New Home Owner, Property Manager, Future Investor

[Philip Quinn]

Hello Bigger Pockets!

My name is Phil and I have been listening to the Bigger Pockets podcast and enjoying learning from the real world experiences of so many amazing real estate professionals. I am very thankful to everyone who gives time to speak to those of us who are currently less knowledgable!

I just purchased my first property in the Roxborough/Manayunk area right outside of the Philadelphia downtown area. I grew up in Conshohocken and went to school (Villanova) in the area and I could afford it so it made sense. I bought the ugliest (well close to) house on the block and spent 5 weeks renovating the house myself and with the help of my loving family and friends. My Realtor appraised it almost 25% higher than what I paid for it. Currently I am renting out rooms in the house in order to (more than) pay for the mortgage and saving money while working as a full time teacher for another investment.

While this was happening, one of my friends from New York who has more money than I do (but not enough to invest in Upper East Side rentals) decided, well was convinced to purchase a duplex in the area. I of course volunteered (volunteered to be paid) to manage his property. I have been going for over a year now and have had 3 great tenants, no vacancy and (knock on wood) no horror stories yet.

This venture has further expanded as I noticed that my neighbors house was vacant a few months ago and decided to call the owner and see what was up. It turns out he was having a hard time getting it rented, so I decided to ask if he wanted some local help. He said he did, and has three other properties so I am not responsible for 4 (not the last one yet) properties as well as my own on the side.

My game plan is eventually to get a bit more into the investment and rental side and thus brings be to this site. I am looking forward to learning and some day contributing further to the discussion. Great to meet you all!

[Paulette Midgette]

@Philip Quinn, suggest you look into the licensing laws for Real Estate Property Managers in PA.  Depending on the extent of your management of the property you may be operating an illegal business.  In Philadelphia you are required to obtain a commercial activity license to conduct business within the city of Philadelphia.  Under certain circumstances you are also required to have a broker's license or be a licensed salesperson for a broker to manage RE in PA.  Again all of this depends on the extent of your property management responsibilities.