All Forum Posts by: Gerald Knott

Just glancing at the numbers it’s pretty close. Just really depends on the neighborhood that you are selecting with rent. The city does has quite a few additional fees you want to factor. I know from experience when starting out. You may not see any cash flow for another three to five years. Aside from a few tweaks I’d suggest.

vacancy - I’d budget a bit more based on any potential evictions process and how long it may take to remove tenant you want a safe reserve for potential holding cost.

feel free to reach out for answers to any questions.

- Gerald Knott, 🇺🇸 Marine Corps Veteran, Buyers Agent @ Realty Mark Cityscape 🌎 

 @Tiffany Tran  This is the correct Process an average timeline with the city is about three weeks from the time the alias of possession was granted in the courts until a eviction officer will remove the tenant. I'd just use simple patience you have done what is needed to be done from this point leave it to the law, I went through this same issue. After Eviction be sure you are ready to change the locks and secured the windows while your at it.

Welcome To The Site Eric! Philadelphia is an amazing city! I've been living and investing here since 2019 and I'm also a licensed agent. You should definitely visit I'd love to take you on a tour of the best neighborhoods to invest. Let's connect sometime.

Norristown recently made this change last year. Lead paint in older homes is extremely hazardous to children the City of Philadelphia has the same program. Landlords are required to get Lead Safe or Lead Free certificates by a licensed lead inspector prior to license renewal. They should have a list of providers the cost is based on how many rooms anywhere between $150-$300. 

KC,

What issues are you having with LI? I have a small network I use.

There is a market for this in Philly. I know of two condo locations that will facilitate your cleaning and other things associated with running your Airbnb.

Great Insight. I seen a lot of correlation to the planned changes from PCPC's Philadelphia Growth and Development vision for 2035. But they are falling behind quickly and encountering more and more challenges ie Crime. 

phila2035.org

I agree with Greg make sure you get an inspection with a reputable inspector, some even will allow you to walk the property with them non intrusively (while some find it annoying because buyers ask lots of questions) and for sure get and estoppel agreement from the seller as well to validate you COC return some renters haven't paid rent in months.

What to get an opinion from fellow investors on a situation with a current owner occupied rental. The goal now is to find and move into the next property but there is only one electric meter for the property zoned duplex.

Should I spend the money set aside for electrical upgrades or another option is cosmetic upgrades need for the out dated unit to include flooring, windows and new cabinets and figure out a way to charge electricity to both units and charge more for rent with proper upgrades. What methods have proven successful when having the electric with one meter?

I'm looking to purchase my first property and I came across a triplex in my area that has been fire damaged in the top unit. There some potential for commercial space for one unit and the other unit is a 2 Bd 1.5bath and the fire unit has 1 bd 1 bath. This is priced at 90k and of course will need a ton of revenation including new fixtures and flooring and windows and the tip unit fire damage will need to be addressed.

As a first time investor whats the best way to approach this woth little money saved and potential income earnings of 2300-3000 a month?