All Forum Posts by: Eric Greenberg

I dont invest in far NE philly but I believe
@Alan Asriants does

Congrats Troy! Thanks for the details on this project. How many lots did you utilize for the 9unit and what was the original zoning?Thats a shame on the building between the units and wild the 9-unit is only $6400 without the abatement! 

I wont add to alot of the good comments above as I agree you most likely wont cash flow loving in a unit in Point Breeze. That being said Point Breeze has been ‘coming up’ for the last 10+ years so I wouldnt put a huge emphasis that rents will dramatically go up in the next 3 years (if I were to go out on a limb). 

Hi Jeff,

I would try to consume as many podcasts/books/etc as possible. If you can find someone with experience to learn from even better. 

Many local suburbs to Philly have been and are staying red hot, meaning finding a good BRRR deal could be really really tough. Right now inside the city is having better deals.

Also know you can take a loan up to $50k out of your current 401k and pay yourself back with interest. 

My input is unless you know the city get someone on your team that does. Even around University City there are some ‘interesting’ pockets. If it were me and a family member was looking to live in the property, Id rather get them in a better area and sacrifice some cashflow vs just running things by the numbers. 

Another piece of advice since you are out of state, there are many multi-unit buildings in philly that do not have the correct zoning or variance and are illegal even if theyve been running that way for years. Utilize https://atlas.phila.gov/ to verify this and if they currently have rental licenses for all units. 

Hi @Dave Van Horn
I had a great time working with them but Ill note its the only company in this space Ive ever worked with so I dont have anything to compare to other than friends who have also installed solar. Happy to talk in more detail via DM if you are interested. 

Cheers!
Eric

Ive used Solar States but not positive if they work in your area or not. 

Hi Ben,

Welcome! You should join the FB group ‘Philadelphia Landlords Connect’ for our local info/discussions/etc

Agreed with the above, FB Marketplace and local FB groups have been great on top of Zillow/Aprtments.com/ect 

Have you been keeping up with all thats going on in Philadelphia with STRs? If not I would do that research first.