All Forum Posts by: Eric Greenberg

Hi Tom,

Do you have a budget you are trying to stay below? I like the idea of shielding yourself from the taxes using an abatement, but I would consider doing a slew of research on the builder before buying a new construction in philly. I have a number of  friends who have had some fairly extensive issues with their new construction, most being roof issues.  On top of that I think there's a good chance that after the abatement is up, these newer buildings may be hard to sell, as buyers are starting to understand the longevity of aspects of these buildings. 

From my experience the taxes aren't extremely high for 2-4 units in the city compared to most places. Especially if you buy something that needs work. 

The zipcodes my properties are in haven't been added to the new lead laws yet but from the suggestions Ive seen people are throughly cleaning,  filling holes, and painting those areas where the folks are taking samples. Also making sure wherever the dust goes from cleaning, ie floors are spotless. 

Some info:

https://www.leadprobe.com/lead...

Congrats Andrew! The first one is usually the hardest. Sometimes seller financing is a bit more complicated then folks want to process since its not 'the norm'. Do they have plans to invest/use the lump sum in the near term? 

Getting a property at a discount is always the goal but from what I've seen, most of Philadelphia housing stock are at all time highs due to the low inventory. When doing a long term buy and hold it can still be hard to get the numbers to work. I'm happy to discuss in greater details if you'd like.

Cheers!

What does it show in the L&I records? 

https://property-beta.phila.go...

I own a RM-1 property that's a SFH and I agree with the other folks, remove anything that makes it look as it was a MFH if you are able to.

@Mayer M.

The property I was looking to acquire was around Front and Cumberland but it fell through. I do have a SFH and a lot close by next to the EL though.

I dont believe you'll be able to enforce an eviction in Philadelphia until at least June 30th at this point. Are you able to still communicate with your tenant? If so it might be best to try and give cash for keys unless you dont mind waiting a few more months. 

Curious what your rough long term goals are? I live and buy in the Fishtown/NoLibs/Kensington area primarily. You are welcome to reach out if you have any specific questions about the neighborhood.

Thanks again for the info Yuriy!

If you are looking to buy a MFH I would figure out your price range, umber of units. Then look at the MLS in the city to help narrow down what areas you can afford. Then drive/spend some time in those neighborhoods and figure out if you feel comfortable living there and if the numbers make sense.

Are you looking to rehab something or buy it as move in condition? If you are looking at 250k and below it will force you from certain neighborhoods closer to center city off the bat which should help narrow your search. Its hard to say what the best long term play will be appreciation wise, though. The areas right outside of whats being gentrified now could be a good play but its different if you are also living there and really comes down to where you feel comfortable living. Id suggest as a start searching the MLS for MFH to see what areas are at play for you then go drive around them during the day/night to see how you like them.