All Forum Posts by: Eric Greenberg

Quote from @Roldana Huganir:

This is so good! Thanks! Will you be updating or still pretty accurate? And surrounding Northern Libs/Fishtown how far is too far? Will be searching for more of your posts!

It matters what you are trying to accomplish. Northern liberties is pushing west with alot of the new construction happening west of 5th St along with Amazon Grocery coming in soon by 6th & SG. 

Id say the same with Fishtown as folks and businesses are pushing west to Olde Kensington and north to East Kensington /Riverwards. 

You'll need a contact who lives in Philadelphia for a rental license now to put down their contact info for the city. That could be your PM company if you plan to hire one. 

A renter for a stand alone rowhome is usually a different profile from a large apartment complex renter in my experience. That said most folks have price targets and if large complexes are conceding 1 or 2 months on the 1st year lease, itll put downward pressure on your rent to some degree. 

I live in and mostly invest in the Fishtown area but thats because I know my renter and know this area more than most. Happy to answer any specific questions you have. 

If your goal is to invest in Section 8 i would first talk to some local folks. My understanding is that the numbers published by PHA arent always what youll actually receive but its not my area of expertise. Try joining here and searching section 8 to read the potential up and downsides. Then DM folks/ask questions from there. 

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I would never use the city of Philadelphia’s appraisal value to tell you anything about a property. I really hope this isnt the metric you are using to believe you have that much potential equity. 

Welcome! What part of Philly is your duplex in? 

Quote from @Sean Hourigan:

Stuart - so you think the play is single family homes in "nicer" areas vs the typical multifamily geared toward childless singles?

single family homes in the city are a relative bargain right now, depending on school district...

There are some great schools in the fishtown/olde kensington neighborhoods and our single family and apartment units all stayed filled without any real vacancy over the last few years. You need to make sure your product isnt directly competing with all the new construction units tbh at have come or will be coming online soon. 

That said, Kensington (north of Lehigh) is another world that I dont touch even though I have a property just south of lehigh in east Kensington (still some zombies) but has stayed rented with great tenants and no vacancy for 5 years. 

I agree. You are looking to buy a vacant RSA5 lot by Temple and turn it into a multifamily… thats a big big lift. 

I would first start by talking to folks in the Temple area first. The last few folks I talked to in that arena were trying to sell as it was becoming iver saturated. Maybe that has changed but I would do alot of due diligence first.

If you like the numbers and situation, then look into acquiring a building that maybe needs some work rather than new construction that needs a variance. 

Sounds like a rough one but atleast you have a positive vision for where you will end up. Try to document issues youve had along the way and how you fixed them/ways you would go about it differently for next time. 

Good luck!

Where is the project specifically located in Philly? Its a gamble to go the permit route or not in Philly and absolutely matters the neighborhood/your neighbors as they are usually the folks that will call L&I on you OR if your property is near other construction sites where inspectors would be traveling to/from.

Its usually best to go the permit route when adding bathrooms ect but comes at a cost time/expense wise.

Where is the project specifically located in Philly? Its a gamble to go the permit route or not in Philly and absolutely matters the neighborhood/your neighbors as they are usually the folks that will call L&I on you OR if your property is near other construction sites where inspectors would be traveling to/from. 

Its usually best to go the permit route when adding bathrooms ect but comes at a cost time/expense wise.