2007. In 2009 the lot got sold and permits pull for the property. Now it still sits with nothing on the lot and it's overgrown. I looked up the property on the state website and saw the guy hasn't paid the taxes on the property since 2011. If I want this lot which is the best way to go about doing it? I heard I could pay the taxes and he would have time to pay me back with interest and if he doesn't I would get the rights to it. Any advise would be great thanks again.

I've used this for my last Investment property and love it. I pay it back to myself through me bussiness as a loan. Then I get the 3.25% interest back into my 401K plan. So really the numbers work so I could do this and still make a profit in that property. Will do it again when that loan is paid off.