All Forum Posts by: Kevin M.

@Mayer M. is mostly right in that there are tons of empty lots  in Philly. I disagree, however, in that it is a disadvantage in some ways. I have two investment properties with empty lots on one side.

Trash accumulates and people dump there. Mattresses, construction material. Dog gifts. It will be an eye sore. People use it as a walkthrough area  if it leads to an alley or street. With more foot traffic comes more trash.

If you’re looking at a rowhome- an entire side of your building is now exposed to the elements 24/7. There is a protective value from being butted up against an adjacent townhome. 

it’s also not as simple as others suggested “just buy it” or “develop it”. Many lots in town are owned by the city or redevelopment authority. And unless you’re a healthy campaign donor to the right city counsel member you probably won’t be able to just purchase the lot. Check the atlas records to see who owns it.

Should definitely not be a deal breaker. It’s far better to have a vacant lot than a vacant property next door...just things to consider 

@Matt N. “Thought” is not heavily involved in the rule-making process here

Click on the "Request a CRS Report" link on your eClipse homepage. There are almost always duplicate addresses so you have to keep trying to generate the report until you find the correct one that matches their system.

BP,

Wanted to bring to your attention a package of bills introduced to City Council on Thursday addressing Tenants' rights. Three sponsors (of 17 Council members). Some major points in the bill; 

1. Extend the eviction moratorium for 60 days after the state of emergency order is lifted for residential renters as well as small businesses, with an exception where there is risk of immediate harm.
2. Allow renters with financial hardships to pay rent over an extended period using a year-long repayment plan.
3. Create an eviction diversion program that runs through December 31 2020, requiring both landlords and renters to participate in a mediation process designed to help resolve issues before they lead to formal evictions.
4. Stabilize rents during the pandemic and for a year afterwards, during which landlords would be limited from increasing rents, retroactive to March 1, 2020 for those experiencing financial hardship related to the pandemic.
5. Waive late fees on rent during the pandemic and for two months afterwards, which is retroactive to March 1, 2020 for those experiencing financial hardship related to the pandemic.
6. Allow renters who are illegally locked out to recover damages caused by the illegal lockout.
7. Call on the PA General Assembly and the US Congress to provide municipalities a comprehensive relief package to stabilize the local rental housing market and assist property owners, including large-scale rent subsidies for landlords to make up for lost revenue.

There are concerns, expressed by HAPCO, that passing this bill would have a disastrous effect on property owners in Philadelphia by essentially passing on the costs of the COVID crisis onto owners. Despite relief to tenants in the form of stimulus payments and bolstered unemployment benefits, they would not be expected to make housing payments for months and face no negative repercussions. 

http://phlcouncil.com/councilmembers-gym-brooks-and-gauthier-introduce-emergency-housing-protection-package/

If you would be impacted by this bill please share your opinion with the Council. 

http://phlcouncil.com/social/


Stay Healthy.

This is a question you should pose to your specific mortgage broker or company. You should be transparent with them if this is a concern.

I am not an FHA expert but I'm fairly certain you are not in violation of the terms if you have a legitimate and significant life-alteration that requires you to move within your first year. I remember my broker telling me you must occupy as your primary within X days of closing and stay for one year, but the one year requirement is not absolute (childbirth, adoption, employment, etc).

@Kirk R. yes if you only have one or two employees you can get GL and E&O insurance for $50-$100 monthly.

@Vanessa Regalado May be talking about premiums for a larger company with more potential exposure? But I otherwise echo her advice above. 

First Judicial District just announced they are not processing evictions until June.

https://www.inquirer.com/healt...

Knowing Philadelphia, once June rolls around it will take months to process all the new filings.

It puts property owners in a terrible situation since the government has the power to limit private evictions (no changing locks or constructive evictions) with the threat of civil and criminal penalty, yet they can close the only legal route to reclaim use of Private property rightfully owned and due to the owner. 

What are other owners and managers doing at this time? It seems the only legal recourse is to remind tenants they will be contractually obligated for all missed rent and fees, but are you even confident they will be? Trust in the legal system seems to be shaken...

Yes 3 unit requires some additional fire protections to include monitored fire alarm with pull stations, sprinkler system with FDC connection and back flow prevention, And connected smoke alarms in common area. 

I think your rent estimates are realistic depending on the layout and finishes. I tend to advise investors toward maximizing the number of units you can fit on the lot in most cases. You will make more money with 3 2BR units versus 2 3BR generally. The fewer the bedrooms the faster we can fill vacancy too. Of course this means another hvac system, kitchen, appliances, etc. so you’ll have to do the math yourself 

@Jason Bott exactly the type of content I'm looking. I figured that's how #3 would work in reality. Thank you. 

Hi BP,

I am a property manager interested in learning about other manager/landlord experiences with their tenants' renters or rental insurance. I understand the benefit from the tenant's side- but am specifically asking about LL/PM protection. I would like to learn about three types of scenarios that would seem to be of great benefit to a LL/PM if a tenant held renters insurance;

• 
  Situation A (property damage): Tenant causes damage to LL property in excess of security deposit. Leaves a bathtub on and overflows through flooring and unit below. $10k in damages.
• 
  Situation B (pet liability): Tenant's dog bites a passerby on the sidewalk. Tenant, PM, and LL are named in a lawsuit
• Situation C (general liability): Tenant negligently fails to shovel snow from in front of the SFH in violation of the lease agreement and a passerby slips and falls. PM and LL are named in a lawsuit.

Can any PM, LL, or insurance professionals chime in with specific examples of anything like the above? Did you file a claim with your carrier first? Did you file with tenant's insurance company and with what result?

Again- I recognize the benefits of these policies in theory but I'm looking for real life examples of how it actually plays out.