All Forum Posts by: Wz Michael

 this is a rsa-3 zoning. I did see there was permit back in 2011. (seems like it was granted) my agent called a zoning guy confirmed this is currently a sfh zoning and variance will be chance but hard to get. 

I'm passing this deal since I don't want to get sued or not able to evict the tenant in the future but it really seems like most of the triplex in philly are illegal use....

do the other investors just not care about the zoning...?

I'm calling the city to confirm on Monday. Is non-conforming multi family still worth the money?

I have a deal 400k, previously was approved for 3 family but city converted the zoning to SFH on whole block.

I'm thinking to submit an offer this weekend. I'm so nervous

The number is very lucrative. 3300sq ft+ in a B+ neighborhood

1 3bd & 2 2bd estimate 3700+ rent

monthly mortgage $2814, owner occupied, minus 10% (repair & maintenance & vacancy) I would still cash flow over $500 & 1k+ when I move out

My main concern is the legality of renting out... renting by room? will the home insurance cover if something goes wrong since this is not a legal multifamily?

there seems to be many advertised as multifamily but do not have the zoning & permit in Philly.

I have a deal 400k, previously was approved for 3 family but city converted the zoning to SFH on whole block.

I'm thinking to submit an offer this weekend. I'm so nervous

The number is very lucrative. 3300sq ft+ in a B+ neighborhood

1 3bd & 2 2bd estimate 3700+ rent

monthly mortgage $2814, owner occupied, minus 10% (repair & maintenance & vacancy) I would still cash flow over $500 & 1k+ when I move out

My main concern is the legality of renting out... renting by room? will the home insurance cover if something goes wrong since this is not a legal multifamily?

there seems to be many advertised as multifamily but do not have the zoning & permit in Philly.

that's what I thought too... it's very rare to see this kind of deal in my area.

question is where to get the other 45k for enough downs convention loan 

Without the PMI, should cash flow 500/month at least....

Hi All!

I found a triplex in a A class area but will only break even when I move out of my unit.

Estimate will appreciate over the years. new constructions, apartment complex are coming next year in the surroundings.

asking price for the unit is 500k, I will use a fha. 

realistically should probably offer below asking price to produce cash flow but I will likely lose it in this competitive area.

PMI is really taking a big chunk of my cash flow.

convention loan will require 15% down which will be 75000 down but I only have close to 30000 now.

Any thoughts? 

Main reason I consider this is really close to my primary house and easy to manage & maintain

I'm looking to close a multi family units in north west philly.

Does anyone know any reliable contractors who are willing to do fha203k?

Thank you in advance!