All Forum Posts by: Mike B.

@Josh Rogers depends on how rough it is. But I agree fix the issues at hand, do some cosmetic upgrades (paint floor lighting kitchen and bath) and should be able to sell it for a profit

Agreed as everyone noted above.  I use a scratch-N-dent place outside of Philadelphia, PA (private owner, small company) and after my last appliance purchase back in April 2018, he said the same thing.. all appliances went up about $25-100 depending on size (so a standard 30" frigidaire SS went from $1500 up to $1600 now), etc. 

@Bill Caraker - did you find anyone?  I've been searching the web and asking around.. nothing. 

Since it's metal, I'm thinking I could treat this like auto body work.. patch the metal with welding, then body filler and smooth out, prime/paint, etc.  Will have to see how big of a project this will be. I agree when it's done and preserved they look awesome (adds great curb appeal that's for sure)

@Hubert H Byron III they’re all long term rentals. I’ve also stayed at vacation spots where those landlords used them as well and I enjoyed it. Makes things easier

@Alex T. If you are already working with an architect you can check with them but my understanding is since the floor is NOT structural you don’t need to amend the permit. A simple alteration permit covers that already. Again because the floor of the philly row home basements is NOT structural. It’s literally a concrete slab over dirt. 4” is required per code. Your foundation is on the sides because all the row homes sit next to each other.. need a good foundation front back and sides.. not in the middle. My basement.. after dig down and finishing.. we gained 7” and let me tell you it made a HUGE difference. Totally transformed the space and was a big selling point. Another living room, man cave, playroom etc. more space is more space and buyers will want it. Especially in this market with more competition, it’s definitely a selling point to have a finished basement. You’ll recoup your money for sure!

@Drew Eldridge - I’m a hospital clinical pharmacist. I do REI on the side. Have done 5 flips over the past few years and soon to lock down another one this year too.

@Alex T. What The contractor recommends and his price.. are good. I speak from experience. I did a basement dig down in a philly row home. Basically you dig 2-4 test holes. 4 is the best.. do it along the wall towards each corner. Make the hole approx 1’x1’ so you can see and measure down. You dig down until you see there’s no more original foundation on the side and you measure from bottom of the original foundation to the bottom of your joists. Subtract 4” and that would be the new ceiling height. As correctly noted, digging below that in philly you need underpinning, architects and engineers as required by code. To give you an idea tho, digging down, pouring new slab, waterproofing and framing, drywall and lighting to finish out the basement fully can run total of 10-15K for everything.

@Eric A. and @Hubert H Byron III - I use a regular battery operated Kwickset #913 style lock on my SFH rental properties (all LTRs). My tenants, who are usually in their 20s-30s love them, because they dont worry about being locked out accidentally. I enter multiple codes just in case (one for tenant as primary as well as a tenant backup code and also my personal code so I can get in). My locks can also auto-lock after 30 seconds which tenants like so they dont have to worry about if they (or a visiting friend) forget to lock the house when leaving.

Overall very positive feedback from tenants about using these locks; I haven't had any issues

wow! great work and great idea on house hack for your daughter.  I'll definitely have to keep this in mind down the road for my kid (he's got a long time to go)

@Gaurav K. - yes convert to gas.  Call an HVAC company who can assist with the process.  As noted above, PGW has rebates for converting to gas and even better rebates for multifamily properties!  I just did an oil to gas conversion and I got a $300? (max $500.. can't recall) rebate coming my way for the change.  PLUS.. I sold the oil furnace on craigslist (a guy picked it up) for $600.  

I can't speak for MF, but on my SFH, there is NO charge to connect my home to the main line in the street. They installed a 1" line from the street to my property with the meter. I then had my plumber install the gas line and PGW makes the final connection at the meter.

I think overall gas is cheaper (and cleaner) then oil. Your tenants will appreciate this as well