All Forum Posts by: Danielle Du Plooy

@Austin Mullen I've structured my seller's assists with my offer for the property. You would make an offer at x price with % of seller's assist. For example if the offer price is 475K and you ask for 3% seller's assist, it would give you $14,250 toward's closing costs. Lender's do have a maximum allowable seller's assist so I would check with them prior to your offer. I have also given a slightly over asking price in order to save out of pocket money at closing to get the seller to agree to the assist. 

It looks correct to me, I just bought a multifamily using a FHA loan and the closing costs were pretty high as well. Philadelphia is an expensive market compared to where Brandon usually finds deals (from what I've heard on the podcast) so higher taxes and higher insurance costs add to that as well. You can ask for a seller's assist in the future to help with the closing costs, I got 3% for mine.

Hello! Does anybody know any upcoming local events for investors? Interested in expanding my network and meeting fellow real estate enthusiasts !

Hello! Does anybody have recommendations for a CPA that specializes in real estate? Thanks in advance!

Hi @Kathryn Click!

I just bought a mixed use triplex that I am house hacking for the first year. In the beginning it can seem overwhelming because many are trying to look for cash flow, appreciation and low down payment all in one which rarely exists. Philadelphia is primarily an appreciation market so you likely will not see crazy cash flow especially in the first few years. If you plan on house hacking, the goal should be to have your mortgage covered which would help you save significantly more money since you are making rent payments right now. Also gaining experience is a huge factor, you can read as many books as you want which will help but actually getting out in the playing field opens up a whole new world of REI. Many times i have heard Brandon Turner and David Greene say their first few properties were in no way home runs and this helped ease the pressure for me when looking for a property. I have also seen many multifamily properties sell in Philly for about 50-100K below asking price so do not be afraid to offer a little lower as well, especially for ones that may need some work and have been on the market for longer. Hope this helps!

Thank you all!

Hello! Just wanted to find out what a typical security deposit is for a commercial space when negotiating a lease agreement?

Hello! I am in the process of purchasing my first multifamily home (a triplex) and planning to house hack. The property was appraised for 950K in June of 2020. It was on the market for a while, so I was able to have an offer accepted of 689K. The appraisal for the FHA loan just came back at 690K. A big factor in my decision to purchase this property initially was that I would be starting out with a good amount of equity. Is it common for FHA appraisals to come back lower at sale? I am hoping to refinance and pull out equity in a year and am worried this appraisal may impact that. Thank you!