All Forum Posts by: Eric Greenberg

May be able to connect you with lenders/agents but would need to clarify how many units you are talking when you say multifamily. 

I live and invest in Philly but dont wholesale myself but do get a number of email blasts from multiple wholesalers in Philly everyday. It honestly seems like a very hard business to get into without spending a good amount of money/time trying to find leads up front. 

If it were me Id reach out to some of the local wholesalers and talk to them to understand if thats really the path id want to go down  again matters your goals & strategies to get there  

I do know there are newer laws that you may want to review

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

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https://www.biggerpockets.com/...

 

Not a buyer in the Pocs yet but thanks for summarizing the information here!

I know its tough to narrow your focus, especially at first but I do think you should start there. Its a bit tough when you are looking at multiple very different markets, with different strategies, and also needing to understand the on going and potential law changes for short term rentals. 

That being said have you thought about doing a short term rental arbitrage to build up cash/see if STRs are even for you? Could you try it in the place you rent right now and stay a friends place? Im a bit ignorant to NY STR laws but Philly changed their laws this month as something to look into if thats your goal.

Id personally just pay it even if it werent used for 6 months to not have it lapse unless you are very confident that your zoning/variance will not have any issues. 

Ive never done a owner occupant rental but when a normal rental’s license lapses and gets paid sometime after will start again when your original license expired. I.e. license renewal is 2/1 and you let it expire and pay for a new one on 6/1, it will expire on 2/1 of the next year, not 6/1. Im sure you could get around this but it may take many hours of your time unless you can change the occupant to something similar to ‘vacant’.  My own personal hell is dealing with the city about these types of things. 

Great input Lan. Just realize there are a good amount of restrictions on this, ie you can only utilize this funding on a 1-2 unit, have to own it for 15 years or have to repay the loan, and potentially restrictive income guidelines. 

Google would be a starting point. If you are looking for residential or commercial specifically and the internet doesn’t have the information you need reach out to a few re agents in that space and ask them. 

Hi John,

Its a bit too broad of a question to answer if a $500k home with a $80-100k reno will be worth $850-900k. 

I dont think itll be trivial to find a home that undervalued in those three areas as they are sought after areas (parts of Chesnutt Hill less so). The Philadelphia suburbs, especially those with great schools are still very hot markets. Id think youd have to go off market/direct to seller to get those type of deals. 

Hi Rami,

Congrats on the start of your journey! Cash flow is achievable in the city just be careful of not falling into the trap of a C/D location that has great cashflow. There are quite a number of these areas and can be lucrative but can be very difficult for a newer investor.