All Forum Posts by: Jeremy Chaudet

Hey @Praful S.,

Philadelphia seems like a good option for you with you living in NJ. Philly offers a lot of good cash-flowing opportunities and it would still only be at most 2 hours away from you to visit on weekends if needed. In order to successfully invest from out of state I recommend aligning yourself with a good team (real estate agent, property manager, contractor if needed, etc). 

@Lana Lee I have used https://secure.mysmartmove.com to screen tenants and you can charge them for it. 

Regarding a blank lease, any PA real estate agent can provide you with the standard PA residential lease. Feel free to message me if you need it. 

@Kendra Mattson- It really depends what class of tenant you want to attract and what your end goal is. Right now it seems like you can rent anything at the right price in Philadelphia. Many of my out of state investors like Manayunk / Roxborough. It is a stable neighborhood, with good rents vs purchase price ratios if you buy right. It is more affordable than the A/B neighborhoods closer to center city, and one of the safest if not safest area of Philadelphia. I rent to young professionals and college/grad students there and it is pretty consistent income with a good class of tenants. 

@Account Closed- personally, I have had a lot of success in Manayunk / Roxborough. If you go there, I suggest walking around Manayunk main street to check out the shops and restaurants to get a feel for the area. All my tenants there are young professionals or college/grad students. I also help several out of state investors, many of which are from California / the west coast and they seem to like the returns/convenience they are getting in Manayunk. Feel free to message me with any questions. Good luck!

@Giang Nguyen I pay $250/year for a $1M umbrella policy. Feel free to message me and I will give you my insurance brokers contact information since we are in the same market. 

@Phil Evans- a majority of my portfolio is in Manayunk and Roxborough. I have had a lot of success there. My tenants are a mix of young professionals, college students and young families. Main street Manayunk and the overall safety of the neighborhood is strong selling point to my renters. Feel free to message me with any questions. Good luck!

@William Plymouth I moved to Manayunk after college and bought my first house here. I still live here today so it is pretty convenient managing the properties. If you're just starting out and unfamiliar with an area, I suggest driving around the neighborhood getting to know the streets.

I would have to agree with @Christopher Lombardi. I own properties in Manayunk as well and have had no problem renting units out. I have been close to 100% occupied since I started in 2013. I have good easy going tenants and rarely hear from them after signing a lease. 

Hey @William Plymouth,

That is personally my favorite way to get started in real estate if you're young and have the ability to live in one apartment and rent out the other(s) as a way to eliminate your expenses and gain experience in real estate. I started a similar way in 2013, but purchased a 4BR SFR in Manayunk, lived in one bedroom and rented out the other three while making $500/m after all expenses. Now, I live in a triplex and rent the other two units out- still eliminating my expenses and clear a little bit each month. Let me know if you need any help with your search and I would be happy to assist you!

$2,900/mo for a 5 bed 3 bath SFR in Philadelphia (Manayunk)