All Forum Posts by: Account Closed

Hi all,

My insurance came up for renewal - 10% increase since last year.

Almost $2,500 annual for a 4-unit property in Philadelphia - about $550K of coverage, with a high deductible. $1M in liability per occurrence.

Does this sound reasonable? should I shop around? Anyone paying more / less? Would love to  get some input and opinions from investors in Philly.

Hi all,

For those of you who own a rental property in Philadelphia, if you self-manage the property and do not have a property manager, how do you deal with the local agent address requirement?

Specifically, I'm referring to the requirement to have someone older than 18 with a local address who can forward notices to out -of-town landlords.
(I included an excerpt from the requirement below.)

Some ideas I had - engaging a local real estate agency to do this, or a local notary public, or anyone who provides private mailbox services in the city.

Will appreciate any input!

More specific details about this requirement:

https://business.phila.gov/media/81-900-Housing-Rental.pdf

Name of Agent - If the owner/ operator resides outside of Philadelphia, an agent who resides within the city limits must be designated by the owner/ operator. 

The agent will be responsible to forward notices, orders, or summonses to the owner. 

Agent qualifications:
a) Agent must be a person over the age of eighteen (18) who lives in Philadelphia or is regularly
available at a Philadelphia address.
b) If the agent’s address is a business address, a Commercial Activity License must be registered there.
c) There is no requirement that the agent be empowered to do more than forward notices, orders, or
summonses to the owner, though further powers may be granted. Compensation to the agent also is
not an issue regardless of the limits of their responsibilities.