All Forum Posts by: Eric Samuels

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.

@Zachary Ware Sorry I removed the content while attempting to delete the whole post because I felt it would be more relevant in another forum category.

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 I'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.

Thanks,

Thanks for this info! I always wondered why everyone put water in their own name but that makes sense. One question about this. I currently have a vacant duplex that I'm trying to rent out and am currently living in one of the units but will move once I get tenants for both. In the terms and conditions for the PGW landlord program, it states "Property owners shall not register their own residence, or properties for which the owner is the PGW customer of record." Given I do not have tenants yet does that mean I cannot sign up? Do I have to wait until I get tenants?

Appreciate the help!

Happy New Year everyone!

As I look back at my first year as a landlord I've learned a bunch. One thing I'm still struggling with is creating a list of tasks that need to be done as a landlord/property owner in Philadelphia. I do have notifications on changing air filters for my gas furnaces every 3 months but that's about it since I've been more focused on making some necessary improvements to my old duplex. Does anyone have a list of things they do on a recurring basis that would be good to keep in mind? For example, rental license renewal or renewal of any other permits/licenses. Safety checks, how often are you checking carbon minoxide detectors and fire alarm? What about seasonal changes? Anything you do to prepare for the winter or change of seasons? Just trying to get organized so I'm not caught off guard with any expirations or changes.

Appreciate the help!

I need to get back into calculating deals everyday. Been focusing on my current duplex I'm self managing a lot recently and I still feel like I need to get back to deal calculating to hone the skill that I feel like I have yet to master. Can people share some of their processes on how they calculate deals? Ideally I'd like to incorporate wholesale, house hack and BRRRR, short term and mid term deal analysis and any combination of those strategies. I'm ideally looking to hear from people who do not have the BP pro membership and access to the calculators on here.

Thanks!