All Forum Posts by: Eric Greenberg

Quote from @Max Busca:

Hi everyone, --

How has the journey been going so far for your first Philly property?

I still self manage but will be looking to move my portfolio to a management company at some point. I personally want to understand the process and right now don’t mind interacting with the tenants, especially when choosing new tenants. 

I know @Yuriy Skripnichenko does property management in the city. May want to reach out to him and his team. 

Quote from @Account Closed:

Hi all,

My insurance came up for renewal - 10% increase since last year.

Almost $2,500 annual for a 4-unit property in Philadelphia - about $550K of coverage, with a high deductible. $1M in liability per occurrence.

Does this sound reasonable? should I shop around? Anyone paying more / less? Would love to  get some input and opinions from investors in Philly.

 What area code is the property in? What are some details about the homes construction? Rough value of the property? 

I would hesitate to listen to folks on this forum who aren’t from the area giving advise. 

There is a great post below that walks through all the items you need when renting a unit in Philadelphia. I would also join some local landlord FB groups/ect to keep up with the changes (lead/bed bugs/ect)

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

Hi Frosso,

What aspect would the appraiser help with? From what I’ve seen 5-6unit commercial loans will be appraised for a cash out refi based off the rents/cap rate, not other comps. 

Is an "ARV play" a medium term buy and hold rental where you expect your property value to increase rapidly?

Sounds like a great deal! What area of philly is this in?

Very nice! Keep us posted on how it plays out. 

Hi Daniel, 

I'd start off by becoming very clear on what your criteria for your BRRRR is so that you and your agent have a clear direction. Then understand that niche market very well by looking at what has sold in those areas in the last X timeframe so you can make sure your numbers work and are realistic

Quote from @Kathryn Click:

Going back to the basics - what has your journey been as an investor in Philadelphia and the surrounding areas? How did you get your start and how have you expanded since then? What lessons did you learn along the way?

Ive learned so many lessons along the way and still am almost everyday whether thats through projects, podcasts, or books. I think Philadelphia has its own handbook whether thats specific issues to look for during inspections or navigating how to properly lease a unit and tenant laws.

Happy to connect if you have specific questions.