All Forum Posts by: Melanie King

@Miguel Oliviera Did you ever get any feedback on this that was useful to your new lease agreement? I have to revise my lease for PA tenants and am having a hard time finding specific language to protect me as the landlord.

TIA!

Hi Everyone,

Stamford resident and investor here :) Looking for 2-3 BR SFH's to hold as long-term rentals. I'm interested in networking as well! @Christian Valencia I know that there is a RENE Meetup based out of Norwalk run by @Bogdan Constantin Stefanide.

I look forward to hearing what everyone is up to.

Best, 

Melanie

@Trevor Brown sounds like another soil sample is more than worth the money! Thanks for the input!

@Dylan Mejo the bank hasn’t brought it up, it was found at inspection

@Lawrence P. Schnapf very helpful, will be doing more digging for information (pun intended)!

@Bradley Kennedy great read, thank you!

@Michael Noto Thanks for the input, and would love a referral. Are we allowed to do that on BP (I"m a newbie)?

@Mike Parelli I'll be sure to ask my attorney follow-up questions! Thank you!

@Mark Avery Thanks for the input, very valuable feedback, I wasn't even thinking about the mortgage & insurance aspect. The house is connected to public water, so luckily no well to worry about. 

@Jason Arcuri and @Angelo Pozzuto thanks for your input!

I am under contract for a single family house in Stamford, CT. There is an underground oil tank in the front of the house. The previous owners used a company called, "Technical Environmental Construction, Inc." to abandon the oil tank in place in 2001. There is also a letter explaining that the company:

1. Filed all state and local notifications/permit was made with the office of the fire marshal

2. All oil and sludge was properly removed and disposed of.

3. The UST was scrubbed dry and cuts were made to collect bedding materials.

4. Soil was analyzed and did not exceed CT''s limit of 500ppm.

The seller has already refused to remove the oil tank. Is this a deal-breaker if I am planning on doing a live-in-flip and then renting out in a couple of years? Or is this only a concern for when I go to sell in the future?

Thanks in advance!

Hi @Nick Russo, 

I sold my live-in-flip in West Passyunk, Philadelphia (20th and Snyder) in May of this year. I bought the 3 BR, 1 BA, 1-car garage, 1300 sq ft. rowhome in November 2015 for $140k, put about $90k into renovations (all new electrical, HVAC, kitchen, bathroom, everything) over the 3+ period I owned the property. It sold for $290k to an investor who is now renting it out. I was very happy with the outcome of the sale! West Passyunk is still a very viable market, but don't wait too long. 

Benefits of West Passyunk:

1. Close to the 1st District Police & Fire Stations

2. Strong neighborhood association (WPNA)

3. Local restaurants and bars - my favorites are Cafe y Chocolate and ARS Brewery

4. Easy access to I-76

5. Very low real estate taxes

Downfalls:

1. Parking, but that is anywhere in Philly

2. Walking distance to subway

3. Some section 8 housing near the neighborhood   

Feel free to reach out if you have more questions!