All Forum Posts by: Jared Forman

Stelljes, Please do not take any advise as legal advice. 

If this were myself and say my mother wanted to transfer a property into my name. I would do the following:

Speak with a title clerk about drafting a special warranty deed package for a nominal amount ($1) between my mother, guarantor and myself, guarantee. Since this is a family member I am going to make an assumption that you will be assuming any debt, liens, and encumbrances owed against the parcel.

This whole ordeal should cost you roughly $300-$700 depending on the value of the property.

Once again this is not legal advise rather what I do when i buy property without title insurance. I write the actual price i give the owner not a nominal amount. 

If you are serious and motivated about wholesaling than work under a top wholesaler for 2 years as an acquisitions manager. You will be paid very well if you work hard and you will learn the ins and outs on someone elses dime

I don't have experience; but please remember...

right now digging basements is the most regulated thing in the city. You need an inspector on sight everday. 

best of luck

What you can build is determined by the zoning of the property. Typically in a residential neighborhood you have RSA - residental single family housing. You can build 38 ft high by right and there are set backs. Your lot is ~700 sqft so I would look into getting a zoning variance to alleviate the setbacks and maximize.

@Frank Robinson you may want to loo into a zoning usage change. 

It will not be easy to do, but you can apply for a usage license for a rooming / boarding house. I think that will superseded the base CMX-3 commercial mixed-use base usage.

Why this will not be easy?

You will need to speak with the neighborhood association and L&I about the zoning change. L&I is not too fond of handing out rooming house usage. 

@Irfan Raza we need more rock stars in the world to guide people. 

Maybe you could send @Raj Bhalla some opportunities so he will get an idea of what the market looks like 

This is going to blow your mind...

Nothing the city of Philadelphia does makes any logical sense, no two departments communicate with each other. 

The city is a legal racketeer. 

Example: The city owns Philadelphia Parking Authority. The city will give you tickets that are not warranted. Then they say " ohh sorry buddy, we already printed it. You are going to need to appeal it."

If you do not pay or appeal the ticket within 15 days they add a late fee sometimes greater than the ticket. Then if you don't pay it within 30 days they hit you with a higher late fee. At the end of the day if you don't pay it they boot your car, tow your car, and will put a warrant out for your arrest.

If you try to appeal  it they give you a date 6 months out and the judge is a city official who doesn't care what you have to say. 

USE THIS KNOWLEDGE TO YOUR ADVANTAGE

Are there any real estate events coming up this week? I will be able to attend after skiing

My goal for 2020 is to systemitize and automate our Marketing and Aquisition Department. I have been having a fun time trying to gamify parts of the Marketing and Aquisition rolls. What technology and automations are you using in your business that looking back you can't live without??? What technology are you using to make you business fun??? What technology do you wish you could snap your finger and change??? What has the smoothest systems for Marketing and Aquisitions?

The only way an investment will make sense is if it cashflows. On the surface it might not cashflow, but can you change something about the property or the business model to make it cashflow. Get creative