All Forum Posts by: Michael Lenahan

Hi @Shawn,

Here is a link to a recent SFH BRRR:

https://www.biggerpockets.com/calculators/shared/370773/3e693e96-668f-4496-b69a-fad0b0f92297

I bought this house for 52K and put about 35K into it.  It was appraised for 147K and renting for $1,100 per month.  I refinanced for 103K at 5.3% and currently reinvesting in another property.

Here is link to rehab photos:

https://photos.app.goo.gl/B9XSDuVcAtttA8gr5

Let me know if you have questions!

Mike

Eric, 

Ethan is right.  Legally you can only rent a house to 3 unrelated people in Philadelphia.  If you keep a low profile you'll be able to get away with 4 people.

The vacancy rate seems a little low for a rooming house.  I'd bump that up to 10%  or 12% to be conservative.

You'll also have to factor in utilities, since there is no way to know who is using what.

Let me know if you have other questions.  I've owned an operated at rooming house in Cobbs Creek neighborhood since 2015.

Mike

All of my 10+ rentals are in this area. I'm making money. It's hard to miss in Cobbs Creek. I aim for 1,000+ sq ft, 3+ beds and 1+ bath. Do a good rehab and you'll find the best tenants. Let me know if you have questions about the area.

One of the best BP podcasts I've heard in a while. I wish the episode was longer. You have to have Paul back on.

https://www.biggerpockets.com/portfolio

Here you go Lance!

Hi, I invest in Cobb's Creek and Haddington.  

There are some good deals there but you gotta know your comps.  The value can change dramatically from block to block.

I have very good tenants in all of my rental.  Sometime it may take a while to find the right tenant but a lot depends on the quality of the rehab and block.

Mike

@Jack Liberi Jr. thank you for your reply.

Need Advice dealing with L&I...

Just settled on SFH in West Philadelphia and the house was rerecently slapped with a L&I violation - House is unsafe for occupancy.

The back bedroom has fire (smoke) damage, but nothing too serious.

My question is what is the best way to deal with L&I.

I could rehab the whole house and call L&I when I'm done to inspect or engage L&I now and have them tell me what to fix and how to fix it.

Anyone have experience dealing with L&I?

Mike

Have cash and looking for a deal in West Philadelphia!

I have rentals in Haddington, Overbrook, and Cobbs Creek.  Open to other neighborhoods in West Philadelphia.

Thank you Bret.