All Forum Posts by: Alan Asriants

 Is Petscreening a service?

 Thank you!

 No, wasn't a joke. I just feel like some people get the service animal card. But to be honest I guess I don't blame them if it is hard to find a place that accepts pets. Have you tried using sealer/paint on plywood destroyed by cat urine? Seems like nothing worked, replacing it was less of a headache

 Cross the t's and dot and i's before you buy, best of luck!

Hit up my guy Dmitry Shamis. He helps me with my properties

267-307-5437

@Joseph Micheal Was just about to mention atlas. See if they did any rezoning or obtained a rental license for 2 units. If it is active you will be grandfathered in. If it has been inactive for more than 3 years you can lose that variance. I bought a triplex that had a variance and an expired rental license for 10 years. The current owner simply called L&I and got an active one keeping the variance open when I acquired it.

if it is not legal, i really wouldn't play with fire like that in phila. Your resale value will always be limited because it is illegal, and god forbid you have an issue with tenants, it will be you who will be held responsible. Even if you're tenants are in clear violation of their lease, you will take the hit since you don't have a rental license. Remember, just like NY, Phila is super tenant friendly. 

Reading this thread I noticied a few things:

1. I wouldn't buy a property regardless of how opportunistic the financing sounds if I am overpaying 150k on a 150k property. You will have to wait a really really long time for that to appreciate to simply break even. You might be burying yourself before you even get started. 

2. If you're an agent, you can talk to your broker about deferring a portion of your commissions to the agent or seller as an extra incentive for negotiations. 

3. I wouldn't force this deal at -100% equity. Better to save up a little use an FHA loan with seller's assist and buy something at market value

hope this helps

@Rabekah Siatunuu I am not sure about the SD market but from my understanding you have to be really creative and sacrifice certain luxuries to benefit from higher cash flows (rent by room, ADU, etc). Maybe this is possible in your market, but it my market it is also becoming near impossible to find multi family deals that cash flow with an FHA mortgage. You might be breaking even or making a couple hundred bucks a month on a 400-500k Multifamily. That being said, it is still worth it. If you are able to rent out the other portion of the building and live in your unit for near what you would rent it for it still makes sense. The reason it makes sense is because you are no longer throwing money away on rent, the mortgage you pay is actually paying down your principle thus increasing your equity, you have multiple tax advantages now that you own a rental property which will actually save you more money when you file for taxes. Hope this helps

Bumping off what Ryan said - the lender is going to use: your income, a percentage of the other units income (if it is vacant, then the appraisers market rent - i think they use 75%), against your debt: student loans, car payments, etc. Other factors like Homeowners insurance and property taxes can affect your loan approval amount. 
This is why you might qualify for a 250k single family home but a 300k multi family home. 

 I agree, Buyers are picky and sellers can no longer "throw it on the wall and see if it sticks"
Well priced and well done homes are flying