All Forum Posts by: Joseph ODonovan

I use a service that does the lead testing without me being there. As long as they have access to inside your property. The company is INGT Lead Testing. I've been happy with their service - very professional and they make it easy for the property owner.

I'll play devils advocate here. It appears your client made many mistakes over the course of these purchases. 1. He overpaid for the properties. $80k purchase price with roughly $50k in rehab and subsequent rehabs puts his cost basis at $130k. 2. He did a terrible job at vetting his tenants. Contrary to popular belief, Section 8 tenants can be very responsible. Knowing how to spot the responsible tenants can be worth it's weight in gold. 

@Travis Timmons Travis is spot on. This is the best advice you will get on BP this year.

@Lisa Connor I use superhost.co and I am very happy with them.

@James Hamling Well James, I just happen to be in the business of serving subpoenas as I own a process serving company in Philly. I have accounts with the US Dept of Justice, Tax Division and the Office of the US Trustee of Bankruptcy Court. Most of the subpoenas I serve on behalf of these entities are Record Subpoenas to individuals and businesses who have transacted large sums of cash with the defendant and/or debtors in these cases. Now, the odds of this women being investigated by the IRS are no doubt slim. My comment was made partially, tongue in check. But, her openness about her hiding cash from the IRS and her ex-partner screams of wreckless behavior and certainty increases her chances of appearing on the radar of the IRS.

@David P. If you decide to rent to her, be prepared to be subpoenaed by the IRS when her tax fraud case goes to trial.

@Brian Angone I'm experiencing something similar in Philadelphia. The shootings and homicide numbers are the highest the city has ever seen. The reasons are many and I don't see this changing anytime soon. I'm holding 2 properties right now; a single family in the Brewerytown section and a condo in the Spring Garden section. My Brewerytown tenants just moved out in June (not because of crime) and I'm having a difficult time getting this rented. Two years ago this same property had more than 40 interested renters within 24 hours of the rental listing. Right now I can't even get a showing. I know the crime spree has definitely had an impact on people wanting to live/rent in the city. That being said, I'm not selling but I'm certainly not buying in the city.

@Elizabeth Schartman As a real estate investor, I believe the most important part of the buy and hold process is vetting prospective tenants. A great tenant is worth his/her weight in gold. A bad tenant could end up costing you thousands of dollars in rents, property damage and valuable time. I check all local civil courts for any previous evictions, foreclosures etc. I perform a criminal background. I check social media profiles. I request references especially from previous landlords. Proof of income as well. I would prefer having a vacancy then renting to a nightmare tenant.

@TOM DAGNEY I have a property at the Jersey Shore that I rent as a STR. I handed it over to a Hosting Company that specializes in STR's. They manage STR properties in Philly as well. Re your question re a lease, when I managed the property myself I did not use a lease when renting via Airbnb or VRBO.

@David Rabinowitz Ocean City is your ultimate family beach town. Has a great beach and kid friendly boardwalk. It is a very clean, safe town. During the summer season, it gets very crowded. The town is dry so the choice of restaurants are not that great. Wildwood Crest is a nice family town but much smaller than OC. Sandwiched in between Wildwood and Diamond Beach. Town is also dry but you can get your drink on in WW or DB. Nice beach as well. Only downside is the close proximity to WW and it's young party crowd.