All Forum Posts by: Kevin M.

Antonio,

I'm not sure if there is a residency requirement (which might be federal law?) but I'm happy with PNC. They are headquartered in PA. They have great in-person service and a robust online banking system. Best of luck in Philly let me know if you want to talk property management.

@Chaits J. buying lots for development is a complex process. Some of the lots are owned by the redevelopment authority and working with them is a whole process. Then you have to worry about zoning. Lot size/shape (frontage is important) and you have a lot more players you need to work with. GC, architect, construction lender, etc. Then you have to work with L&I which can be a nightmare. I would shy away until you really get connected and know the game here in Philly. 

1. Turn-key can work out for house hacks. You can even find new construction that works for house hacks in an up-and-coming neighborhood

2. Going all-in will get you the highest ROI. You are leveraging your benefits to the max so your returns will be higher in theory. Remember- higher returns require more risk. Since you are young you can be more tolerant.

3. Multi-family. Definitely. 

4. OPM. Other Peoples' Money. Put the least amount down. Leverage your benefit. 

Good luck.

@Chaits J. if you’re out of town I would strongly recommend a manager. Typical rates in philly are 6%-10% of rent, plus one months rent to lease. Some companies also charge up to one months rent to turnover. Some have startup fees too. Make a few calls and ask about ALL their fees as well as their hourly rates for handyman, etc.

@Chaits J. I’m the owner of a couple rentals near temple. I would guess you’re seeing higher caps rates for student housing because it’s typically more difficult to manage with such high turnover. You have a lot of turnover coordination headache and risk. That being said- i actually like college student tenants because they typically pay rent since they have a lot to lose and their parents co-sign. 

@Mark Allen Kenny happy to see the love for Philly. I was surprised to see you describe the laws as "landlord friendly" but I guess it's all relative to someone in NYC!

@Michael Galvis I'm slightly confused by your description. Is it a condo? Two units on one parcel? This sounds like a question for a local real estate attorney. He/she can look up title details and figure out the current allowed use and what would be required to get the zoning approval you ultimately want. 

Joseph- I’m a little bit biased since I am the owner...

but I’d love to talk more about what my company can do to see if we’re a good match. I’ll send you a connection. Good luck either way

Good contractors are more valuable than their weight in diamonds. It's a wonder more students aren't combining some business courses with the trades to open new competing companies. It seems like such a need across the entire country...

@Cassi Justiz is right on point. You should poke around local BP forums and find some other investors in your area. Message them- and see who manages their properties and how they would rate the quality of services. Some of the more active members will be happy to respond with their endorsement/warning. This should get you an unbiased view on some local options. Best of luck!