All Forum Posts by: Eric Greenberg

Hi Randall,

I personally wouldn’t. DUIs are a serious infraction, especially when your job revolves around driving.   

We may be able to help with getting more renters though. What area of W Kensington is it? Property details like sqft/amenities/etc. Monthly rent? Where is it listed right now? 

Hi Adoni,

Does ‘doesn’t cash flow’ mean it’s not being rented because it’s not in rentable condition?

Could you provide some rough numbers for us as far as how much the properties are worth now, how much after rehab, equity in each property and how much rehab is needed. That may let folks give better insight into the best path. 

Personally taking out hard money for an out of state rehab with hope to take a HELOC out to pay off that HML doesn't seem like a great play. Maybe a cash out refi but having numbers would help give some guidance.

You should check out the zoom meetings @Jonathan Greene  puts on every 3rd Wednesday, Zen and the art of real estate The Philadelphia Version at 7-9pm

bit.ly/zen-philly

It seems like you are trying to go from step 1 to 5 instead of learning the process by doing a flip/rehab/etc or having a partner/mentor walk you through the steps. Honestly I think this path could lead you down really disliking real estate and Philadelphia is no joke with nonsense when it comes to permits/L&I. I would not tackle something like this as a beginner without a lot of help. 

@Jonathan Greene puts on a zoom calls called

Zen and the Art of Real Estate Investing on Wednesday at 7pm. There’s a rookie (1st Wednesday), NJ (2nd), Philly (3rd), and VIP (4th) call.

Here’s a the philly zoom info

 http://bit.ly/zen-philly

Thanks for the info Yuriy!

Hi Jason,

Take a quick look through the pdf below. It matters the size of your property and how large the new unit would be.

https://www.phila.gov/media/20...

[2] In the CMX-2 district, the number of permitted dwelling units is as follows, provided that, whenever the calculation of permitted number of dwelling units results in a fraction of a dwelling unit, then the number of permitted dwelling units shall be rounded down to the nearest whole number:
(.a) A maximum of two dwelling units are permitted for lots less than 1,440 sq. ft. in area;
(.b) A maximum of three dwelling units are permitted for lots that are 1,440 sq. ft. to 1,919 sq. ft. in area; and a minimum of 480
sq. ft. of lot area is required per dwelling unit for the lot area in excess of 1,919 sq. ft.; provided that
(.c) If the green roof conditions set forth at §14-602(7) are met, the number of units allowed is 25% greater than indicated by the foregoing lot size requirements, applied prior to the inclusion of any other applicable increases in allowable units, and the provisions of subsections (.a) and (.b), above, shall not apply.
[3] In the CMX-2 and CMX-2.5 districts, in order to promote active uses at the street level, buildings must contain a use other than residential and other than parking along 100% of the ground floor frontage and within the first 30 ft. of building depth, measured from the front building line. If the property is bounded by two or more streets, only the primary frontages as designated in §14-701(1)(d)(.4) (Primary Frontage) shall be subject to this requirement.

 Congrats! What area of the city are you buying in?

Thanks! I was going to turn there, FB, and CL as I may set it up as a live/work unit.