All Forum Posts by: Joshua Messinger

Hey @Mike S imai! 

I would not advise doing this. If you are advertising on any platform it will make it to the authorities/HOA/townships someway. Also, a new trend that's been happening across PA is that if you get caught doing this your property will then be labeled as a "delinquent" property and you will no longer be able to get an STR license or be able to operate w/ that property AND you will get hit with a large fine.

If you have any more questions don't hesitate to reach out! 

All the best, 

Josh

Hey @Ryan O.! 

@Luke Carl hit this one right on. I would keep looking through your other options. If it doesn't work with them it may just not be what they are into or are familiar with. Keep your head up and keep trying to make it work! If you know it will provide substantial cash flow and just need it to get approved then you are just one step away from getting this done! Keep up the hard work! 

If you ever need anything don't hesitate to reach out! 

All the best, 

Josh

Hey @Brian Angone! 

Crime can be a tough one but won't ruin deals unless your area really does become a warzone. Throughout the years Philadelphia has been going through the trend of increasing crime rates and property owners having to deal with gun violence around them on a daily basis. What I've noticed from this is a slight trend where there will be specific areas in the city that will nearly become niches for people looking to rent. In the areas that have less violence, they will rent more, but as for the neighborhoods filled with violence, I wouldn't even go within 2 blocks of them and would only expect the same from renters looking to stay there.  

Anyways, I would recommend trying to keep renting out your units for as long as you possibly can since you have done very well with them so far. But, if the crime rate starts to pick up and affects your property's occupancy to the point where it is left vacant then I would consider selling. 

If you have any other questions don't hesitate to reach out! 

All the best,

Josh

Hey @Joshua Steven Ferrell! 

Great advice in this thread! @Robin Simon @Bruce Woodruff and @Chad McMahan hit this one right on! 

Keep things separate and make sure to split things evenly. If you don't this could lead to an end of a partnership and a relationship too. 

All the best,

Josh

@Chad McMahan

Hey @Preeti Tibrewala! 

I would check the comparable sales in the area just to make sure that you aren't getting yourself into trouble on this one if you look to flip it. Otherwise, what are your guys goals for this property? Are you looking to gain appreciation, cash flow, etc?  Once you figure out what you guys want to get out of this investment then you will easily be able to make a decision on your next move.

Otherwise, I'm not too sure how your area would perform for an STR since I'm not involved in the market there but I would run analytics on the potential to rent it out short-term/long-term just to make sure this is a viable option for you guys.

If you guys need any help figuring out if renting it out is a viable option don't hesitate to reach out! 

All the best, 

Josh

Hey @Joaquin Johnson! 

First of all congrats on absolutely crushing it with your studio that nets 3K/mo! Wild stuff!! 

I would recommend doing a STR since it seems like the market is in favor of it where you are at, but this is mostly because that's where my main focal point is.

But, before switching over to an STR I would keep in mind that a studio is entirely different from a 3BD 2BA home. In this case, I would run some analytics on 3BD 2BA homes in your area to check and see what their performance looks like so you aren't going into this blind. Also, I would try and figure out if studios may just be hot in your market and overall perform way better than a 3BD 2BA home.

If you need any help running the numbers or have any more questions don't hesitate to reach out! 

All the best, 

Josh

Hey @Austen Mueller! 

I would make your client aware that there is a current ordinance that is being put into effect on January 1st, 2023 where all STRs will have to get a limited lodging license and will only be able to rent for 30+ days at a time unless if the property is zoned CMX-3 or above then you can rent it out for less than 30 days. 

Otherwise, a good solution to this new ordinance that is being put into place is focusing on the MTR market/extended stay market as it seems there is becoming a new trend with traveling workers and corporate leasing staying at properties/units on a medium-term basis (2 months - 12 months). 

If you have any more questions don't hesitate to reach out!

All the best,

Josh

Hey @David P.! 

Just like @Theresa Harris had said - I would check the lease terms and figure out how much he is actually being charged per month. Once you figure that out then you will be able to decide whats next. 

Feel free to reach out if you ever need anything!

All the best,

Josh

Hey @Cam Lawler!

Congrats on your first acquisition and I hope to hear of you getting many more in the future! 

If you ever need anything don't hesitate to reach out. 

All the best,

Josh

Hey @Kim Ehardt! 

I would search the FB groups in your area and ask the same question you just did to the locals! Usually there can also be FB groups made specifically for handymen/independent contractors to advertise in as well so look out for those when you look. 

If you have any more questions don't hesitate to reach out! 

All the best,

Josh