Updated 4 days ago on . Most recent reply
New Philly Landlord General Questions
Thinking of putting in an offer on a duplex near temple university to rent out. I'd like to rent it out per bedroom rather than per unit. Since I live in North NJ I wanted to get a management company but I keep reading that they frown against per bedroom leases since it's higher turnover, more work, etc. I also don't want to drive down myself every weekend to show the units to potential tenants. Any tips from any experienced investors down there?
How do you like owing property in Philly? Anything I should be on the lookout for in the Tempe university area. I heard crime is still pretty bad there. Other than that heard it's a great spot to invest in student housing. This would be my second investment property but it would be a 7 bedroom so alot bigger than what I'm used to.
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@Nigel Girard Hey there and welcome to the world of investing! I want to caution you. There is a glut of Temple student housing and those that succeed in that market tend to be experienced in student housing -- it is a niche business that you need to learn in depth - everything from what students in that particular school look for (furnished, one bath per room, rooftop deck...) to knowing how to handle leasing to students (and parents) to the fact that you will have yearly turnovers - no long term tenants for obvious reasons. There are lots of opportunities in Philly. Try to learn as much as you can and the answer as to what is the "right" way to start will make itself apparent to you. I don't know if there is room still but there is VERY inexpensive course offered through Jumpstart NE Philly starting this week that you may want to look into. @Yuriy Skripnichenko runs that