All Forum Posts by: Eric Greenberg

Quote from @Jasmeial Jackson:

Does anyone have any recommendations for good property management companies in Philadelphia?

Reach out to @Yuriy Skripnichenko

Quote from @Santanu Bera:

Hi all, thank you! These are really helpful tips. I have driven around some areas and liked West Philly/University City area up and until 44th - there are many large apartment complexes going up around Chestnut/Walnut. Also liked Port Richmond, West Kensington areas. Also City Center of course but here rents don't support numbers at current mortgage rates. 

Haven't explored areas @Eric Greenberg mentioned, so definitely on my list. I really liked the idea of driving around late evening and track areas with new good restaurants.

I liked a property on South 44th, however it is rated 6/10 high risk on Flood Factor. Do you guys look at this metric for new properties? It is not FEMA flood zone.

I love that area near Clark Park! As for flooding, I dont personally care in most of Philadelphia as its all tens of feet above sea level but isnt an issue flood wise that I have experienced. What I would look at are places that historically flood every X years, example being main street Manayunk. 

Congrats! And I agree, sometimes ‘grandma’ houses look like a quick turn around but often take a bit more than expected. 

You might get more input if you provide some details as its tough to give input without understanding anything about the property. 

That said I would add X% to your predicted timeline and costs as buffer. 

Congrats! Id check out our local Philly Facebook group Philadelphia Landlords Connect to ask any philly specific questions. 

If you are in Philadelphia please utilize the Philadelphia code, not Pennsylvania. I would talk with an attorney asap who primarily handles evictions in Philadelphia. If you need recommendations try searching on the Philadelphia Landlords Connect Facebook group. To my understanding you may have more rights in Philly since you also live in the property. 

Quote from @Joseph Micheal:

@Eric Greenberg Thanks for your response.  Was financing an issue with your "slam dunk" property?  Curious to hear more!

Happy to talk in more detail if you want to DM me. I didn't get the sense that the zoning would be an issue for financing other than the potential it would have appraised slightly lower.  Based on the appraisals Ive seen for 2-4units in philly, it seems to mainly be based off sqft.

For that specific property the back unit was gutted due to a fire so conventional financing wasnt an option, so I opted to buy it cash then do a cash out refi after I rented the property. 

Im not sure where this is specifically in the city but there are lots of RSA-5 zoned properties that are duplexes. Have you looked in Atlas to see if it was at any time a legal duplex? My understanding was the previous zoning before RSA-5 let single family homes also serve as duplexes without a variance.

Anyways Ive been in the same boat with a ‘slam dunk’ property that had business licenses showing 2-units but didnt have up to date rental licenses for both. I paid a lawyer and it was rejected with the need to then appeal and go before the ZBA. This process will be another ~$3500 and 3+ months with no guarantee that they will give you the variance. Most neighbors do not want more cars parking on there block or more rentals, so its usually an uphill battle. 

Philadelphia county does a good job of providing but I have found it tougher for the surrounding counties. I usually have to go to that specific areas sites and poke around to find the data if it can be found at all. 

If I were you Id head to Philly (or where ever you plan to invest) to get a better understanding of the specific neighborhoods you are interested in. 

That said, areas closer to center city - spring garden to washington ave between the rivers will be mostly A/B neighborhoods with high demand assuming its priced right. It may be tough to make the numbers work in these areas for LT rentals. 

From there north Fairmount, Parts of Brewerytown, Northern Liberties, Fishtown, parts of Olde Kensington are in high demand and south passyunk east, and west close to the universities but can change drastically heading west or closer to the park/zoo. 

Look at where there are a ton of new higher level restaurants popping up. That will usually tell you where the progression is happening/already happened.