I ‘d buy a home with three bedrooms and a second-floor bathroom with a kitchen, a dining room, and a first floor living room and a basement. www.realestatesdirectory.net/how-to-stage-your-home-to-sell-it.html offers excellent info on this. What we call a Philadelphia row home will consist of a front porch, and the home’s width backyard. Most of Philadelphia’s row homes are less than two and a half feet tall. I recommend you watch the film Rocky for those of you who aren’t from Philadelphia and can’t imagine what a Philadelphia row home looks like. Twenty-two homes will really test the ability to be a neighbour on either side of each block. Things that normally trigger an altercation with your neighbours in Philadelphia often come from parking, making your kids noise, leaving your trash bins, parties, and your home appearance.
I told Terry not even to worry about talking to the people who were living next door. I told her if one of them comes over with a fruitcake, I’m going to take it and throw it right into their backyard like a football. I assume I suffered from row home syndrome in Philadelphia. My new Warminster neighbours turned out to be lovely people but it took me eighteen months to realise that.
So, you just purchased your row home in Mayfair for $35,000, and after $2000 in closing costs and $5000 in maintenance costs, you find yourself a nice tenant who wants to rent the building. Since renting the home with a positive cash flow of $200 a month, you now have a $42,000 revolving balance on your credit line of home equity which will have to be paid off. I didn’t get a mortgage when I purchased the home as I just purchased a home for cash as they say in the business. All the money that I invested on this house was invested on credit line home-equity.
Now the change is to pay off your credit line from home-equity so you can do it again. We are now going to a bank with your fixed-up property and asking the mortgage department that you want your real estate investment to be refinanced in cash out. It helps illustrate that the area in which you buy your property should have a broader variety of prices, as the Mayfair area did in the mid-90s. In