All Forum Posts by: Angie D.

Hi Stephanie, I have a few minutes questions. 1. What area is the property located in? 2. Do you live in the other unit? I agree that this situation isn’t one of those “meet in the middle” situations. However, I hope you budgeted in losing the existing tenant, repairs, and vacancy because any major increase of rent = this reaction. Before you do anything I would first do this: 1. Be 100% certain of what the market rent is for the unit in question is. Don’t use online resources as a primary source of data to base your decision making on when investing in RE. As an industry professional I will tell you these are only good as secondary sources, not primary. Get in touch with a local expert who deals with rentals in this area everyday. If you don’t have someone then interview a few (not at the property) and arrange to show the unit to your top pick. 2. Since this person will have the most reliable info on what your unit can rent for ask them that of course but also make sure you’re both on the same page with the condition the unit needs to be in for them to achieve this rent; this includes not only what repairs might need to be made but also any functional or cosmetic improvements. 3. Once you have a clear estimation of expenses associated with losing the current tenant, repairing/improving for a new tenant, leasing fee, vacancy/loss of rent, decide if you’re financially ready to initiate the action which will cause your current paying tenant to move? Definitely increasing the rent to market rent is the best business move. But know what needs to be done, approximately what it will cost, and that you can handle taking that on now BEFORE you initiate. The ONLY scenario in which I would recommend waiting, and by waiting I don’t mean forever but just however long is necessary, is if you presently don’t have the financial resources to cover the expenses associated with doing what’s necessary in order to make increasing the rent possible right now. Hope this is helpful and best of luck!

Sell before they change their mind!

Unless the commercial unit can pass as a residential unit to classify the property as a 2-unit residential then this will need to go commercial. Does the commercial unit have a kitchen and a full bath?

I prefer LVT over laminate.

I posted that a little too fast, sorry! I meant to add that in 15 years Ive never had anyone prefer electric over gas FOR ANYTHING! This includes not only the gas range, but gas heat, hot water heater, gas dryer, etc. It might vary in different markets or in more rural areas where gas isn’t available. I’m in the MD,DC, VA market.

Often gas is preferred over electric

If you’re considering Philly you should consider Baltimore. Depending on your budget there are many rental opportunities 15%+ !!!!

Great buy in Patterson Park Area! Property was fully renovated w/permits several years ago. Overall it's in great shape and needs only around 10-15k to get it rent or retail ready. ARV 155-170k. Private off-market deal! Contact me with further interest.

Angie DeLuca

cell 410-499-1246

Email [email protected]

Hello Charlotte, it’s a completely different jurisdiction but I have several similar properties in my portfolio and can tell you what the process is here and perhaps you can inquire locally since it’s probably similar. Here there are many multi-family buildings that were originally built as such decades ago. However over the years zoning has changed and now making some of these multi-family dwellings “legal non-conforming.” They are grandfathered in and allowed to remain; you do not need to go through the process of changing the zoning. But if you own a single unit and wanted to divide into multi-unit you wouldn’t be allowed to do that. Also if you owned a single unit that used to be a 2-unit but it was converted into a single unit (at some point) and you want to make it a 2-unit again they probably won’t let you change it back to a 2-unit. Once it’s on file as a single unit you lose the grandfathered use. You call or visit your zoning office and ask them. You should be able to find out for free. Good luck!

Currently set up as a 3 bed/1 bath residential but is zoned C-2 which has many allowable uses.  It has previously been used as office space as well as residential.

SERIOUS QUALIFIED BUYERS ONLY!

Angie DeLuca

Cell 410-499-1246

Email [email protected]