All Forum Posts by: Joseph ODonovan

@Mayer M. Germantown is such a big area compared to other neighborhoods in Philly and think it's important to define Germantown borders. I think the areas closer to East Falls (Wissahickon Ave) and Chestnut Hill (Johnson St) are nice investment opportunities. Areas west of Germantown Ave are not quite there yet and I'm not sure they will see the kind of growth that Brewerytown and Sharswood are experiencing now.

@Tyler Bugg Grizz While development has started in both neighborhoods, Sharswood is more appealing right now. Because Sharswood borders Brewerytown and Fairmount, it's a neighborhood you could walk to restaurants, bars, coffee shops, etc. My 23 year old nephew just paid $250K for a 3 bd 1.5 bath on the 2400 block of Sharswood. He loves it. Mantua is not quite there yet. It's still rough around the edges but if you had to buy there today, I would stay close to the 33rd St corridor. In 5 years, it'll be a different story. Good luck.

@John Petersen My philosophy for BRRRR is buy with cash as it gives you leverage with making offers. After 6 months of seasoning, take 75 - 80 percent out via cash-out refi. I prefer to always use someone else's money. Good luck!

@Josh Castro I Airbnb a property at the New Jersey shore and the IRS treats it similar to a long term rental. I do not Airbnb in the City but just a heads up about condo associations. Most do not allow STR's so before you commit to buying a condo make sure you go over the condo docs to see what their STR policy is. Good luck.

@Henry Vargas Welcome to BP. This is an excellent place to learn and network. I invest in both Delco and Philly. While Philly has more appreciation upside and lower taxes, Delco has solid cash flow opportunities. Best of luck going forward!

@Kevin M. This may not be a shocker to you but my experience over the years is that the ZBA is very political. It's who you know is what matters. Appealing to CP court puts you in a lesser political environment but it's still the City of Philadelphia. You may want to consider hiring a seasoned Philly real estate lawyer to argue your case. Good luck.

@Alyse Oz As other's have already stated, L&I is an absolute mess. Personally, I would hire an experienced real estate attorney to navigate you thru this bureaucratic nightmare. Especially considering you may be dealing with a zoning issue as well. While it may cost you more money than you had budgeted, it's well worth not having to deal with that brutal department.

@Branden Bennett Is your father willing to take equity out of some of the properties in order to satisfy any of the liens? Do you know exactly which properties have liens against them? If so, have him satisfy the liens before he loses the properties. Then put together a plan to manage them

@Kevin Moyer You are not crazy. There are many many departments in the City that are, let's say, incompetent. As a lifelong Philadelphian, I would have to say the reasons vary but for the most part, corruption, patronage and poor leadership are rampant. Unfortunately, we just have to accept it as we can't change it and as an investor, it's an added cost of doing business here.

@Kevin Moyer You are spot on about the confusion with the new L&I regulations. Not only are contractors and investors confused, but L&I themselves tell you something one day and something different the next. The biggest issue is regarding non-owner occupied single family dwellings. Any permitted work must come with Architectural plans even for lite interior permits. No more EZ permits will be issued unless you are the owner occupant. I know a few investors who recently bailed on city properties as they prefer the counties to be much easier to navigate.