All Forum Posts by: Sheryl Sitman

Hey @Robert Cioffi  new construction and buying distressed and rehabbing are two very very different creatures.  Most investors start out buying distressed low priced properties and rehabbing. Some do it well because they have good dependable teams and know they need to spend money to do it right. Most do it wrong - totally underestimating what is required to truly rehab an old property or not making correct estimate of the work required. We once found a cistern under a kitchen while the GC was working and one of the workers literally fell through the kitchen floor - it added $15k to the budget. Who could have known?  New construction is not always the no headache purchase you would like to think it is. It depends on who built that new construction, the warranty . . . And then there are the numbers. Can you buy new construction in Philly and make the numbers work? I am not so sure, especially with rents on a downward trend right now. Can you buy new construction in any Philly suburb now and make the numbers work? I can not imagine.   Are you thinking of building yourself? That is a significant learning curve and risk. But your decision depends on your strategy.  My husband and I have have been investing since 2013, starting from outside the US part time and evolving into full time after moving to the US. Our strategy has evolved as the market changes and WE change - in terms of experience, risk tolerance, desire to deal with fewer challenges. We started buying new construction direct from big builders in some select markets and our numbers worked. Not in Philly/PA . But the markets are at the start of another change now and the opportunities are appearing.  If you need help to get your head around things and put some order to the madness, feel free to reach out. 

@Karim Elahi  every municipality runs their section program differently. The experience can come down to who manages it.  It is a very particular strategy to focus on and you have to learn it inside out. The idea that it is "guaranteed income" is way oversimplified as many things can trip you up and as one participant here has mentioned in fairly direct way, the tenants can be rough. But non section 8 tenants can also be rough. So in both options - knowing how to vet is crucial.  Even "good" folks can surprise you of what they are capable of doing to a rental property for no reason.  If you re Philly area focused we have a great group of landlords you can join. DM me

@David Antonacci  Welcome to the exciting world of RE investing! Tnx to @Eric Greenberg for mentioning the Philadelphia Landlords Connect group that I manage.  The Philly region is a very interesting and diverse market and lots of opportunities that could work for you, depending on your resources, risk tolerance, goals.  Flips versus Buy&Hold are two VERY different animals. If you never flipped, now may not be the ideal market to start and it's not a wealth builder. If you have a team and know what you are doing, then for sure you can find  interesting projects. Feel free to reach out and highly recommend joining our Landlord group if you are planning to become a LL in the area.

@Koren Shoshan   We started buying this year in the Greenville area and love the investor savvy agents we worked with. Spent a lot of time there getting to know the market and it is an a amazing area for sure.

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I am not positive, but I think that if he took a deposit and did not start the work, it is considered criminal. That is why many take a deposit and do show up for a day or two before they skip out - because then it becomes a civil matter.  SO maybe try the police.  Otherwise, you can try small claims but for that amount of money, I doubt you want to start investing the time and court fees.  And winning in court does not get you the money. You then have to execute a writ . . . People like that don't usually return the money unless they are forced to by the law and he knows for that amt it makes no sense for you to do much.  I'd love to know who it is since I work with so many people in Philly.

Tell a bit more about your strategy, budget and goals.  "Up and coming" can mean different things to different people. Philly is a slow and steady market for example. There is no neighborhood where value will double for you in 5 years.  But you can never know. COVID slowed down a lot of good trends in some neighborhoods. Some places show signs that this is picking backup. I was thrilled to see 2 new construction homes being built on one of my blocks that I was getting ready to give up on recently. Without COVID, the area would have been far more advanced.  

@Linda Salavarria  I messaged you privately

@Sohail Mantri  I run a group called Philadelphia Landlords Connect and one of the many things we do is recommend reliable contractors for existing projects. If you have a property/project that you are getting started on soon, feel free to reach out.

When I discovered the option to appeal property taxes every year for free, it saved me a very nice sum.  But I was under the assumption for years that In Philadelphia, attorneys are only willing to handle appeals for a significant upfront fee with no guarantees of success. I decided to research this more and was able to find someone who does a free evaluation and then submit the appeal for a success fee only.  I know I can not share a link here but invite anyone to reach out before the Oct 3 deadline.  There is a lot of  money left on the table for many owners who do not bother to appeal because they do not know how.

@Jessica Stern  Great question and good that you are seeking advice. I live just shy of an hour from Philly and have a portfolio that includes Philadelphia and  many other areas around the country. But even in Philly, I do NOT self manage. My reasons: I do not have the personality for managing tenant relations which in a city especially, can get complicated; I am an investor - not a landlord. In other words, I spend my time on developing my portfolio, analyzing markets and other projects related to RE rather than dedicating time to vetting tenants, replacing smoke detector batteries, chasing a delinquent payment, administering paperwork (lots of it in Philly). Also, my intention in becoming an investor was to live my life more freely - and now I travel extensively, often leaving the country for a month+ at a time. That would be challenging if I self managed.  I worked my way through FOUR Property Management companies here before landing on one I am able to work well with. If you do self manage, I also have a great property maintenance for you :-)  I manage the FB group Philadelphia Landlords Connect which  you may want to join. Feel free to reach out