All Forum Posts by: Aliyyah Carter

I'm curious about the role property taxes play in determining whether a deal is good. I've noticed that properties in Delaware County are often more attractive than those in Philadelphia, but the property taxes are quite different.

When evaluating potential real estate deals in Philadelphia, Delaware County, or Montgomery County, how do the differences in property tax rates impact the overall assessment of whether a deal is financially sound? To what extent do property taxes play a role in determining the attractiveness of one location over the other?

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Philadelphia, Pennsylvania

How do you locate your investment deals? Do you find it beneficial to identify deals on your own, through a wholesaler, or with a licensed agent?

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Philadelphia, Pennsylvania

Do you think there's a good time to invest in real estate for a fix and flip? For instance, is November a better time to buy properties to set up for spring or summer? Or do you think timing doesn't make a big difference?

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Philadelphia, Pennsylvania

Quote from @Eliott Elias:

I will never self manage again. I realized the value a property manager brings when I was in a tenant dilemma where the tenants were baiting me to say something out of pocket, and use it in court against me. Granted, not all tenants are going to do this. But if you are not well-versed with landlord tenant laws, you are automatically at a disadvantage.

This is where property managers can help.

Thanks, Eliott! How do you find qualified and knowledgeable property managers?

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Philadelphia, Pennsylvania

Quote from @Michael Smythe:

@Aliyyah Carter if you search here on BP, you will find most will suggest not to hire a PMC.

Their reasons typically mention:
- Why pay for something that's so easy to do yourself
- They had a bad experience with a PMC
- No one will manage your property as well as you do
- Etc.

Each of those reasons has a counterpoint:
- It's only easy until something goes wrong!
- They're bad experience with a PMC usually was a result of them going with the cheapest PMC or not asking enough questions to confirm how the PMC would perform their services (bad screening).
- This is a tradeoff between knowledge and time.

Suggest you read more and communicate with the investors that have 5+ years of experience - which is usually enough time to experience the realities of rentals.

Thanks Michael! I agree, my findings show that most like to manage their own.

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Philadelphia, Pennsylvania

Quote from @John Underwood:

I self manage all my LTR and STR properties. It's not that hard and doesn't take that much time.

I get a text about a repair and I forward it to my handyman or HVAC guy.

I usually sign a new lease with a new tenant before the existing tenant moves out so that I typically don't miss any rent.

No one has a bigger interest in my success than me.

Thanks for your feedback, John! Sounds like you have a great system in place to self-manage your properties. Was it easy to find a reliable handyman?

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Philadelphia, Pennsylvania

I have a new investor contemplating the purchase of a Cobbs Creek RM1 conversion without physically seeing it. I strongly advise against buying without inspecting the property first, but he is very adamant. I'm curious to hear the thoughts of experienced investors on this matter.

What are your thoughts on purchasing homes without seeing them in person? What essential factors must he be aware of before even considering this approach?

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Philadelphia, Pennsylvania

Curious to hear your take on utilizing property managers. Have you found it beneficial in your investment journey? What specific advantages or drawbacks have you encountered when deciding between self-management and hiring a property manager? Looking for insights and experiences to inform my investors on how to best handle property management with their investment strategy.

1 Vote

Philadelphia, Pennsylvania

Quote from @Jeremy Chaudet:

In Philadelphia, we prefer to buy shell properties and fully gut-renovate them. This is because we focus on buy-and-hold rentals, and we have found that replacing all major systems and essentially having a brand-new house allows us to charge a premium rent and attract high-quality tenants who are more likely to stay long-term. In our experience, fully gut-renovated properties have lower maintenance and capex costs for the first several years of ownership, which makes them easier to manage.

I like this method! You are saving so much money long-term and eliminating maintenance issues. I bet the tenants love your properties!

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Philadelphia, Pennsylvania

All Forum Posts by: Aliyyah Carter

Aliyyah Carter has started 9 posts and replied 25 times.

Post: Products of value for house hackers

Post: How Do Taxes Affect Real Estate Deals?

Post: Locating Investment Opportunities

Post: Best Time to Buy a Fix and Flip

Post: Utilizing Property Managers

Post: Utilizing Property Managers

Post: Utilizing Property Managers

Post: Sight Unseen Purchase

Post: Utilizing Property Managers

Post: Do you lean towards light cosmetic renovations or full gut renovations?