All Forum Posts by: Alan Asriants

Personally I would steer very clear and with caution renting to friends and family. That being said I think that everyone is different. There are family members that I would be completely ok with becasue i know those people at their core. This goes far beyond background check, application etc. These are people you have built an incredibly strong relationship with and have been through a lot with that you know will never create any issues over rent. That being said, I wouldn't charge that person top dollar and honestly would do it more as a temporary favor. My Dad rents to his sister and mom for a while and there are no issues. Its pretty normal. However if I have even the slightest doubt I wont consider it. One small argument can ruin a relationship.

 agreed here. 20k is not enough. There are fancy ways you will hear no money down but be very careful about those methods. I heard someone try to convince me that they can buy an appt building with 0 money down by using cash from a credit card. Poor person who fell for that and their home didnt appreicate enough to cash out refi and pay off the debt...

Check the absorption rate of the area by analyzing how many properties are for sale and how many have sold in the past 6 months. If there are 20 homes for sale and only 1 sold in past 6 months this is likely not an attractive market to be in. If there are no homes for sale and 20 sold in the past 6 months its a hot sellers market. If there are no homes for sale and none have sold in past 6 months this is likely a neighborhood where people dont like to sell. 

Internet searching is great, but knowing the neighborhoods but visiting them and living there or knowing someone who has lived there for quite some time is the best approach. Even in my area (where I was born and raised) I am constantly finding new neighborhoods and pockets

hey Breanna, your Agent should be able to provide you a Blank PAR agreement

Personally, I think the VA loan is one of the best loan program out there. No PMI, and the best rate on the market. I'm sure you can find a great home in your area but I don't know exactly the heat of your market. If it a major Seller's market I can see the frustration of using a VA loan.

Unfortunately you might need to get uncomfortable in some scenarios and waive contingencies to get a property if it is a hot sellers market. However, if you're not comfortable waiving certain contingencies then look at homes that have been sitting on the market 2+ weeks. There you will have better odds with VA. Sometimes homes that are sitting are really nice but priced just a bit too high. Luckily with VA you have auto appraisal contingency, so you can put that pressure on seller.

Walking away with 15-30k might not do it for me, however I don't fully understand what issues you've been having.

If the property has been built after 1970-80+ then what are really your issues? Windows, roof, HVAC, water heater?

That being said if this is a 100+ year old home and no one has done a full gut rehab in the past 30 years or less, then I can see this being an absolute money pit - plaster walls, century old electric and plumbing, etc. If this is the case take the 15-30k and use it for something better.

Need to fully understand the story to point in the best direction 

Do you need the money from the House to pay for a home in Charlotte? if not, keep it as a LTR, put in solid people, hire local PM and forget about it. You officially created passive income.

Making it into a STR is likely too much headache for not enough juice, Personally, I wouldn't over complicated it and just stick to traditional rental.

If you however don't have the money for a downpayment for you next house, you can take the money out as a Home Equity Loan, or do a cash out REFI. Home Equity Loan will pay off faster, but will shrink your cash flow. However in your position, I'm sure there is enough meat on the bone. 

Good luck

Hey Hussain, looks like your are another unfortunate victim in this matter. I see the common mistake that is extremely avoidable in Phila, and anywhere else really. That is due diligence of the zoning. In Phila, triplex zoning is even more stringent and a good agent should have caught this. In order to have a legal 3 unit or any multi family for that matter, you need to make sure that the seller delivers a certificate from L&I that shows the property's current use. If the property is located in a single family zoning overlay you need to be extra cautious and have the seller provide you with an ACTIVE RENTAL LICENSE showing 3 units. Even if its a duplex, triplex or quadplex I always verify that it has an active rental license and an L&I cert that shows the proper unit count. I will even pull up property records that state how the property was built or if there is paperwork to show the conversion. 

If the home is in a single family overlay and 3 years has passed and it has not been used as a multi family than you can lose your variance of the proposed multi family use. it is likely in your scenario it was illegally marketed as a multi family, or the seller did not maintain a rental license for a period of 3 years or more and you lost your variance. 

I would continue with a zoning attorney for this case and try to get the city to issue you a rental license for 3 units. But be prepared to make changes to the property and possibly add a sprinkler system, this might be very cost intensive. Sorry to see you in this situation, but the only way through is through

Any market is a good flip market if you get the right deal. You make money when you buy the deal. There are opportunities everywhere. Knowing the market is the best way to get the best deals. Good luck

Hey Juan, I can connect you to a lender in the area that can likely Help you. His name is Alex Pagano. I'll PM you his info