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The Generation Effect Can Bring You Generational Wealth

 
  IntentionsA typical landlord in North Philly

starts as a blue collar worker with a dream: Buy a run down row house, fix it up and make a good profit from the rental income. If things go well, they can repeat the process with other properties and retire at a young age with lots of income.

Most are under-funded, ill-prepared amateurs who rapidly get in over their heads. Throughout their ownership, the amateur landlords are collecting rents that are "market value", often even before the upgrades and repairs are started. That is substantially higher than the monthly, fair trade rent of 1¼ of the building's market value

Before long, they are jumping from one patch job to the next, paying "contractors" who usually over-charge and under-deliver. Anticipated profits get depleted as they become payments to stabilize the building's continuing decay. Patch-And-Pay-As-You-Go ultimately leads to tenant dissatisfaction and financial disaster for building owners.

 
 
  Hotel

"It's not personal. It's just business"

A home is a business that you enjoy living in. If you don't treat it like one, you'll eventually lose it. (Unless you're really rich)

Propper Homes and The Green Lyne are collections of services that can help you create a successful rental business, no matter what your experiences or current circumstances are. A "Mom & Pop" business where you live over "the store".

The core principle is that a "market-value" rent in places like North Philly will carry a mortgage for a building that can have substantially higher quality than where you live now.

For example, let's say that you perform the role of "Project Manager" for a rowhouse rehab. You don't really have to know much about construction, just when to hire who.

Your building will be incorporated and its floor plan will include rooms or apartments to rent. (You can start to pay rent to yourself or rent out the whole place and be a landlord) That projected business income will help you get financing for your project.

There are three types of floor plans at 'DEMOs'. Click on any of them to reveal their approximate expenses. The rental income figures used are "market-value" for North Philadelphia.

 
 

 

 

Typical Construction Schedule

The order of major rehab jobs follows.

Those with an '*' are optional.

Plumbing and/or electrical jobs can be contracted with single contractors or with one for "rough" and another for "finish"

Using a private inspector before closing walls provides an independent record of the quality that you have paid for.
Incorporate*

Select Rough Floor Plan

Obtain Loan Pre-Approval*

Purchase Property

Obtain Permits

Demolish/Gut*

Install/Repair Foundation*
Frame Building

Place Over-Sized Features in Approximate Final Locations (Furnace, Cast Iron Tub, etc)

Install Exterior Doors/Windows

Install Siding,Roof

Install Rough Plumbing

Install Rough Electrical
Use a Private Inspector*

Install Sheetrock or Plaster

Install Interior Woodwork

Install Plumbing Fixtures

Paint Interior Walls & Ceilings

Install Appliances and Electrical Switches, Fixtures, etc.

Install Carpeting, Flooring

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