All Forum Posts by: Harry Brodsky

Awesome, thank you @Account Closed!

Thank you @Christine Sommer! I appreciate the info. Best of luck on your venture!

Hey BPhilly

I'm currently looking to invest in property in PA, specifically the Philadelphia area. I live in New York State, but my business partner leaves in Philadelphia. We are going to form an LLC for liability reasons. My question is:

When forming an LLC in Pennsylvania, do all members of the LLC have to be current residents of Pennsylvania? (or can 1 or all members live out of state?)

So far I have not found any information online indicating that this would be the case, but I wanted to ask on the forum because I assume people with more experience than myself have better insight.

Thank you,

Harry B.

Hey BP,

Curious to hear the experiences of people that have done gut or major renovations to SFR or MFR in Philadelphia.

- What was the extent of your project?

- How much did you budget in total?

- How much did you actually end up spending?

- What are some nuances to be aware of when working with Philadelphia contractors?

- What unplanned things/issues did you run into during the renovation?

- What aspect of the process was more difficult than expected?

- What was the biggest mistake you made and what would you recommend to someone in order to keep them from making the same mistake?

Input on any/all of the listed questions would be greatly appreciated!

@Joe P. Awesome, thank you. I will do a deeper dive based on your recommendations. I appreciate your thorough response. 

@Steve Babiak It's around W Diamond between N 31 st. and N 32nd st.

@Joe P. @Steve Babiak, Thank you for informing me about the water costs. I will update accordingly in my numbers. I double checked across multiple sources and confirmed that the 2020 tax amount was just under $1,200. While these sources could be wrong, I haven't been able to find any contradictory information.

I feel like my rent numbers as well as my expenses (with updated water expense) are relatively conservative. Any other red flags I might be missing? Also, what are your thoughts on the area? I know it's not Center City or Fishtown, but I do like the proximity to Brewerytown and the park. Would you consider mid-south west Strawberry Mansion to be a 'war zone'?

View report

Found a renovated triplex in Strawberry Mansion. The numbers in terms of cash flow are quite good considering this would be a turn key property. Too good to be true? Any large expenses that were overlooked? 

For the monthly rent in the report, I'm assuming this rent breakdown:

2BA/2BR - $1,200

2BA/1BA - $1,000

2BA/1BA - $1,000

*This link comes directly from our calculators, based on information input by the member who posted.

Ah okay @Mary B. I understand. I misunderstood your original comment regarding “57+”. What you’re saying definitely makes sense. Thank  you for the response!

@Mary B. why no extra charge for the extra liability and headache? It is your coin after all.