All Forum Posts by: Yacine Rimmo

Yes JJ I have the clear CO in the contract so definitely calling the seller and pushing it on him.

I'll ask the reason to the city but I can already guess that this is environment related with oil leaks etc (at least they'd say so)

Hello BPers!

I'm closing on a three unit in Allentown on Chew street and 12th this Friday. and just received the report from the city inspection.

They are asking for the removal of the oil tank in the basement which is something I was thinking of doing but saw no urgency about. They also want a permit pulled for it. (cost for a 3 unit and one tank: $215, I guess rate varies with the number of unit and of tanks. it looks like a tax to me...)

This is apparently a new requirement... I'm assuming I need to get a licensed contractor to take care of that, which I'll confirm with the City tomorrow.

I'd like to push that expense back to the seller.

Who here has had to deal with this in Allentown or in the area?
What did it cost you?

Thank you!

100% agreed, when I run my numbers of what's regularly advertised at a nice 10% cap rate on the MLS descriptions, it ends up coming up at a pale 7% almost all the

100% agree with Rick, only getting different quotes will let you know you're not getting ripped-off at least.

You can tell a lot from a contractors quote and few qualifying questions and making sure you have no holes in your scope of work to level them. That way you can chose the one which works best for you.

Hi @Ralph Trinidad, I am interested

Hello BPers!

Currently in the search for my next investment in the Lehigh Valley from New York.

Does anyone know a good portfolio or commercial lender that is local to the area?

Hi Eli,

The searches I had made few months ago gave me a range between 7% and 10% to which you need to add various fees depending on the company for new leases, eviction, termination etc.

Considering all fees I had estimated that this could amount to a 10% - 16% range.

Hi @David Krulac do you use them for your properties?

@Christian Baldera I was in your place 3 months ago, there are a few property managements in town. I found it hard to find solid recommendations. I found also that a good amount of people self manage even from New York.

Hey Matt,

I have a property in Allentown and someone recommended the The Philadelphia Contributionship, I also learned that my lender was using them... I think they are mostly affordable. I am with them but haven't had the chance to need them, the less the better I guess. The ratings I found online about them are not very stellar thought.

I also was quoted based on interestingly different replacement values depending on the agents.

If your numbers work with hiring a realtor and that's your first investment, then hire one.

Just make sure to work with a good one and negotiate the fee. The wrong choice could kill the deal, waste your money and your time.

I have brought my own deals to realtors for me to buy and paid a 2.5% fee ...if this can help for running your numbers.