All Forum Posts by: Eric Samuels

 Ahh got it! This confirmed the correct amount of units. Thanks!

So I'm analyzing a deal in Philly currently and I'm being told by the owner that it's a triplex but I'm only seeing two listed units on Zillow (I can't check the actual MLS since I'm not licensed). I'm of course going to ask the owner if the unit is legally a triplex and I did confirm on atlas.phila.gov that it is RM-1, which is good but wanted to see how I can confirm through online records that it indeed has 3 units and not 2. Would love the help here!

Thanks,

Hi everyone,

I’m currently house hacking a property in Philly and the basement gets very humid during the summer. I currently have a dehumidifier down there but I’m planning on moving out of Philly soon. What’s the best way to maintain a dehumidifier remotely? I’m working with a property manager who says they never use dehumidifiers for the high maintenance but shouldn’t I be worried about mold in the basement? Would love to hear people’s thoughts especially remote investors who have Philly properties.

Thanks!

Philly is definitely worth it but don't expect to just casually find a perfect deal on the MLS. You can definitely cash flow with a multi family if you do it right. The areas mentioned in South Philly aren't appreciating as much as other areas but I still think you could find good deals there. I'd recommend going on Facebook and finding off market property pages in Philly, people are constantly posting deals on there. What area in Center City did you believe was "barren"? Philly is a small city so C class areas could be right next to B/A areas.

You could also try and target MLS properties that have sat for long periods of time and try to submit a lower offer. That could also get you a deal.

Hi Malik,

I'm a fellow investor in the Philly area and I closed on my first duplex in Sept of 22 that I'm house hacking with an FHA loan. Have yet to expand and it was because of several mistakes I have made but and holding strong and learning so much. Personally, if I had the chance to do it again I would put down more money to knock off private mortgage insurance and increase my cash flow. I also chose a house that needed more work than I had hoped and I'm technically in the negative but am going to wait it out until all of the improvements have been made and the timing is right to refi out of FHA. If you're willing to get a distressed property I think overall it's a good idea but it's imperative you have a game plan for vacancy and do your research in the area to make sure you can rent out your place easily. Also might be a good idea to look into section 8 to reduce turnover as much as possible because that really is a killer over the long run.

Happy to connect and talk more about house hacking in Philly!

So I have three prospective tenants for my property in Philly who are interested in renting but one only needs a 6-month lease and the other two are fine with an annual lease. I was thinking of signing all of them into an annual lease and adding an addendum allowing the one tenant to sublet with a person I approve of. There’s also the option of having them all sign two 6-month leases but then that does provide the chance they all leave after 6 months and my unit has been vacant for quite some time so I need to recuperate. Any specific concerns with subleasing or anything else? Other suggestions are appreciated

Thanks @Caleb Brown I’ve been living in the unit upstairs but can move downstairs to the unit that needs some work. It’s just been nicer up here. I don’t have a fridge down there need to renovate the bathroom and I’ve had guests but I’m ready to move back down there and retake photos as fully vacant.

Hi everyone,

My unit 3 bed 1 bath unit in Fishtown, Philadelphia has gone unrented for waaay too long and I'm not sure how to address. I first listed it in April of last year for $1900, dropped to $1850, $1800, $1750, and finally it's at $1675 a month which is way under value. The unit appraised for $1800 a month. I even had a realtor help list it on the MLS and apparently hundreds of other sites and during that time only 3 people looked at the house and overall under 10 people have seen the house since. I have personally listed it on Zillow, Craigslist, and FB marketplace and haven't gotten many bites. I know it's the down season and things should ramp up in the next few months but I feel like I'm missing something. Here's the Zillow and FB market place listings:

https://www.facebook.com/groups/113210443918001/permalink/69...

https://www.zillow.com/b/2401-e-gordon-st-philadelphia-pa-9P...

I'm hoping to get new professional photos because the existing ones are from the previous owner and could be nicer. I'm also considering section 8 which would pay way more but I've heard that my electrical panel would need upgrading which I don't have the money to do without tenants at the moment unfortunately. - https://www.pha.phila.gov/wp-content/uploads/2023/09/HCV-SAF... (zip 19125)

Would love some opinions here.

Thanks,

Rental suitability does not transfer over. It's something that the tenant needs to sign. Rental license can be a pain to get in Philly. You'll need a certificate of occupancy and several other documents in order to achieve. Might be good to reach out to a property management company to hire them to do this for you. You'll also need a lead test and a few other things before getting the license. I wouldn't be too concerned about being charged daily fines. Thats if the city finds out that you have been collecting rent without a license. Just focus on getting the license. I may be wrong on things but I don't think the rental suitability cert is needed to evict someone but still would be good to have the tenant sign nonetheless. Just focus on getting the most protection possible before moving forward and evict if you have to. Also it would be good to sign up for the PGW landlord program. If there are unpaid gas bills by the tenant you are liable to pay that if they default UNLESS you sign up for that program so make sure you get that done. And make sure to put water in your name because they don't have a program for that so best to cover that on your own so you know it's getting paid for.

@Zachary Ware

Here’s the original post:

So my mother is retired and my father is just about ready to retire. They have had great careers and have sold my childhood home, bought a condo that they plan on moving into abroad and hope to by another home in the Philadelphia area so they can come back every now and then to be close to their kids and grandkids. They have mentioned that they'd like to make it a rental so that it can generate money while they are not staying there the majority of the time and l've suggested turning it into a furnished mid-term rental and to target traveling nurses or companies that provide extended stays to families whose homes are under construction.

One thing I don't have much experience in is structuring partner deals. I personally was hoping to do the heavy lifting when it comes to reno and potentially management while they were to provide the down payment. I know there's a lot to learn about structuring deals but would love to get some initial suggestions on how to best do that. Should I do 50/50 equity where I find the deal and renovate/manage while they put down the down payment? Would love some suggestions.