All Forum Posts by: Eric Greenberg

Agreed with Stuart. Dont get hung up on finding an ‘off market deal' just because folks talk about them. Also recognize they can be a tougher deal vs a MLS property as you may deal with wholesalers not being truthful/title issues/etc as well as usually needing cash or hard-money in a very short time frame.

Ie it sounds great but can also get you into trouble if you don’t really know what you’re doing. 

Welcome! 

Quote from @Khalid Lewis:

@Eric Greenberg

Hey Eric I can definitely provide details can you message me?

Sure send me a DM

It may help if you give some details on the area, how much you are charging per room, utility costs, taxes, etc. 

There is one coming up on the 12th

https://www.facebook.com/groups/PhillyLandlords/permalink/73...

Philly Landlords Connect on FB is a great place to research/ask philly specific questions as well. 

Quote from @Malik K.:

Quote from @Eric Greenberg:

Agreed with the above statement. You may want to look at this in an area you want to actually live in as six-figures at 5% down will get you a 2-4 unit in almost all areas of philly. Run the numbers with what you would be paying rent elsewhere and once you move out to see the cashflow. Then continue to the next house hack. 

That's interesting. The agent I'm working with has mentioned that it's best to do 20% down because then I can avoid PMI. It also seems like a lot of the options I find on Zillow and then show to my agent, actually turn out to be illegal multiplexes. Where do I find out if these postings for multiplexes on Zillow, compass, etc. are illegal or not? Also, what exactly is an illegal multiplex and how troublesome would it be to househack one of those?

I wont disagree but you may find that PMI is worth it to get into a specific deal potentially.

Yes there are many many illegal multis in Philly. Key is to understand the zoning, variances, and active rental licenses for the property. Alan knows his stuff but you are welcome to DM me too if you want to talk in more detail

Agreed with the above statement. You may want to look at this in an area you want to actually live in as six-figures at 5% down will get you a 2-4 unit in almost all areas of philly. Run the numbers with what you would be paying rent elsewhere and once you move out to see the cashflow. Then continue to the next house hack. 

I dont have any personal experience but have always been interested in the better group zip codes. From talking with a few local folks my take away is the numbers published is the very highest amount you could get and isnt always what you will get. 

Quote from @Kathy Tran:

@Eric Greenberg

What exactly is the homestead exemption? Do I have to apply during a certain time frame in order to get approved ? Do I have to live there in the home for a certain period before applying? 

You can apply if you are house hacking/its your primary. Also if you arent a warning incase you see the taxes paid last year from a primary owner you may have to pay more as you wont have that deduction in property value. 

https://www.phila.gov/services/property-lots-housing/propert...

Happy to provide someone’s contact as well if you are still looking.