All Forum Posts by: Alyse Oz

I am currently rehabbing a 3 family home in West Philadelphia.  It isn't in the best location, but I am hoping it will generate a nice cash flow for me.  There is a neighbor there who is excellent!  I hired him to clean out the home and do some odd jobs around the home.  He has proven to be very useful, especially because he is my eyes and ears.   He immediately lets me know when something is going on with the property.  He is always available to open the door for contractors, etc.  I travel a lot and live far away.  I'd like to pay him to do lawn care, snow removal, and perhaps coordinate future repair issues with my future tenants....but mostly to be my eyes and ears.  I'm not sure what type of payment would be fair and even how to pay him.  I was thinking of paying him a monthly amount.   What amount would be fair?  Also, he isn't going to be my employee, but a type of contract worker, right?  I'm not sure how to handle it or what type of contract to draw up with him.  

@Troy Sheets  Thanks for the info :)  

Yes, you are right about the common one...it currently has 4 big electric circle things (i think they are meters) on the outside of the building.  One big one (for common areas) and 3 smaller ones (for each apartment unit).  Do you know when the regulations do change...is it above 4 units?  I guess I would need to file a change in use (from 3 family to 4 family).

@Ryan D.

Thanks for your input...the lot is huge so the size won't be a problem.  I think 4 family homes require a lot more regulation so I'm hesitant.

I have a 3 family home in West Philadelphia (it is current vacant and needs to be rehabbed).  While trying to get estimates from contractors, I had one contractor tell me that I should split the first floor apartment into 2 separate apartments and have 4 units in the building instead of 3.  It does have 2 separate entrances from the outside.

It is currently like this:

1st floor - 3 bedroom apt (but very strange layout)

2nd floor - 2 bedroom apt

3rd floor - 1 bedroom apt.

He says I should change the 1st floor so that it has two 1 bedroom apartments.  It would mean adding an additional bathroom and kitchen, but getting a lot more rent.

I'm worried about the additional city requirements though. It is zoned RM1, the contractor says i can easily change from 3 unit to 4 unit multifamily without a lot of headaches (sprinkler etc).  Is this true?  The property currently has fire-escapes, does anyone know if i have to pay an outside company to certify it, etc. for 3 unit properties vs 4.

I'm surprised at the advice you are getting.  In the end, lawyers aren't free.  I think you should try to handle the situation amicably.  I would see an eviction lawyer as a last resort.  You aren't out that much money and you still have his security deposit. The guy lost his job and got a new one.  He paid you on time and without problems for over a year.  Why pay a lawyer a ton of money and risk having an empty apartment?  Plus the guy can get mad and cause damage to your apartment.  Also aren't landords responsible for water bills?

@Eric Greenberg

Where did you go and what time of day....is it 1401 John F Kennedy Blvd?

An hour and a half is soooo impressive!!!!

@Ethan Giller and @Joe White 

thanks for the recommendation

@Irfan Raza and @Alex T.

Thanks for your advice....I hope I can find a good GC...reliable and affordable...affordable being key, because spending a ton of money on a place which even after rehab isn't worth much would be silly.

@David Vitarelli

i'll check them out, thanks :)

I’d invest more in Philadelphia... maybe find other turnkey properties.

It seems you suffer from "analysis paralysis" -----  I suffer from the same thing :)  After years of talking and thinking I finally made the leap.  I figured even if I make a mistake, it's better than doing nothing.  You learn a bit as you go :)  then you die :)

I finally purchased my property and now I need to decide on who to trust for rehab.  It's not easy! I've met quite a few characters.  I think I just have to take a leap and go with one who creeps me out the least.....kind of like my decision on who to marry :)  At some point you just have to do it.  Life is about making decisions and making mistakes I suppose.  

I'm originally from NYC as well.  Although I love NYC, I thinks it's way overpriced.  Even if I had tons of money, I would stay away.  I've been saying this for years though and it just keeps on appreciating, so I can def. be wrong.  I'm not a big fan of New Jersey either....mostly because of the insane taxes.  

I’m originally from New York and have recently invested in Philadelphia and Wilmington, Delaware.  I see a lot of potential in both markets.  I especially like the low taxes in Delaware, and Wilmington is just such a cute little city with adorable brick homes.