All Forum Posts by: George Voutsinos

PRICE DROP: $98,000.

I know you probably can't discuss it on a public forum but I'd be interested to hear how you present the ROI to your investors before they sign up. I know some may only want a few bullet points and others may want the full business plan model but do you promise them a specific/firm ROI on their money (i.e. 10% on their money each year?) OR do you give them a flexible ROI like they can make 7-10% ROI based upon how well the project performs?

 That just blew my mind.  Excellent work, good luck with the closing!  I'm in Philadelphia, not too far from you.

Price Drop:  $110,000.

 Thanks Corby, I did a little research and According to the Real Estate Transfer Tax Regulations for the Philadelphia "a quitclaim deed is taxable upon the same basis as other deeds if there is an actual conveyance of real estate." Sec. 414.  So I would pay a 4% tax of the purchase price every time I transferred the property.  Needless to say, that's a no go LOL.  Thank you for the advice though, never knew about quit claims.

 Hi Corby, I do not know about quit claims.  Would I get hit with transfer tax every time I switched names on title?

 Thank you Michael, much appreciated!  Wow 80% is great!  Most I've seen was 75%.

To the top.

Hello, we've purchased a row home in cash (Philadelphia) almost a year ago in the name of our LLC. Tenant has been in place with a year lease. Could anyone recommend a bank and/or credit union that will cash out/refinance in a LLC? Preferably in Philadelphia.

Thanks,

George

6322 Rising Sun Ave is located in Philadelphia, PA 19111. The property is 1,724 sqft on a lot size of 2,140. It is currently zoned as CMX1. This property has (3) streams of rental income. Store front, 1st FLR apartment and a 2nd FLR apartment. Conservative rental comps will prove a monthly gross income of $2,000. The store is in perfect condition and ready for a tenant. The 2nd FLR apartment is in great shape and needs nothing. And the 1st FLR apartment needs to be renovated. Our asking price for this great rental property is $120,000.  Make an offer!

More pics to view here: https://drive.google.com/open?id=0Bzq2z8qQ4O4yRkxTLTI0RlZ1X3M

COMPS:

• 6410 Rising Sun Ave, Phila - SOLD $229,250
• 6426 Rising Sun Ave, Phila - SOLD $145,000
• 6527 Rising Sun Ave, Phila - SOLD $208,000
• 6535 Rising Sun Ave, Phila - SOLD $190,000

TERMS OF SALE:

• Cash Deal Only
• Buyer Pays Transfer Tax on Both Sides
• Buyer Pays all Closing Costs
• Closing in 30 Days or Less

Contact: George (267)888-7226 or [email protected]