All Forum Posts by: Philip Jackson
Philip Jackson has started 0 posts and replied 16 times.
Post: 9 unit new construction in Philadelphia
- Posts 16
- Votes 2
What bank/lender will let me use the equity in my land to cash out refinance towards my down payment in Philly @Troy Sheets
Post: Hard Money Lenders Min Loan Amount
- Posts 16
- Votes 2
Quote from @Patrick Prunty:
I know a lender who will do smaller amounts, contact me if you need a referral
Post: 9 unit new construction in Philadelphia
- Posts 16
- Votes 2
Quote from @Troy Sheets:
Quote from @Philip Jackson:
Quote from @Troy Sheets:
Quote from @Eric Greenberg:
Congrats Troy! Thanks for the details on this project. How many lots did you utilize for the 9unit and what was the original zoning?Thats a shame on the building between the units and wild the 9-unit is only $6400 without the abatement!
The 9 unit was only two lots. The lot in between would have gotten me enough square footage to utilize the green roof bonus which would have gotten me 3 additional lots on top of the 4 by right the lot allowed. As far as taxes, I suspect it will be much higher at some later date, as of now the appraised value for tax purposes is only at $1m or so. I'm not complaining and it doesn't make a difference for the next 10 years, so they can appraise it at where they like, for now!
@Troy Sheets how do I get started in new construction as a beginner
That's a broad question not knowing your background, experience, market, etc. If you have specific questions I'm happy to help. Broadly speaking, I would say network with developers in your market that are doing what you want to do. I've taken at least a dozen investors through this project at various stages and they asked a ton of questions and hopefully learned a lot. I'm always happy to help others and pass along knowledge and I'm sure you can find someone in your market that will do the same. In the meantime, ask away on here and I'll answer as best I can.
@troy sheets
What’s the cheapest way to get plans done for a lower price
@Troy Sheetsundefined
Looking for a bank/credit union that would give a heloc/cash out refinance on a property that is vacant that I have title insurance for
Quote from @David Krulac:
@Matt Lord there is no "right of redemption" for PA Tax Sales. OTOH, we have been involved in mny Quiet Title Action Lawsuits, not the most pleasant ting to do. At the extreme we had one QTA that took 9 years and $45,000 in attorney fee and hadn't gone to court yet.
David Krulac Bigger Pockets Podcast #82
Post: New Ground up Construction Loan Lender
- Posts 16
- Votes 2
Quote from @Carrie Matuga:
@Philip Jackson were you. able to find someone who could help? Reach out if you'd like to talk more.
@Carrie Matuga I wasnt able to find lender
Post: Single family residence with RM1 Zoning in Philadelphia
- Posts 16
- Votes 2
Quote from @Troy Sheets:
Originally posted by @Igor Messano:
The RM-1 zoning helps you here a bit but here is the short version of the issues you have that you might be able to solve. Phila law says you may not have more then 4 unrelated persons living in the same property. This is to prevent rooming houses which is basically what you are trying to do. Where the zoning helps you is that the 4 person rule is by unit and not property. So if you have a property that can be easily zoned for multi family you could turn it into a multifamily and rent out individual rooms. This means you would need to breakout your property to include 3 kitchens so each unit has it's kitchen and bath and entrance.
A lot of people have illegal rooming houses and make a killing doing it. The issue is that if you ever have a problem with the tenant you can't just go to the city to evict them since you are in the wrong.
I am purchasing right now a property with 7 bedrooms that is legally zoned as a 2 family. What we are doing is splitting it back out to a duplex and then renting it out as short term rentals by the room. This way we are not within the 4 persons per unit rule. Whatever you do, make sure you have an exit strategy if something goes bad.
How big does a lot have to be in Philly to build on it @troy sheets
@Troy Sheetsundefined
Post: 15% down single family investment property loans?
- Posts 16
- Votes 2
Quote from @Jay Hurst:
Quote from @Philip Jackson:
Quote from @Curtis Noteboom:
I just closed a few weeks ago on my first rental. Single family home. I put 15% down. Rate was 4.25.
what lender did you use
Both Fannie and Freddie allow for 15% down on single family homes, and there are non-conventional options that allow for 15% down without mortgage insurance. and we do a first lien at 70% or 75% on a first mortgage and a second mortgage for the rest up to 85%. so really any competent lender should have an option or two for you.
15% down payment for investment property I meant
Post: 15% down single family investment property loans?
- Posts 16
- Votes 2
Quote from @Curtis Noteboom:
I just closed a few weeks ago on my first rental. Single family home. I put 15% down. Rate was 4.25.
what lender did you use
Post: 9 unit new construction in Philadelphia
- Posts 16
- Votes 2
Quote from @Troy Sheets:
Quote from @Philip Jackson:
Quote from @Troy Sheets:
Quote from @Eric Greenberg:
Congrats Troy! Thanks for the details on this project. How many lots did you utilize for the 9unit and what was the original zoning?Thats a shame on the building between the units and wild the 9-unit is only $6400 without the abatement!
The 9 unit was only two lots. The lot in between would have gotten me enough square footage to utilize the green roof bonus which would have gotten me 3 additional lots on top of the 4 by right the lot allowed. As far as taxes, I suspect it will be much higher at some later date, as of now the appraised value for tax purposes is only at $1m or so. I'm not complaining and it doesn't make a difference for the next 10 years, so they can appraise it at where they like, for now!
@Troy Sheets how do I get started in new construction as a beginner
That's a broad question not knowing your background, experience, market, etc. If you have specific questions I'm happy to help. Broadly speaking, I would say network with developers in your market that are doing what you want to do. I've taken at least a dozen investors through this project at various stages and they asked a ton of questions and hopefully learned a lot. I'm always happy to help others and pass along knowledge and I'm sure you can find someone in your market that will do the same. In the meantime, ask away on here and I'll answer as best I can.
im an investor in Philly as well, I currently have some rentals , have done 1 fix and flip. I also have 1 infill lot in Delaware county that I own free & clear . Is it true that the bank would use the lot as collateral for a new construction loan @Troy Sheets