All Forum Posts by: Eric Greenberg

Hi Jay,

Did they change the locks or did you? Did their background check show any trend pf this behavior? 

I would reach out to a local RE attorney who specialized in evictions as like you said the courts are very backed up and youll have to still go through the Diversion Program (https://eviction-diversion.phi...). Could be worth a cash for keys discussion due to the timeline in the city. 

My understanding is Philadelphia now considers 1-2 units different than 3+/mixed/etc for filing fees/permits/ fire/etc 

There is a non-refundable filing fee which is applied to the permit fee.

• For one-or-two-family dwellings: $25
• For all other uses: $100’

Hi David,

I agree with the folks above. From my experience, a personal home RE agent isnt always a great fit for an investment property unless they really understand both aspects/invest themselves/know that area well.

Do you know Temple and its rental market well? The folks I know in that space have said there has been a lot of new units going online and its been tougher the last couple years to rent unless the units are newly updated (en-suites/etc). 

Happy to talk more in depth via DM and also pass along a real estate agent who invests and has helped a number of folks buy/sell investment properties on Temple’s campus in the last couple years through the pandemic. 

Id go and do a quick inspection of each unit. Make sure toilets aren't running and you can see or hear any leaks. Are there washers or anything else that could draw a lot of water? Was your last PGW bill on par with the previous month or same month last year? Ie is this a trend of a blimp for one month.   

If you haven't already I would read up on the laws in effect and what could change. Im not in this space yet but recall there being a vote early next year. From my understanding you need CMX3 or higher and I dont believe you can STR arbitrage unless you live in specific districts (10th councilmanic district I believe) . Id read up on phila.gov
https://www.phila.gov/media/20...

Hi Nicole,

I invest in the city of Philadelphia and would throw out that there are some amazing cash flow plays to be made in areas of the city. I  would also caution if thats your only metric you could end up in some C/D areas with heavy turnover and crime/drugs/etc. I would also find & talk with a legitimate PM to get their input. 

Haven’t done a 1031 yet, but this is great to know. Thanks! 

Sounds like a great deal. What part of North Philadelphia is this in? 

Interesting article. Some odd comments in there and very on brand to seay the way it does.

‘Investors typically can pay more than the appraised value of homes, pay cash, and close sales quickly, which are all attractive to sellers.’  

I realize zillow was doing this but are there alot of investors paying over an appraised value? I feel like thats what homeowners were doing the last year or so, not so much investors. 

‘Large out-of-town institutional investors also are more likely to neglect properties, resulting in poor conditions for tenants.’

I feel the exact opposite is true and from my experience many home owners in the city do not keep up their properties and their lack of upkeep is quite a pain when they are neighbors to your tenants (pests/rodents/water intrusion/etc). 

I'm also intrigued how many of the homeowner to investor (15%) properties will get flipped back to a homeowners which they claimed that same year was 18% (investor to homeowner)