All Forum Posts by: Eric Greenberg

Agreed with everyone else. Unless you are in Rittenhouse or another centrally located area of center city, you need to really understand that block. 

Ive never seen $50/sqft in the city. 

The last full gut we did ~1600sqft rowhome was $125k with permits. But for today Id budget $100/sqft. 

Id first write down what your goals are and how much time you realistically have to spend on REI (ie if you work a full time job/have a family/etc flipping or STRs may be tougher than renting a LTR). Then learn as much as you can on the topic by joining local groups, meetups, etc. You dont have to chose the correct path at first but make sure you dont jump down a path just because it sounds fun on the internet.

There are a lot of factors to this question as Philadelphia metro is very diverse and it would matter what type of renting you plan to do.

I can speak to the areas I invest in (Olde Kensington/Fishtown/No Libs/Port Richmond) where there have been quite a number of large ‘luxury’ apartments built or being built in the last couple years. I have not had issues finding tenants for our A-C+ l LTRs (but have most tenants staying for multiple years as of late) and usually fast turn arounds for our MTRs.

That being said the input from others in there area seem to suggest that rentals are slower to fill with some folks needing to drop rent/reduce deposits needed to sign a lease, especially in the larger multi and higher end SF rentals for LTRs. Also note there have been new STRs laws in place which could add supply to the LTR/MTR space as folks lost their ability to do under 30 day stays. 

Always happy to talk in more detail via DM.

Agreed Alan. Theres alot of potentials here and would matter the current use and potentially if there are any overlays on the building. 

From my understanding assuming you had an adequate water line coming in (+1in) then most likely you would only have to add a sprinkler to the added/updated unit.

Do you currently have a wired fire system as well? 

We have a solid group on FB ‘Philadelphia Landlords Connect’ that would be another great resource. Either way someone will have to get into the weeds for you specific property / whats in Atlas. 

Hi Ryan,

I would first figure out how much capital you have now and how much would be needed to get into your first deal whether thats owner occupied or not.  If more capital is needed start working hard to build that cash balance and start saving as much as possible.

During that time Really detail out what type of life you want to live, your over all goals, and that will help you understand what type of investments you should make. 

If you are looking to do section 8 specifically in Philadelphia I would talk with other folks who tun that same business model in the city, not other places in PA as the rules/etc can be very different. 

Hi Matthew,

If you are looking to talk with local folks we have a solid group Philadelphia Landlords Connect on FB. 

 Are you sure thats true outside of RM-1 zoning?