All Forum Posts by: Eric Greenberg

Welcome! If you are looking to invest inside of Philadelphia the Philly Landlords Connect FB group is a great resource 

This seems pretty spot on for certain locations in Philly, specifically where you are talking. That said there is alot of new development happening specifically around broad and Girard but again that area to me is still a dead zone and not an area I would buy in. 

We have seen quite alot of appreciation in the Fishtown/Olde & East Kensington /Northern Liberties areas in the last few years but its really hard to make things pencil now without finding a great deal and/or something that needs a good deal of work. 

I use a version of this for our LTR & MTRs. I will say for some MTR guests we dont sign a lease but it depends if they come through Airbnb/Vrbo/FurnishedFinder/etc 

https://freeforms.com/wp-content/uploads/2020/04/Pennsylvani...

If this was me I would find out what similar places rent for in your area. call up commercial leasing agents in the area who know this space, talk to contractors, etc. 

 Send me a DM and we can set something up

It may be lathe and plaster and not drywall fwiw. Any photos of that area before to see if there were stains there previously? If you are worried about moisture have you used a moisture meter to see if there is a delta between that area and somewhere else on that wall? 

I think you need to define what your goals are and what you are after in more detail rather then just saying a BRRR. Yes you can make money in Kensington and Strawberry Mansion but does that the type of asset and renter align with your goals? The numbers will look great in a spreadsheet but you really need to make sure you are ready for what those areas will throw at you as an investor.

Congrats! From talking to investors over the last few years there seems to be alot of action that way.  Also any chance you will be able to bring Nonna's back? 

Sub $200k in fishtown with only $70k reno seems plausible but not the norm. If those are realistic numbers Im still not sure Id do a deal for $30k in the current market. These older rowhomes always have some issue that will equate to unexpected expenses. Happy to talk details if you want as I live and invest in the Fishtown area. 

In Philly you cannot by law have more than (3) people unrelated by blood/marriage /adoption in a unit just as an fyi. Not sure how often this ever gets brought up but its a random law in the city. 

We do MTRs in a MFH in the city but not by the room yet. Id think the toughest aspect is making sure folks mesh well and either a cleaner is paid or there are set instructions for cleaning on common areas.