All Forum Posts by: Eric Samuels

@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!

So I have a flex space in one of the units of my duplex that can easily be turned into a 3rd bedroom. It would need a closet and the stacked laundry unit in it would need to be made accessible outside. To do that I could cut a hole in the dry wall and turn it 90 degrees so people can use it from the hallway but there is a light switch for a nearby bathroom in the way so that would need to be moved into the bathroom as well. First contractor said $1,000 to add the closet, $2,000 to move the laundry unit and time + materials for the light switch so it will most likely be more than $3,000. The second guy only saw photos and quoted me for $2,500 but was actually unaware of the additional light switch move. Was still $2,500 plus a potential $600 for materials total after informing him. A fellow investor of mine took photos and sent it to him. What would be my safest option here? I do think the contractor who came in person seems like a trustworthy guy but it’s the first time I met him.

Lastly, should I be the one to provide a contractor agreement for them to sign before getting this work done? Should I request their contractor licenses? Just want to make sure I’m protected given I haven’t hired a solo subcontractor in this way before.

Thanks for the advice.

@JD Martin

I believe this is what I did the first time a tenant asked me this and I think it makes sense to do this again. Full money in hand for first month before the first month and pro-rate the second.

Thanks,

I’m new to house hacking a duplex and this is the second time someone asks me for a late move in. If I allow someone to move in later in the month (target month is nov) Should I still mandate full deposit and first months rent before before the first of the month?

So when I bought my first duplex in Fishtown end of September 22, the deal worked well with the true property tax based on the houses value but the house was assessed right before I purchased it and was overpriced (had the house value at $500k when it’s more around $391k) I hired a company suggested by my realtor to help me submit the appeal right before the deadline and it’s been crickets ever since. I’ve followed up with them several times throughout the year only for them to continue saying the city is backed up. Do I have any other options? What happens if I don’t hear back within a year and then I have to pay the higher price for property taxes again while not receiving any of the difference from overpaying for the past year?

Also I had to pay in full as part of closing, is it right to assume it will be a monthly cost moving forward? Will that be paid to my mortgage company or directly to the city?

Thanks,