All Forum Posts by: Ethan Giller

Take a look at homepath.com... you can sometimes find good deals there (especially if you're ok with a property that will need work), and most are only open to owner-occupied for the first 20 days, so you won't be competing with investors.

http://www.trustlibertyinsurance.com/

Primos, it looks like that is a neighborhood in Upper Darby, which is outside of Philadelphia?  That's probably the issue here.  Any advice you ask for with regards to Philadelphia taxes is not going to apply if the property is outside of the city - different jurisdiction, different tax setup, different valuations.

You should not wait to post the notice, and you should inform the tenants that you will be filing an eviction at the end of this week (i.e. 12 days after rent is late).  Posting the notice is essentially just a reminder to the tenant that they have to pay or face consequences - you don't need to wait until the end of the notice period to file an eviction, since it will take 3-4 weeks after you file before the court date anyway.  There is no reason not to post the notice now, and there is no reason to delay in filing the eviction (since the tenant ultimately pays these costs anyway).

For easy evictions in Philadelphia, and to get a second opinion on any advice you get here, try evictionsunlimited.com

Phil, property taxes in Philadelphia of $6K indicate that the property's tax-assessed value is $450K (AVI * 1.34%)... so something is off with your analysis.

You buy the house, give him $500 to to the rehab, then split the cash flow.  ;-)

I also recommend that your wife should speak to a lawyer and an accountant to determine the best entity to hold her current commercial real estate portfolio.  It should certainly not be in her personal name.

Hi Scott, good of you to ask these questions.

My honest opinion is that it is not advisable or realistic for you to be looking to purchase multiple below-market office buildings if you are an inexperienced investor.  Especially if your wife is providing the capital but is stressed out by the idea of talking with real estate professionals.  If you are looking for a hands-off consistent return on her money, I recommend going to local REIAs and trying to partner with an experienced investor who can provide you with a fixed return on your money from a well-secured loan.

Translation: Don't partner with someone who sends messages that are so unprofessional, no matter how good the deal seems.

I would be highly skeptical of a seller who represents a house as fully rehabbed but has knob-and-tube wiring left in place.