All Forum Posts by: Volodymyr Flis

@Stuart Udis hey Stuart you were right about legal renting at this property. Did a walkthrough yesterday-the interior of the property is not safe, even though there are renters living there now, only a few. The house needs a full rehab!!! The property is legally zoned by city of Philadelphia to 15 persons. I saw the the paperwork from the city. But it has over 20 violations. So at this point I don't think any title company would sign off of the contract with violations unless I'm paying cash as-is. I could probably get this property for around 100k, because owner wants to get rid of it asap. But still not sure if my rehab of 150k would be enough. I think that's a no for this property. Thanks for your advice.

@Syed Ahmed hey, you can message me directly if you have ideas for this type of project. No im not really focused on students. I e discussed this option with padsplit rep and they can take on that property for padsplit.

@Stuart Udis the house is currently used as rooming house. I'm just renovating it. What permits would be required if nothing is being changed besides kitchen and bathroom fixtures? I guess minimum permits for replacement of kitchen and bathroom fixtures maybe. I see where you coming from about student season vacancy....hmm. I just need the funds to buy the property and I'll acquire the funds for rehab.

Can you explain a little about the process of getting a Heloc based on the situation you mentioned? That's what my plan was for my next property but now I'm a bit confused.... 

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@Jaycee Greene according to padsplit it should rent for 500$ per room per month. It's not in the nicest neighborhoods but I've sold the properties in worst and my house was the most expensive in the area.

@Jaycee Greene it's a 20 unit property for 400k that currently is rented out per room to students/anyone. The property needs a decent amount of rehab work done about 100-150k. ARV should be around 700k maybe even more depending on work done and quality. I can come up with a rehab funds but I need a loan to purchase and down payment of whatever it is. Should take me about 6-8 months to fully finish the property maybe less. I've done flips and rentals in the past but want to switch my focus on multi unit properties.

@Jaycee Greene any that you can recommend? Which one do you think would work for my situation- construction or rehabilitation loan?

@Jaycee Greene rented out via padsplit. Could be student or anyone

Hello, I am looking at the property that was used as a rooming house for students in Philadelphia. How can I get funding and what type of loan would that be? The price is around 400k plus rehab cost.