All Forum Posts by: Courtney Benson

@Mikielle Elum I agree, the area has a way to go. Tenants and neighbors can be a handful with parking on the sidewalk in front of the property. They’re still in that low-income, class C, bracket. However; the block I’m on is definitely family-oriented. I think that helps in having a community.

@Nicole H.yes Tawanda Sydnor. I will Private Message you her Info. 

Property manager: Otter Property Management @Kevin M.

@Max T. I’m with you! That WOULD be a deal!! Definitely needed more like $100k plus of rehab as well - moisture issues throughout, zoning wasn’t right.

Hey, @Alex Uman. I have been wondering the same thing, as far as how long this will continue. N.Y. Went on for years. I’m thinking it will be the same in Philly. I’m getting the Episode 132, @Brie Schmidt fever. Considering a new market. She made a KILLING when she left Chicago and went to Milwaukee. Does your firm have any more listings like the one you just sold?

Does anyone know if a Harrisburg PA triplex with “RS” zoning can be changed into a 2 or 3 unit? If so, does it require Special Exception (SE) or Variance? I’m seeing triplexes labeled: “changed into duplex”, but it’s a Pennsylvania-thing for illegal zoning to be done. Just looking for clarification.

So I’m watching money literally be DUMPED into Philly. A triplex I went to see last month has star-bolts through the face of it to prevent more structural issues, and the back of the property is MISSING... just sold for $100k. Seller’s agents have been saying New Yorkers are overpaying for everything because of Philly prices compared to NYC. Being a NYC-native and Union Ironworker, I can see that. Philly’s market is WAY over saturated, in my little opinion!

@Eric Greenberg sorry, I’m just seeing this. Last couple of weeks have been crazy! I’m in an area that’s not appreciating, yet. I’m a few blocks away from St Christopher’s Hospital for Children. That area still has a LONG way to go. Zoning was tough because even though it was a multi-Fam, BY RIGHT, L&I required new prints be drawn-up and submitted for review. I found a good architect, had him walk-through the property, draw-up the plans and submit them. Approval took a while: first - the Plans Examiner sent them back, requiring that we specify fire rating of materials because they want to ensure a fire in one unit will still allow the occupant of the second unit enough time to escape the property. Second - Covid hit, and L&I quickly launched their online permitting site. It has been a trial and error process, but much is improving. One of the new rules we weren’t aware of is now you need a licensed architect, if they are submitting your plans. The plans were stamped by a PA Licensed Engineer, but because the architect wasn’t licensed my plans were approved but held in limbo for SIX WEEKS. Finally, I got in touch with a Director in L&I. They have been EXTREMELY helpful, and explained that my approved plans were held because the architect isn’t licensed. FUN FACT: if you are the owner of the property and have a Commercial Activity License with L&I, you can submit plans and receive approved plans. The Director sent me the electronic invoice. I paid, and received my Building Permit within minutes. NO RE Attorney needed. Just register on the L&I ECLIPSE website. Everything is done through that site, now. Permits, Applying for Licensing, Inspections, Submission of Plans, and adding contractors to your project.

@Od Ntuk That sounds awesome. With this property the 2nd floor is one unit, and the 1st floor is another unit. The basement Is setup as additional storage space for the 1st floor unit. This would allow either pricing the 1st floor unit a little higher or providing an addendum on the lease that gives the option to rent the basement as additional storage. The reason I did it that way is because Philly L&I (License & Inspections) is consistently updating construction requirements. When you include the basement as part of the unit, I’m told they tend to wantto see multiple spots for egress. That leads to additional excavation costs for another exit to the backyard.

@Od Ntuk I think you’re right. This property is 1,140 sq ft. Definitely a chance I’m taking on this one. What has been a recent reassurance for me is my demo-guy just told me he just got contracted for 3 different properties, with the same build as this one, and they’re doing the exact same thing I’m doing. He did my property before Covid hit. So to see these newer projects, all in the same neighborhood as the property i’m doing, following the same course peaks my interest.

@Od Ntuk definitely pros and cons to both. From what I have learned, your water Bill in Philly is tied to your property taxes. So it’s hard to avoid all utilities, even if you leave a property as a single family. If it’s a rental, you would have to add that to rent. 

On my fundamental level of understanding, one roof for two units means two sources of income covering the loans, and all other expenses. What really caught my attention is a duplex appeals to two markets in terms of selling - 1) investors get two sources of income under one roof. 2) This property also appeals to house-hackers. That trend is VERY strong to those who want be owner-occupants. 

Rentometer Pro shows $1,064 - $1,100 per unit this size. I’d rather two units at $1,100 each vs one unit at $1,175 - $1,300, even with a Property Manager. 

I, also, took the section 8 Landlord class in Philly. They pay market-rent plus additional money for additional amenities like ceiling fans, central ac, and more. From the landlord perspective I would like to double my source of income.