All Forum Posts by: Lana Lee
Lana Lee has started 15 posts and replied 362 times.
Originally posted by @Luke Badalaty:
Originally posted by @Lana Lee:
What % of down payment did you make? And how much PMI a month do you pay? What are the tenants like in that area? Did you find a property on MLS? WHY did you choose that particular area? If you don't mind me asking. Just trying to learn as much as I can.
Hi Lana, no problem - 5% down. $248 pmi/mo which can be cancelled at 80% LTV. Pretty diverse tenant pool. Yes I found it on the MLS, and I chose that area because it's what I could make work with my commute, the rent/purchase price was better than the other areas I was looking. And this just happened to be the property that I felt comfortable in, and could make work from a numbers perspective.
I've heard that it is harder to find tenants if owner occupied. They often don't want to live next door to a landlord. Did you face that kind of problem or everything was smooth? Also do they bother you in the middle of the night by knocking on your door with their problems? I've heard a story or two about that here on BP.
Post: Is Philadelphia more landlord or tenant friendly?
- Philadelphia, pa
- Posts 364
- Votes 109
Originally posted by @Joseph ODonovan:
Do you have specific examples , just curious, trying to learn as much as possible .
Post: Is Philadelphia more landlord or tenant friendly?
- Philadelphia, pa
- Posts 364
- Votes 109
Originally posted by @Sung Park:
@Bill Caraker I'd agree with @Chris K., PA the state feels like it leans towards landlord friendliness but the city of Philly leans more towards tenant friendliness. Two examples:
1) In Lower Merion Township just outside Philly boundary, it was pretty easy to get a rental license. As simple as getting a business license and the rental license after a quick in-person inspection. I looked at getting a rental in Philly and the list of things a property owner has to do to get a license is depressing. Business license, U&I, suitability certification, lead certification, etc.
2) Philly landlords are highly recommend to join PGWorks so that tenant's unpaid gas bill does not put a lien on his/her property. You also face water liens too. Both gas and water bills (but not sewage) follow the tenant in Lower Merion. One less headache to deal with.
Bonus: From a tax perspective, I prefer the higher annual tax bill outside Philly to the higher one-time transfer tax inside Philly since I can immediately deduct those as oppose to transfer taxes which add to the basis. Of course, property needs to cashflow with the higher tax bill.
They will still put a lien on your property for unpaid gas, but if you are a member you at list are going to be notified every time they are about to shot down the gas service for non payment and you can go after your tenant for not paying gas. It used to be worse when landlord wasn't even aware about the lien. They will not going into tenants account and tell you details even if you try to call and tell them you are the owner.
What % of down payment did you make? And how much PMI a month do you pay? What are the tenants like in that area? Did you find a property on MLS? WHY did you choose that particular area? If you don't mind me asking. Just trying to learn as much as I can.
Originally posted by @Luke Badalaty:
Originally posted by @Maritsa Cortes:
@Pablo Barrientos Thanks for your reply Pablo! To be honest, I don’t know what I don’t know so any advice on where to start would be helpful. I’m currently looking in the Philly area but trying to sort out which areas are best. There are some pretty rough neighbourhoods around here that I’d like to not waste time on looking at, just don’t know which ones are which just yet.
When you find the best area in Philly for house hacks, let me know! I'm also looking for my second house hack now.
I'm currently in my first one in West Philly, which is conventionally financed low down payment. You might find better terms with a conventional loan if you have good credit, and can do another low down payment acquisition with an owner FHA loan on the 2nd small multi purchase if that's what you're looking for.
Is that a duplex or triplex that you own? Just out of curiosity, are you able to cash flow?
Post: Cost of Eviction in Philadelphia
- Philadelphia, pa
- Posts 364
- Votes 109
As landlords, I think, we are doing a disservice to each other, because cash for keys promote this kind of behavior. Nothing is on their record and they are off to yet another property with a pocket of cash that you just gave them aside from months of living for free.
Post: Cost of Eviction in Philadelphia
- Philadelphia, pa
- Posts 364
- Votes 109
Sorry I've made a mistake on the age of the child . It's 6 and under. The cost of Lead testing and creating a certificate depends on the size of your unit. You can call any company to get a quote.
Post: Cost of Eviction in Philadelphia
- Philadelphia, pa
- Posts 364
- Votes 109
You said many months behind. How many and why? Do they know that you don't have a license? Like Neil said you should post 10 days note to quit on thier door and get the license ASAP. I don't know how you communicate with them, but just let them know that eviction is going to ruin their credit and rental history and it's going to be a huge problem for them to find a new place. A lot of times when tenants see that you are serious they come up with the money before 10 day period is up or move out.
Post: Cost of Eviction in Philadelphia
- Philadelphia, pa
- Posts 364
- Votes 109
I don't have any experience with evictions (knock on the wood:-)
But for the other issue, all you have to do is take a time during the week to go to City Hall with your prove of ownership (deed or settlement papers, if just purchased) and drivers license. Wait in line and that's it. Just tell them you need a rental license. They will give you your business Tax ID, if you don't have one.
$55 and you're done.
Be advised that if there are any unpaid city violations they will not give you licence.
Then with your license on hand go to Philadelphia. gov and find get a "certificate of rental suitability".
Punch in your inf. like mailing address and rental licenses number and voila you can print your certificate of rental suitability.
Be advised that if there are children under 5 years old living in that property ( that you know of) you will have to get a LED certificate. When you fill out the aplication for rental license in the City Hall there will be a question there " was your house built before 1978. " if your answer is yes
do any children 5 and under live there?
If the answer is yes they will not issue a rental license without a LED certificate.
Post: Philadelphia Investment Opportunities
- Philadelphia, pa
- Posts 364
- Votes 109
Thank You! I am going to check those out on realtor.com. MLS is the only source of properties for me so far. I am just starting and don't have any other sources to find deals. The realtors aren't helpful in finding deals.