All Forum Posts by: Mike B.

Do a cashout refi (only need a 6 month seasoning period with most places).  Best way to do it. I'm in the process of doing this currently and my rate is 30yr loan @ 5.5%

As an update I sold the truck the other day and made a $600 profit! If I count gas and insurance for the time I owned it then I essentially had a work truck for free for the last 6 months! Onto the next one..

@Isidor Prifti - WEST PASSYUNK. Still a honey hole of deals, newer rehabs going on (with some new construction). Great access to highway and stadiums. Lots of commercial in the area, walkable, shopping and all basic necessities (grocery, Home Depot, pet store and gym) in close proximity. I own 3 SFH rentals there and am crushing it

@Dalion Baskerville - you’ll also need a vehicle with commercial insurance and contractors insurance. Else they won’t issue the actual contractors license (I had looked into this before). The insurance limits required are on the L&I website

@Aleksandra Schultz - it truly depends on the tenants personal life changes. I have high end properties in B/C neighborhoods which gets them rented very quickly and usually no vacant months in between turnover. However I find most tenants only stay up to 2 years then they buy or move for work etc. I do like a turnover every 2 years so you can do touch up and increase rent to market rate

@Kalyn Williams - I use cozy for all my tenants. Automatic ACH drafts, free to use and easy to run basic reports when it’s time to do taxes. Also builds the tenants credit over time which all my tenants like. I have for new tenants only not setup in cozy yet, accepted certified checks or payment via Venmo. I like Venmo as there’s an electronic trail

@Jonathan Jaffe I bought an electric one (more powerful model of the electrics) just to do the backyard concrete pads on my small Philly row homes which are 14x10 usually. Easy portability and hookup for my homes. If you are using it do to larger projects like sidewalks, driveways etc then YES a gas power washer is the better investment

@Jr Trotta - those areas are cheap for a reason. Grays ferry doesn’t have commercial stores so I’m not a fan. I only invest in West Passyunk Right now (near 22/Snyder area). Lots of mixed commercial and residential, easy highway access and public transportation. The area has started to gentrify however very affordable homes there still in the low 100s

Forgot to include picture of kitchen for reference. This is a higher end finished home so rent is at top of market for my area (West Passyunk) 

@Phil Goodwin agree that 10-15% is likely expected. Especially if you found someone who would give you 400K.. would expect higher rate of return. Otherwise 10% is standard