All Forum Posts by: Mike B.

Thanks @Account Closed. Also of note I just learned.. in terms of rentals in West Passyunk. for my rentals, I've had a lot of Flight attendants inquire for renting a clean SFH. I figured it was closed proximity to PHL. And that is true, but more specifically I learned.. Passyunk Ave has a SEPTA bus that goes straight down passyunk ave to PHL and stops there, thus making it easy for SEPTA riders or employees to get to PHL airport in about 15 mins (employee parking lot is at end of west passyunk ave).

In west passyunk, they're also doing major infrastructure upgrades currently (gas lines, water/sewer etc) and when they're done with that.. paving the roads and re-doing the sidewalks (this was confirmed by workers last week when they were in front of my property).  The maps of where the work is being done can be found online via PGW and others websites. 

@Brian Harlow I suggest you speak with a CPA to guide you in tax law and what you may face if selling the Phoenix home and not buying another one. I believe you’re correct if you sold AZ home and didn’t buy another house you would pay capital gains. If it was me in your situation, from what you describe I would definitely finish up and sell the AZ home. Then I would move to a city or area I like and buy a multi family home to occupy. Triplex or larger is key because then your other units pay your entire mortgage and you’re living rent free. Baltimore if you like the city then I would move there. Finally if you wanted to, leverage Baltimore home to pull cash out and buy a 3rd investment property. Just my 0.02

@John Lee I agree with others would have an electrician look at it to give you best options and prices to remedy this issue

Just ordered and can’t wait to get it in!

get a new husband (HAH!).. but seriously.. get a new investment partner because your current one is holding you back.  That sounds like a great deal.. make it work.  See if another family member wants to lend money and be a partner, take a personal loan, whatever it is.. get that house

@Andrew Neal - great question! For me, I'm building up my REI portfolio and taking cashflow (residential, SFH investments with low interest rates and 30 year mortgages). My plan is only to do this for a few years until my kids are in school and our expenses decrease. Then I plan on switching my strategy to pay off the properties (one at a time, highest interest first) so that in 15-20 years, they're all paid off and I can retire early. I like having options and with REI, if done correctly, should give me the option to pay for my kids college, retire early, take care of my family, etc.

@Alfred Miller I have not heard of that company. I did business with Spring Garden Lending one time and had a great experience. I'm unsure if they do business with new investors vs. seasoned ones, but I had a great experience and would recommend them. They're not a HML per say, so would give them a shot.

@Account Closed - I think you hit the nail right on the head.  I definitely agree with your thoughts (I'm a contractor, do my own work on my rehabs, hire out other stuff) and you definitely have great points.

Keep up the good work! Hopefully some newbies (and maybe those seasoned investors who struggle in other areas) will take away some good points from your post.

@Owen Rosen - interesting points I did not think about.  But now that you mention them I know my Liberty Mutual agent has said to me several times my policy on "X" building is insurable for a replacement cost of $250K (but I only have $150K invested for example) and he has mentioned that very point.  To ensure for $250K replacement cost assumes a from scratch newly built building assuming the old one is not salvageable (e.g. total house fire).

Very interesting points indeed

@Account Closed - I used the 10 year tax abatement on a flip I sold a few months back.  I did this more so as a 'selling point', which I'm sure helped the sale (home was beautiful too.. so there's that). I sold to 1st time home buyers and with real estate rampant in the city, I thought it would be a great selling point.  I also had a close comp to mine for sale, 1 block over, NO abatement (also darker finishes vs. mine were lighter).  In any event.. lots of paperwork to do and follow up, but I think in the end it is worth it, esp. if you're flipping it.  If you were to keep and rent it, that of course would benefit your bottom line for quite some time.