Hey Philly Investors,
I'm curious to know how any of you have used Philadelphia's 10 year tax abatement to your advantage when investing in real estate around here. Have you found any ways to really utilize it to your advantage or maybe even the opposite? Let me know!
@Sam Flannery - I used the 10 year tax abatement on a flip I sold a few months back. I did this more so as a 'selling point', which I'm sure helped the sale (home was beautiful too.. so there's that). I sold to 1st time home buyers and with real estate rampant in the city, I thought it would be a great selling point. I also had a close comp to mine for sale, 1 block over, NO abatement (also darker finishes vs. mine were lighter). In any event.. lots of paperwork to do and follow up, but I think in the end it is worth it, esp. if you're flipping it. If you were to keep and rent it, that of course would benefit your bottom line for quite some time.