New to self managing in Philly. Any pointers?

[Mayer M.]

Hey all,

So I have a few projects that are at the finishing stages in Philadelphia, for those who are familiar they’re right by Girard College. While I’m not new to real estate, I’m not too familiar with self managing properties.

I have three side-by-side triplexes, two will be completed in about four weeks and the other in the summer. Each building has a bilevel 3/3 with private backyard, and two 1/1s with balconies.

I have other projects in the works and my accountant is advising me that the best direction for me to go is to self manage these properties and designate myself as a real estate professional.

I’m looking for general advice on self managing properties in Philadelphia from specific types of leases, marketing for rent, rental concessions, property management software, and general do’s and dont’s.

My original plan was to hire a management company, but with the tax benefits of REPS and the savings from self managing coupled with the fact that I have over 30 units in the pipeline and only live 15 minutes away I figured I should seriously consider self managing.

Any advice would be greatly appreciated. Thanks in advance!

Keywords: Philly, Philadelphia, property management, self managing, rentals, reps, Brewerytown, sharswood, Germantown, west Kensington