All Forum Posts by: Yuriy Skripnichenko

@Alicia H.

I used to be an HOA board president for my condo association and from my experience can tell you do not believe anything that agents or auction tells you. Talk to neighbors and find out contacts for board members and talk to them. But you have to have the association bylaws and all amendments that will retell you in detail how the association operates and if you can rent out the unit. Also they may have additional charges for the rental units or some additional fees. You should ask about capital contribution fee that you will have to pay when you buy the unit. It may be anywhere from 1 to 12 months of condo fee.

$275 is more than reasonable fee for the package of documents that you have to review before purchasing and it's standard practice. Some HOA charge more than that.

Also you should be able just to go to the office of management company and talk to them directly. 

@Yasmin Mohamed

As @Brent Coombs and @Cody Evans said you do not use cap rate for a triplex. Philadelphia is the city of neighborhoods. And if you are trying to go by cap rate you should look for a specific area not whole Philadelphia area. You can have cap rate 4% in center city and 20% somewhere in D areas. 

@Lana Lee

I have agent license but I never list my units on MLS. I never had problems renting my units in Philly. You do not need to spent a lot of time. As @Steve TeRonde mentioned, you can list your unit on Zillow rental manager. Zillow will create listings on most popular re apps and sites. You can set up time windows for potential tenants to come and see your unit at the time when it works for you. You just tell them all that you will have an open house showing on such day at such time. It depends on your unit location and price but usually it doesn't take more that two of this types of appointments to find a match for you. Also you won't have to pay a penny to a 3rd party 

Hi All,

I've been looking at PR for a while and was planning on going there for a month  on October 1st to see opportunities.  But Maria hit the island very hard. Do not know if it make sense to go there now. Heard many horrible stories about shortage of food and water supply, not to mention electricity and internet/phone. 

@Alexander Castro Do you think PR is still good place to look at the moment?  How fast do you think the island will get back on track after the devastation of the hurricane? 

@Robert Ferrell

I've done that as well a few times. And I absolutely agree with @Linda S. You should be ready for a big drop in your credit score and make sure that after you will be able to get some type of bank refinance. You have to have great discipline and make sure that you are not getting behind the schedule with your credit cards. Also there are crds that will give you 0% interest for 18-24 months. I would use those and would make sure to not use over 30-35% of the limits on a single card. That will allow you to get another card with high balance in the future to transfer balance if you can not refinance your purchase with the bank. 

For me that was cheaper way of paying downpayments or even financing some deals. However, if you are not sure you can stay on top and cover credit cards payments without refinancing, I'd stay away. If you have your primary residence try to use HELOC instead.

@Joseph Scorese

Hey Joseph,

There is different dates for the event. Description has January 13th but date and tome section on the registration website has December 6, 2017. 

@Jeromy Boutte

You can have 2 numbers per land line or a cellphone number.  You can get more GV numbers but will need to forward them to different cellphone/land line.  All this is free. If you don't mind spend some money you can find a lot of VoIP services where you can get unlimited lines 

@Karen Higgins

Check out this thread Online Payments

I use Tenantcloud. There is a free version and paid subscription. I pay $9/month for the service. With tenantcloud you can accept bank wires, CC/debit cards payments, Paypal.

Also it has property management that you can use to manage your units, including equipment, keys, work order, communication with tenants etc. 

Deposit usually credited to the bank account within 4-5 business days.  

@Jeromy Boutte

I use goole voice as well. You can have 2 GV numbers + your cell number.  You can configure  both of those numbers to call your cell, or go straight to voice mail and can set up hours when the calls will go through or go to your voice mail. 

I was able to configure my cell number voice mails to go to GV voicemails which is very nice. You can have your voice mail come to your email inbox with an audio fail and typed text as well. 

So I have my cell phone number for personal use, one google voice for my real estate business (agent and landlord) and the second GV for leads from direct marketing.

@Tom S.

You're welcome. Also this way you have less liability, you do not have to collect prospect tenants SSN