All Forum Posts by: Brandon Eleazer

@Josh Mermelstein

I would reference the language in your lease in a letter sent to your tenant. If your tenant refuses to pay you will be deducting this from security deposit upon eviction or move-out. You will want clear documentation in the event any legal issues arise.

I have been to the city's law department and spoke to a representative there. Even that worker echoed what your tenant is saying. I was told the owner should be responsible for the stormwater/service and NOT the tenant. I think the logic was that because the property owner is billed stormwater&service charges while the house is vacant, therefore the owner should continue to be charged not the tenant. However it was a verbal statement of this persons opinion, so not sure how accurate it is. I imagine like most things in Philly you could get a different response depending on who you talk to and what mood they are in.

I would not recommend putting the service into the tenants name. It will enable the tenant to stop paying and just open another account and repeat. You will eventually be stuck with a lien from unknown bills.

In my opinion with a single family, either keep it in the owners name and send them a copy of the bill each month and deal w/eviction if they don't pay it per the lease; or amend the lease and suck it up to pay the flat fee each month if they are a responsible tenant w/good on-time payment history. Sorry to say either way you will likely end up losing something. Those charges are about $320/yr so I would weigh that against the worst case scenario if the problem persists.

I reread my post and I apologize. I was under the impression the property was only expected to be temporarily vacant going into the renewal (Feb.2014); I assumed Tiffany would not be filing for the vacant property license and intended to keep the license active. Some owners who did not pay for 2013 license will try to renew in 2014 not realizing the city requires back payment for the years they did not keep the license active.

Tiffany,

Yes, correct. The annual fee is $50 per unit regardless if the property is occupied or vacant.

However L&I is discontinuing the fee for the Commercial Activity License (aka Business Privilege License) which is required to obtain the rental license.

Hello Rose,

Welcome to the BP community. Stay "creative" and good luck with your new wholesaling business in Philly.

Hi Jeff,

Enjoy the website & forums. Best of luck in jump starting your real estate career. Good to know you're no longer an Angry Chihuahua.

Hello BP'ers,

Has anyone gone the owner financing route in an estate sale? Curious how much success you've had structuring an owner carry back in that situation.

Thanks a lot,

Brandon

Kenneth,

Welcome to the site. Sounds like you're getting focused and moving in a positive direction.

Best of luck, enjoy!

I'm in. I thought I read you weren't investing in Philly anymore?

Hi Rick,

An early congrats on getting your license. It's not the easiest test to pass on the first time taking it. I understand you're excited and confused, there are SO many different areas of real estate it can be overwhelming. I recommend going to a good Broker, I believe it will make all the difference. A good company with a positive team will support you in getting your feet wet at your pace and have experienced people willing to take time to help & answer your questions.

When I first became an agent I had no idea what I was getting into. I would concentrate on your strengths and get started doing activities based on them. If you just get involved the deals and opportunities will find you.

Best of luck.

Nicole,

The presentation of the comparative market analysis looks great. However I'm lost as to how the retail value is generated. It appears that numbers are pulled from as far away as 1/2mile(which in South Philly can be Worlds away); there are also 3 bedroom 2 full bath properties that are larger in size. Isn't this the primary concern about how home values are calculated on sites like zillow? Minimally, I would have this redone again using a smaller distance (.2mi radius of the immediate blocks) and remove the listings of homes that are not accurate comps,

Is this being used as ARV or just a ballpark figure? Either way since this isn't an appraisal you should be given an estimated value range within which to establish your list price. This takes factors into consideration such as whether your intention is to "test the market" and list the property at the higher end of the range, or to price aggressively to sell quicker by choosing a list price at the lower end of the range.