Things you need to know about Philadelphia Landlording

[Sheryl Sitman]

I run a group of over 2,000 Philadelphia area landlords and almost a day does not go buy where someone asks a question or shares an experience that makes you realize just how much you need to know in order to be a successful landlord.  Not everything is intuitive or about being a smart investor or manager. I invest in multiple markets and each one has its own quirks - things that you would never think to ask or check into. Here is an example.  In Philly, the majority of homes use gas for heat and hot water. So you may think that when your tenant moves in and shows you that he has placed the gas in his name, that is the end of story. But guess what, if you leave it at that and your tenant fails to pay their gas bills, when he eventually leaves the property, you will not know that there are unpaid bills, but you will be responsible to pay them. Sounds unfair right? So there is a Landlord Cooperation program that you need to sign up for with the gas company and once you do that, you eliminate that risk, as long as you remain compliant (by having a valid rental license).    The lesson is that when you go into a new market, do not assume anything. Join groups, use property management companies, research on your own -- and make sure you have a full understanding of the requirements for being a landlord.