All Forum Posts by: Garrett M.

Just came across an article from Zillow with their picks for the hottest and coldest markets of 2021. Austin was their pick for the hottest market.

But why would Philadelphia be among the top five coldest markets? It was ranked fourth coldest after, get this, New York, San Francisco, and LA. I think they wrote “Portland” and something went haywire with autocorrect! Their argument was that people are fleeing overpriced coastal cities. I get New York and San Fran.... but Philadelphia?? There was no data to support their prediction, but they must be going off of some evidence, right?!

Does anyone have any insight as to why /how they would come up with this prediction? I’m not seeing it in Philly. There’s no inventory and everything is selling for 20% more than it was three months ago. Are people leaving in droves? Would love to hear your thoughts!

@Michael Liu

Hi Michael,

Did you end up investing in Norristown? How has it been for you?

Thanks

@Eleena de Lisser

Hello! I am curious about Norristown as well. Did you end up investing there?

@Rafal Kowalczyk

Hello,

Did you end up investing in Norristown? If you did, how do you find it so far?

It seems like a good potential area. Looking for an investor friendly buyers agent for the area also if you have contacts.

Thanks in advance.

@Joe Splitrock

Thanks. You raise some good points. The lease I was intending to use was the state lease developed by Bigger Pockets. I am happy to have access to the wisdom of this great group of people. Thanks again.

@Carl Fischer Thank you for your advice

@Kevin M.

Thank you!! Great info and excellent link to @Chris K. Previous discussion of the subject. Super appreciate your help with this.

@Kevin M.

Thank you I wasn’t aware that one should be licensed. Does it matter that I’m doing it in a free, voluntary capacity?

Hello BP friends! I need to write a legally binding lease for a single-family property I'm going to be managing for a friend who doesn't want to be named on the lease. I manage my own small portfolio of rentals and I offered a friend to manage their property. Normally my leases are very straightforward, so this is new territory for me. 

To protect myself from liability and also to ensure the lease is legally binding, I need advice on how to write out the lease. I've researched some and read that the owner can grant me the authority to act on their behalf in matters relating to the management of the property. But I can not find guidance on what needs to be disclosed on the lease itself.  Is there a specific lease format for this situation? 

I appreciate any guidance you have! I'm in Philadelphia, Pennsylvania if that has any bearing on the discussion. Thanks.

@Eric Veronica Thank you for the photo there. I ended up walking away and losing a big chunk of change on appraisals. But the lender was just scamming me. I talked with a local attorney who said the mortgage officer has multiple lawsuits pending against him.

I’m working with a new lender who seems to be honest so far. Thanks again.