All Forum Posts by: Eric Greenberg

No reason not to play by the rules as a good landlord. Its $63 per year. If you do not have the required paperwork you will not be able to legally collect rent/evict a tenant/etc. Youll need to have a lead cert as well if you havnt already done that along with a bed bug control plan/other paper work  

Resources below:
https://www.phila.gov/services...
https://www.phila.gov/services...

To me it really matters what type of property you plan to buy. Are you looking at old sf row homes, multis, new builds, condos? Have they been rehabbed with new mechanicals/etc? Are you planning utilizing a PM right away?

For Philly I usually work on a case by case basis with reducing my maintenance/capex % for the first X years on homes I've done major rehabs on. It also will matter if you plan to charge all utilities (including water) to the tenant, if snow removal will be part of their responsibilities (assuming not an HOA), or trash fees for multis.

If you are very confident its a amazing deal make an offer (assuming you have a few plays of how to get the money or whod you wholesale it to) but I always like to run it by a friend/colleague/agent/BP forum to verify that it is in fact a great deal. 

Hi Britton,

I think there are still opportunities in Philly outside of D neighborhoods to still positively cashflow on a turnkey or almost property. Is there any reason you dont want to do a small rehab (paint/etc) to potentially build more equity? 

Hi Megan,

I live in and invest in Philly. Happy to discuss my approach and connect you to the agent I utilize. She’s an investor (residential & commercial) and lives in the city as well.

Appreciate these posts as always. Thanks Yuriy! Interesting to see 19133 as the only moderate area. Curious if thats due to all the multifamily zoning close to front street getting built up. 

 I dont think you need to figure it all out as that’s very tough at the beginning but its good to make stretch goals that are still realistic based on how quickly you can access capital. 

Since you brought up investing in Philadelphia I would just caution there are plenty of <$150k properties that cashflow very well on paper but can be very tough to manage as a newer out of state investor. Id reach out to PM companies wherever you decide to invest to find out areas they do & do not service and see what fits your buy box.

When you say ‘I am buying a 3 level townhouse’ where are you in the process? What methodology led you to investing in a townhouse in Trenton? 

Im a little confused as why you would ask these questions after you are already ‘buying’ a property rather than before though.