All Forum Posts by: Sheryl Sitman

@Ilana Shalev    You may not believe it, but my partner created this a couple years ago to explain Philly's many neighborhoods.   המביו יבין   Feel free to reach out for anything else

sure!

@Ben Elashvili You're taking a smart approach in value-add rentals in Philly. I started investing in Philly for almost 10 years with some section 8 mixed in that does really well -- but keep an eye on the HUD policy shifts being discussed, going all-in on HCV can leave you exposed if things tighten up. Currently, if you know how things work, you can get top dollar. Of course it is not a secret so many investors have pivoted to that space and at PHA housing events, you often see more landlords than tenants. I use diversification to mitigate everything from climate impact to government regulation to local economies. I highly recommend getting to know the city and its nuances well. I run a local landlord group on FB and have some Philly focused resources that I put together. Feel free to reach out. Good luck with your investing!

@Shlomi Nahir I started investing in Philly 9 yrs ago after moving back to my hometown from overseas (I lived in kochav yair). I started investing in the US from overseas so well aware of the challenges and how to overcome by building a solid team. Today I run the largest most engaged group of Philly landlords and Ive assisted  remote investors who fell into some bad deals because they were not fully aware of the potential pitfalls. Feel free to reach out.  Look me up.

@Stephany Gibson congrats on your loan and the leap into Philly! That $140K-and-under target is smart for getting your feet wet. A few thoughts that might help:

• Taxes and zoning vary a lot by neighborhood, so checking city assessments and zoning overlays early can prevent surprises.

• Scope and budget management are crucial right now—materials and labor costs are high, and a vague scope that leads to surprises or a problematic contractor can tank your profit margin fast.

• Many Philly contractors are sole proprietors juggling multiple jobs - some better than others :-), so clear expectations and a good team really make or break a project.

• Permits and inspections can add time—something to build into your plan. (and now the strike is creating a backlog)

I’m part of a local network here in Philly and work closely with others navigating their way through projects. If you'd like contractor recs or insights, feel free to message me—happy to help you avoid some common early mistakes.

Wishing you a smooth and profitable project!

 Be sure to learn specifically about Philly - the laws here are very different than most of the country and even from the laws of PA. Just recently, city council passed legislation requiring landlords to accept the security deposit in installments - severely limiting your ability to mitigate against potential problems.  We have an engaged FB group of Philly LLs to discuss how to navigate the city laws which is very helpful.

Welcome! Exciting journey you are on.  I have developed some helpful resources  that are 100% focused on Philly investors -  podcasts, tax appeals, identifying reliable team members... Feel free to reach out

It really depends on the tenant pool you are aiming for - which depends obviously on your property location. N Philly/Brewerytown can mean something different depending on the precise location and property type. You also need to be sure to comply with both state and city regulations. Using a tiered deposit system based on credit score can be risky legally if it's not applied uniformly. And taking more than 1 month deposit will soon mean that tenant must be given an option to pay the SD in installments (new city law passed this month).  There are some great resources for Philly-centric landlord info to help you make these decisions. Feel free to reach out.

In some areas, you may find it is tough to get tenants with good credit scores. So  sometimes, it is suggested to look at the reason for the bad credit and to look beyond the credit score. There are LLs who don't use credit scores and there are those who heavily rely on them. It's good to learn from experienced folks in your region specifically.

 If you are still looking, check out Jumpstart Germantown. Its a community based program teaching folks to invest neighborhood by neighborhood. I got to attend their 10 yr anniversary last night where the governor of PA and the mayor of Philadelphia honored the program and its founder Ken Weinstein. Its a model being replicated around the city. Worth checking out and undoubtedly legit

Welcome!! You can do great things. Just make sure you truly know what you are doing. Flipping and buy&hold are two distinct strategies with very different goals - building wealth versus quick profit. Each require a different set of resources and abilities. Often people flip to build up their cash reserves to move to buy&hold. New flippers are taking on tremendous risk. Check out what is happening with flipped properties in the areas you are looking - are they selling?