All Forum Posts by: James Brand

Welcome to the site Philip,

I have to agree with @Paulette Midgette in her concern for your management of these properties. Generally speaking you want to be a licensed professional when managing other people's properties. You can manage your own properties without issue, but when it comes to taking receipt of security deposits and maintaining those funds in proper bank accounts you should look into the proper protocols. I believe each unit should have a rental license as well. 

Might want to consider reaching out to some local property management companies and consider getting licensed. 

Great first step introducing yourself, several others have made great suggestions about resources on the site.

Best of luck!

-James

Welcome @Rob Currie,

I am inclined to agree with Justin that your request is a very specific request. I believe a more common recipe would be working with someone familiar with MFHs who has good relationships with lenders, specifically those who have experience with VA loans. This way the lender can assist with the loan segment, the agent can assist with the property search, and all parties can communicate.

That being said, MFHs in the city and its surrounding areas go quickly if the numbers are good, I am a fan of seeking out those properties that have manageable issues that you can remedy.

-James

Right, the awkward flow of entering through the bedroom was a concern of mine. I was considering adding a deck with stairs that would allow access to the living room to remedy that. There would be costs associated with boarding up the initial entrance though, I just need to weigh if it is worth it to give the third floors tenants the benefit of their own entrance.

Hey @Jacob Blackett, appreciate the interest...

It is a 3 unit, 3 story, corner triplex. 

The 1st floor is accessed through its own door in the front of the building. Currently, the 2nd and 3rd floor units are accessed from a side entrance which opens immediately to a stairwell. The 3rd floor unit is a larger 3 bedroom whose living room is on the second floor, with a stairwell to the bedrooms on the 3rd floor. Both units are accessed from a landing at the top of the stairs on the 2nd floor. 

My current plan is to combine the 2nd floor unit, a studio, with an unfinished space on the first floor that is under it. This would make the unit a 1 bedroom. This unfinished space  has a door on the side to access it. So by joining the studio to the unfinished space with a set of stairs, I can wall off the unit's initial entrance allowing each unit its own private entrance. I think tenants would find the privacy appealing.

Please feel free to weigh in...

Hey all,

Looking to convert extra space on a Multi-Family in South Philly into a bedroom. This conversion would allow the now 1 bedroom unit (converted from studio) to have private access from the exterior. The only issue is that the access would be through the singleton bedroom. I could have the studio portion of the property (now functioning as the living room/kitchen) maintain its shared entrance with another unit in the property. Looking for ideas and feedback regarding the appeal of a private entrance.

Thanks!

-James

Welcome Will!

I highly recommend BP's Ultimate Beginner's Guide, it helps to form a general foundation in the industry. That being said, the Philadelphia suburbs do offer some suitable options for new investors. The city tends to offer some more enticing appreciation, but the cash flow options are fewer/more competitive.  A lot of it really comes down to learning your market. 

The excitement and anxiousness of wanting to get started is perfectly natural. Just always keep a level head, and base your decisions off the numbers of a deal not wanting to break into REI. A bad deal can set you back or stop you from ever really moving forward.

Best of luck!

-James

Welcome Sree!

One of the best resources BP has to offer is the BP Podcast. You will find yourself discussing REI in a much more professional manner very quickly after catching up on the countless hours of discussion and insight. Additionally, the podcasts provide real life examples of how people got started, which can help you to form your own strategy of how you would like to get started.

Best of luck!

-James

Welcome to both of you,

@Nicholas Carelli I am curious about your family business. There are a multitude of mixed-use properties in Philadelphia. Someone who has an established business such as yourself could run it out of the 1st floor commercial space while renting out the two residential units above. Another option to consider, especially with Tyler being a lawyer, would be having one of these properties rezoned to be fully commercial. 

It seems to me like you both bring value to your partnership. I would hash out exactly how both of you will contribute, the more detail the better. This could really help you down the road. The more you discuss now, the more accurate your expectations can be later. 

Best of luck!

-James

Welcome @Miguel Luzon!

You are on the right track with the podcasts and forums. I also recommend BP's Ultimate Beginner's Guide, it helps to form a general foundation in the industry. As you read and learn here I am sure your own strategy will begin to evolve. Sounds like you will be able to absorb a fair amount of knowledge before actually moving here.

Best of luck!

-James

Welcome Karima!

I highly recommend BP's Ultimate Beginner's Guide, it helps to form a general foundation in the industry. Couple that reading with listening to the BP Podcast and you will find yourself discussing REI in a much more professional manner very quickly. Additionally, the podcasts provide real life examples of how people got started, which can help you to form your own strategy of how you would like to get started.

Best of luck!

-James