All Forum Posts by: Mike B.

FINAL UPDATE: Completing the refi process and I close next week.  Appraisal came in at $250K! Lots of sales activity last month coupled with current properties for sale and I'm stoked.  Hopefully continues on the right track for years to come.

No I do not. I do, however, require only the 1 pet I approve staying in the house (e.g. they cant get more pets)

All pets need to be current on vaccinations, rabies, flea/tick etc. and submit letter from their VET certifying as such. Also I require they register their dog/cat with the city, as required to Philadelphia code.

As of this time though, I only accept dogs, no cats. And I actually haven't had applicants with cats yet now that I think about it.

@Joseph M. Yes. 9 squares, torch down rubber roof over the existing (no removal needed in this case). It’s a row home in south philly. They all do this. Definitely cheap vs shingles!

@Dave Passey there is no mortgage on the home and no delinquent bills or taxes. I’ll speak with an attorney tomorrow but perhaps do an addendum or other legal agreement to take care of the roof and other issues and once closed I can reimburse for payment. The sales price is already below market and appraised value by $5k so it’s a big savings in my area where there’s also little inventory. Hence the push to close on this property

Thank you all for the advice! Unfortunately to close, the house needs a new roof ($1800) with certificate of no leaks and also a plumbing cert saying there’s no leaks. Will work with seller to figure out if he can cover costs now and if we close successfully I’ll reimburse or something. The contractors to be hired are licensed/bonded/insured so work is legit from that standpoint.

nope, not worth it to me

@Ruben St. Paul if the whole top floor of this row home is torched I think it would be closer to $100K to rebuild everything and also update the rest of the home. New building costs are roughly $150/sqft in philly depending on finishes but that’s new construction.

Hi all Looking for someone who’s been through this before and can give advice. I’m under contract for a private purchase of a SFH in South Philly. Seller is great to work with and super flexible. We close in a month. Anyway I would like to do some renovations to the home now (cosmetics only.. exterior work mainly) and also start working on kitchen and bath cosmetic updates. I would do this before closing mid October. The idea is to get this rent ready faster then usual and avoid trying to rent this mid holiday season. Has anyone done this before and if so, did you draw up some type of contract that allows you to do the work and get paid back if you didn’t close? We don’t foresee any issues. only concern Is tItle sInce Its In hIs moms name. However POA (her son Im dealong wIth) already went to cIty hall and did Probate paperwork to transfer deed Into hIs name, whIch I have a copy of paperworK confIrmIng thIs. Home is an AS IS purchase (grandmas house) Closing in a month, I’m cleared for financing Seller VERBALLY agreed to letting me do some work needed already for closing (new roof). Thoughts/recs? Thanks in advance

ALCO windows in northeast philly.  I believe they're on Roosevelt BLVD.  Anyway, very fair prices. I had vinyl window replacements done on a flip and they were helpful.  If rotted, they can also replace window sill/framing on site, etc. Very handy installers, did a great job. And yes they'll do full install with flashing, caulking, etc. 

@TJ H.  - as noted above, and I can say since i own/rent philly places... YES developer must have his sump pumps and ALL drain lines (including from roof) run into public sewer line.  That's a code requirement.  Many new builds in philly, if you'll notice, MOST of them have a drain line right in front of the property (collects water from roof via gutters, and drains in front of building because that runs into main sewer lines). 

I also agree with others.. would determine what your property is worth, add a large (but not insane) premium and ask that.  For example if your duplex (that you own) is worth $150K at most, given recent comps, then I would think it's fair to ask $225K (I assume builder will talk you down) and you do a private sale (avoid realtors costs) and perhaps settle at a $200K sales price. 

Good luck!