All Forum Posts by: Yuriy Skripnichenko

@Kim Kaiser

You are comparing oranges and apples. 

You can search for ROI vs ROE or vs CCR.

I'd recommend to read 

https://www.biggerpockets.com/forums/88/topics/46088-roi-vs-roe-vs-cash-on-cash

And

https://www.biggerpockets.com/forums/88/topics/46088-roi-vs-roe-vs-cash-on-cash

You'll find many other topics on the issue

@Reynald Jean

Is there any specific reason you are looking in bucks county? With that budget is not too many places in bucks where you can get a deal. Did you consider to look into Philadelphia? 

@Al Pekerman

I did drawings myself. 

Here is the expenses that I had:

$25 zoning application 

$18 coffee for local ZBA hearing 

$125 zoning appeal (you get denied after your initial application and have to appeal)

$98 stamps for letters

$100 zoning permit

Total 4 months and $366

You can not apply if you have people in the building. It has to be vacant. Also if you already have rental license for single family that will make things more complicated. You should show hardship for you to keep this property as SFR. Read the rooles at the city website. Feel free to reach out to me if you have more questions.

@Lana Lee

I did everything myself, including the paln drawings. It is not as comlicated as it may sound. You just need to folloow the instructions and hope that non of the neighbors will contest. Feel free to reach out to me if you have more questions. I also would recommend to go to a ZBA hearing to see how it usually works. 

@Andrew K.

I invest in Frankford and have a property right at the arrot transportation center. As you know Philly goes block by block especially in frankford. There is "better" and works blocks in the area. 

If you never dealt with problem tenants I would not recommend any block around ATC. Feel free to reach out to me and we can chat about it

@Dan Pettit

I'm an investor and have my agent license as well. I got my license after I became an investor. I would say if you are looking to get into agent business look for companies that would provide you with training, preferably free training. If you're holding your license to supplement your investment businesses, find an office where you will have to pay less fees/commissions. possibly some investor friendly local office, that will not make you jump through the hoops to do your business.

@Eric Grant

It seems like no matter what 5% personal Lon is much better than probably 19% credit card debt. It makes sense to go for it just from you personal financial situation. I would go for it with no hesitation. You will save a ton. 

I'd recommend to talk to your mortgage broker or a loan officer and see what they would say about this move being beneficial for your mortgage application 

@Charlotte Adams

In no way I know anything about Canadian real estate and applicable law but I have experience in getting SFH zoned as a duplex in Philadelphia, PA.

It was a long process but I did everything myself. I was simply following the rooles that are posted on the city website. To shorten the story and summarize: I had to apply for the city zoning board hearing. Poste notes at the property so neighbors can see it and attend the hearing. Mail out letters to about 160 home owners in the couple blocks radius about the hearing. Set up meeting with local community organization to get it approved by them before going to the ZBA hearing. I had to take pictures and make professional looking plans of the building. I was approved in local community hearing. They provided me with an approval letter. With all that I went to the ZBA hearing, none of the neighbors showed up to protest, so I had approved the use of the property as a duplex, even though the zoning is not permitting duplexes. The whole process took about 4-5 months. Hope this helps and gives you some ideas. 

I'm sure you can find local attorneys who can either guide you or do the whole thing for you. 

@Isaiah Payne

1) you can easily google that

2) there is no way for you to know credit limit until you apply. It will depend on your business you your credit history

3) you can call the company you are applying to and ask if they report credit agencies. From my knowledge if you personally liable for the business card, it will be reported to credit bureaus. However, I have a PNC business card for about 5 years now and it never showed up on my credit report

4) you can apply online. The process is similar to a regular credit card but the bank may request additional documents. I applyed for capital one business credit card online the same way as I would for a personal

5) if you have balance transfer offer from your credit card that would be the easiest option 

Hope this helps 

@Deangelo Mack

It depends on what you are planing to use the LLC for. If you are talking about putting a property into LLC you supposed to have it ready by the time you will be making an offer. If you do not want to create LLC before you have a property under contract you can use assignment in your offer and later create you LLC. However, not every seller will want to have an assignment. Bottom line is you will have to have your LLC set up be the time of closing