All Forum Posts by: Eric Greenberg

Kunal,

Reach out to @Joseph Scorese he and his team may be able to help.

It would helpful if you could provide more information. Whats the location of the property? How many units? What are the setups of each unit? Ect.

At a quick look, are you going to be living in this property? You are putting roughly 13% down and getting a 3.250% interest rate? 

As for expenses dont forget each unit needs a rental license. Also note there are garbage fees for multifamily properties.

Send a letter to the PO box. Try to do some sleuthing to see if you can find a physical address of company/person(s). 

As for parking, is there legal street parking in front of the lot or is there no parking on that side of the street?

Thanks for the data Yuriy!

Im not sure what type of contract you have with your old selling agent, but you may look into using their agent for both sides of the deal since the price is already agreed upon. That way the agent may be fine with taking small percentage from you while overall still making more than they would have as only the buyers agent.

Henry,

As someone whos pretty new to this game myself, I'd offer up searching through the Philly thread. Your question is unfortunately pretty hard to answer without knowing more about you, your goals, and your comfort level in certain class neighborhoods.

-Eric

Matthew,

Troy posted some good info on an active topic about legal duplex zoning here:

https://www.biggerpockets.com/...

Johnny,

I just started on the journey of making an RSA-5 SFH into a legal 2-unit. Im hoping its pedigree as a duplex will help this process. With that said, I made sure the numbers work as a 1 unit as a backup plan. I reached out to a few folks who have gone through the process including Troy who was very helpful. They had some solid insight, one common piece of advice was its a bit of a crapshoot where you could get lucky or unlucky.

Is there anyway you could make your offer contingent on they getting a U&O for a MFH?

-Eric

Hi Chris,

To me it matters what your plans and goals are. Do you have other rentals? Was this your primary and you are moving? AirBnBs in Philly from what I can tell are a tough game right now.  

I dont know the size/condition of your place but heres a trinity for you to go off of rent wise.

https://www.apartments.com/gre...

By saying 'My goal is to stop paying rent,' I assume you plan on living in one of the units and renting the rest out. If thats the case Id really recomend you know the areas and see where you feel comfortable living then go from there.  Just because there is great money to be made doesnt mean its the right move if you dislike living there.