All Forum Posts by: Eric Greenberg

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. 

You may want to specify if you mean in Philadelphia or a specific area outside of the city as the rules will most likely be different 

Like others mentioned get to know Philly by visiting the areas you want to invest in so you can vet what an agent/wholesaler is telling you. Its easy to get burned here. 

When you say scale quickly using the BRRR strategy what is quick to you? Are you looking for small rehabs or full guts? Does that fit inline with the quickness for your scaling needs? Do you plan to self fund or hardmoney/etc? Budget? SFH/MFH? A/B/C/D class areas? Once you finish the property who is your target renter? All of these questions will start to give a frame work for what areas you should or should not focus on.

@Alan Asriants great rundown!

Does buy squatter houses in that specific area fit your investing goals? If so then please explore with someone local and knowledgeable for time frame/costs/etc. if its just a way to buy a cheap property and you have little background, it may make you thoroughly hate RE investing. 

Hi @Ryan Louz if you do choose Philadelphia please do your homework and find someone to bounce questions off of who actually knows the city. 

I would start listening to podcasts anytime you are in the car/walking/etc to learn up on any specific aspect of real estate. I would also join local FB groups and meetups to learn specific issues that folks in Philly deal with. Then like others said start to save as much as you can to build funds up in the background. 

 Alan, does the old owners lead cert transfer over as well if it hasnt expired yet? Ive never bought an active rental with up to date licenses before but this had me wondering. 

Agreed with Stuart. Dont get hung up on finding an ‘off market deal' just because folks talk about them. Also recognize they can be a tougher deal vs a MLS property as you may deal with wholesalers not being truthful/title issues/etc as well as usually needing cash or hard-money in a very short time frame.

Ie it sounds great but can also get you into trouble if you don’t really know what you’re doing.