All Forum Posts by: Richard Fields
Richard Fields has started 16 posts and replied 236 times.
Post: Any insurance companies that offer coverage on flips?(CA)
- HVAC mechanic
- Philadelphia, PA
- Posts 241
- Votes 57
National Real Estate Insurance Group. I use them for my rentals, but they work with flips too
Post: Buying our First Rental Property
- HVAC mechanic
- Philadelphia, PA
- Posts 241
- Votes 57
If you get $900 a month, your net cap rate is about 11.4%, which isn't to bad. I would go for it
Post: Looking for Guidance
- HVAC mechanic
- Philadelphia, PA
- Posts 241
- Votes 57
Read all you can find here. J Scott's Book on Flipping is a great learning tool also. I also liked Flipping Houses for Dummies
Post: Hello all I'm Lawrence, newbie from Philly! How's everyone?
- HVAC mechanic
- Philadelphia, PA
- Posts 241
- Votes 57
Welcome Lawrence
Post: Should I buy an investment property now?
- HVAC mechanic
- Philadelphia, PA
- Posts 241
- Votes 57
Thank you for your service sir. I agree with others above, learn all you can before jumping in. I bought my first investment property knowing nothing and ultimately lost it due to tenants from hell because I knew nothing about vetting tenant. Learn, learn, learn and screen those tenants
Post: New investor from Connecticut in Philly
- HVAC mechanic
- Philadelphia, PA
- Posts 241
- Votes 57
Welcome Andrew
Post: Long term guest
- HVAC mechanic
- Philadelphia, PA
- Posts 241
- Votes 57
Originally posted by @Jack Edgar jr:
I agree with possibly allowing to stay and adding to the lease but what about running a background check and possibly a credit check on the long term guest? Especially with respect to the other tenants and your rental policy.
Absolutely. Also, they should fill out and pay the application fee
Post: It's time for the second deal!
- HVAC mechanic
- Philadelphia, PA
- Posts 241
- Votes 57
Originally posted by @Luis Rosario:
Good morning everyone!
@Michael Campbell
@Michael Campbell: Thanks for the advice. I'm currently looking at the Lawncrest/Feltonville neighborhoods as understand them pretty well and I know I can get some good cash flow from upgrading a SFH to a duplex.
I have not attended any local REI meetings as of yet. Any recommendations?
@Richard Fields: Congrats on your triplex! It is inspiring just to see that others in the area are experiencing success with this model. Just out of curiosity, did you run into any snags with the city's License & Inspection?
@Tiffany M.: Thanks for the insight. Congrats on the duplex and I know that 2nd deal will come your way! I'll definitely be looking into partnerships as a possibility as well. What are of the city are you focusing on, if any?
No problems with L&I. The property was already set up as a legal triplex with separate utility's and long term tenants already in place
Post: Long term guest
- HVAC mechanic
- Philadelphia, PA
- Posts 241
- Votes 57
Originally posted by @Dana Dunford:
@Daniel Pena -- Definitely update the lease with an addendum. Any tenant over 18 living in the property should be on the lease. As far as the rent increase, it's up to you. I personally wouldn't increase it because of the reverse incentive ... In the future, they may withhold some information to avoid a rental increase. And, you want your tenants to be as transparent and honest with you.
Completely agree with Dana
Post: HVAC effects on appraised value
- HVAC mechanic
- Philadelphia, PA
- Posts 241
- Votes 57
Originally posted by @Russell Brazil:
Most appraisers are not going to look at it.
I was surprised, but I've been told the same thing