All Forum Posts by: Prashant P.

Have you tried lending club.  I used lending club to obtain funds to purchase a property a few years ago.  It is an unsecured loan so it will show up as such on your credit report.

Another thing to consider is the stability of the condo association. How often do they raise their fees? I have seen associations that raise their fees by $30 a month every year. This will eat into your cash flows.

I wouldn't worry about getting sued. As long as you keep your documentation and are using a licensed contractor you will be ok. I agree with the other posters. Put something in writing that you will put them up in a hotel for 5 days until the problem is fixed. Maybe she won't renew with you when the term is up.

You should see what comparable rentals in your area offer. If there are features that your rental is missing you may consider adding those. You should check to see how fast you would make your money back. For example if you spend $2000 on granite countertops and only see $50 a month more. It might not be worth it. It would take you almost two years to see a return. You should also consider things that would extend the life of your rental. Like the mechanicals and roof.

I require a hold deposit if the property is more than one month from being available. The policy is half the first month's rent. They have up to two weeks before they are supposed to move in to notify us that they do not want the unit, if they do they get the deposit back. If not they lose the money. It has come in handy a couple times.

Like Tim said, the North Philly area is saturated with students. The market in that area is very competetive so sometimes you are going to pay preiums to buy a multifamily home.

If you want younger professionals you would have to go more west or south.

You should also go through the mechanicals of your property. Have your furnace cleaned or inpsected. Check you plumbing. Snake out lines if needed. Just prevenative maintenance stiff to make sure there are now issues.

I agree with Annette use Zillow or Redfin if you have it in your area to find the SOLD values of houses. Make sure the are close, a townhouse and have comparable features.

Even though the previous owner may have purchased the home for $35k he may have put some money into mechanicals or plumbing that you might now see. You should focus on paying the fair market value for the property or a little below rather than worrying about the previous buyer.

i could go either way on the sellers agent. I have used the sellers agent in the past and he actually turned out to be a very good agent that I use all the time now. Good way to build relationships.

Rental Property in West Philadelphia.

Asking $49,900

3 Bedroom/1 Bath rowhome.

The lot next door is empty so it could be purhcase for a addition or parking spot.

Property has been rented with steady tenants for the last 4 years. Currently rented for $800 a month.

48 North Farson Street
Philadelphia, PA 19139

2 Bedroom/1 Bath Rental in Philadelphia

Asking $32,900 or best offer.

447 East Mechanic Street
Philadelphia, PA 19144

Property was renvoated in 2013.
The following improvements were made.

New roof,
New furnace,
New hot water heater
New Bathroom
Remodeled kitchen
Refinished hardwood floors

Property was rented for $700. Currently vacant while on the market. Easy to rent.

Please PM for more information