All Forum Posts by: Eric Greenberg

I mostly rent to college students so an area they can hang out would be great but also don’t want anything that they can easily break - like moveable patio furniture.

I was thinking about more solidified updates like built-in wooden benches around the fence. Or putting down fake grass to give it more of a backyard feel. Or fake hedges around the edge.

Visual upgrades but nothing that could be stolen or broken by tenants over the years.

You certainly can but Im not sure someone would either rent or not rent the unit based on that nor do I see it adding extra rent/mo. How much are you planning to list the bottom unit for?

if it were me, id get it clean and tidy but not spend anything extra on seats/grass. College kids are good at destroying things and they usually will buy whatever they need (seating/ambiance/beer pong tables). Now if you have neighbors with unsightly back patios/pets/etc, then I would spend some money on a privacy fence if its chainlink/short atm.

1 Vote

Originally posted by @Alex Uman:

Hey @Eric Greenberg, this is an ongoing rehab my investor is currently working on. We projected the cost of moving the center stairs to be anywhere from $10k-$15k. His contractor told him he could likely get it done for closer to that $10k. Will know for certain and can update as this project chugs along.

Alex, thanks for the info! Would definitely be intrigued to hear how this project unravels!

0 Votes

Originally posted by @John Baker:

@Eric Greenberg

They did apply for it and the money will go straight to them (from my understanding)

If its going straight to their account you will not from my understanding. You only would if you signed up and the money went directly into your bank account.

1 Vote

Originally posted by @John Baker:

Hello Everyone ,

I currently have a tenant applying for Phase 4 of the Rental Assistance program. This is the first phase they are applying for.

My question is- Does the landlord(owner) receive a 1099-Rent from the city at the end of the year or does it go to the tenant ? Any help regarding this is appreciated.

John,

Did they apply for it and the money will go directly to them, or is it going to your bank account?

-Eric

0 Votes

Originally posted by @Alex Uman:

Investment Info:

Single-family residence wholesale investment in Philadelphia.

Purchase price: $215,000
Cash invested: $110,000
Sale price: $425,000

Very standard 2bd/1bth center stair flip deal in prime Fishtown, Phila! Only a block from Loco Pez, my investor jumped on this opportunity to do a high end flip in one of the most desirable areas in the city! His contractor is working on a similar project nearby and was able to take this one on for a lower cost moving the center stairs and doing high end finishes throughout. After photos coming soon!

Wow that was a quick flip, nice work! Mind sharing how much the stair swap cost? Also intrigued to gather other data points.

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Why would you not want to close on your deal tomorrow because a rowhouse one over is being demolished? I understand the concern if it shares a party wall but someone rehabing/building a new house is a GOOD thing for you. Someone building a rowhome near yours will not negatively effect your appraisal at all. That's literally all Philadelphia right now.

1 Vote

Philadelphia, Pennsylvania

So they signed a lease that you agreed to that starts roughly 3 months after your last tenants left? If they did not terminate the lease were they paying those 3 months and just not moving in right away or were you never going to get rent for those months?

What does it say in your lease?

0 Votes

Philadelphia, Pennsylvania

Thanks for the info as always Yuriy!

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Philadelphia, Pennsylvania

Hi Dustin,

Is your unit vacant right now do to them not moving in or do you still have time to find someone to fill it?

-Eric

0 Votes

Philadelphia, Pennsylvania

Hi Sara,

I agree with the others that this will end up being a personal choice but taking folks opinions is a great place to start.

I would say first off your own mental well being should be put at the very top of the list. If managing these rentals is really weighing you down, its not worth it IMO.

One thought is to try out a management company for a year and see how you like it. Maybe it relieves all your stressors or maybe it doesn't. Run the numbers and if they work out and your stress is gone its a win-win.

Also I'd recomend talking to your CPA before doing anything, especially selling off multiple properties. I know there is a housing shortage in our area and prices are high, but Im not sure that's going away anytime soon. It seems like if you could offset a property or twos gains by stock losses/putting more into a savings account/etc it might be a good way to keep your taxes lower then selling them all in the same year and taking a huge hit.

0 Votes

All Forum Posts by: Eric Greenberg

Eric Greenberg has started 3 posts and replied 606 times.

Post: How do I add home value with back patio?

Post: High End Fishtown Flip!

Post: Philadelphia Rental Assistance program

Post: Philadelphia Rental Assistance program

Post: High End Fishtown Flip!

Post: Buying a house one door next to a current demolished house

Post: Tenant Termination Prior to Commencement Date

Post: Philadelphia Market Update, March 2021

Post: Tenant Termination Prior to Commencement Date

Post: Sell or Keep or Cash out Refi