All Forum Posts by: Joseph ODonovan

@Clay Tolbert It depends on the sq footage and are you changing the footprint of the property? Adding a 3rd story? Rooftop deck? If no zoning permits are required, then 6 mos is plenty of time to do a full rehab for a 3/1 1200 sq ft sfr in philly.

@Ty Thomas I can refer you my CPA. I will DM you

@Rodney Brown A couple of things here. Philly is a tenant friendly city so buckle up because ejecting squatters can be long and costly. Your first step should be a conversation with the occupants to inform them you are the owner of the property and they must vacate as you are having it totally rehabbed. Chances are they wont leave that easily. Next step would be a cash for keys type offer. Give them $X to vacate. If they accept, coordinate with them a date and time along with a locksmith so as soon as they are out of the house the locksmith can simultaneously change all the locks to the house. If CFK does not entice them then I strongly recommend an experienced L/T attorney to proceed with ejectment proceedings thru CP Court. This is not an eviction since there is no lease so ejectment is the only way to go. Best of luck!

@Chanakya J. Temple has been growing and continues to grow. The rental market continues to grow with it but Temple has recently built high rise dormitories that have added alot of doors to the market. There are alot of areas within approx 2 miles of center city that are doing excellent. Olde City, Northern Liberties, Fairmount, Spring Garden, Brewerytown, Francisville, Queen Village etc. I just recently settled on a sfr in Brewerytown and I'll have it rent ready in 6 - 8 weeks. Feel free to reach out to me with any questions. If you need an agent, I can refer you mine. Best of luck!

@Ross Yeager I strongly recommend you reach out to a local CPA.

@Jeremy A. Choose your words wisely on a forum like this. Alcoholism is a disability therefore alcoholics are a protected class. You can not evict him based on his disability. It sounds like you did a poor job of vetting this tenant. That being said, check your lease to see if he broke the contract by said fire, smoking etc. If he has not broken the lease, have a heart to heart with him about your safety concerns. Let him know in very certain direct terms that he is on a short leash and you will evict if he violates said lease. Best of luck.

@Luke Hadden If you hired a PM, why would you need the info on a prospective tenant? That's the PM's responsibility. Micro managing defeats the whole purpose of scaling. Once you delegate responsibility, you must have trust in who you hire but more importantly trust in the decision you made. Good luck.

@Gerry Magrini I would do it in a heartbeat. Full Disclosure, I own long term rentals and one short rental that I rent out via Airbnb and Booking.com. If my LTR's were in a market that had STR demand, I would convert them to STR's. The obvious advantage renting your unit to an Airbnb Host is you are getting paid a premium rent over your current rents. And all maintenance, wear and tear and furnishing is the responsibility of the Host. Make sure you vet this Host properly. If he is a serious Airbnb Host then he will take care of your property better than any LT tenant. Also, make sure your locality allows for STR's. Make sure your lease spells outs his responsibility. Also you should notify your Ins carrier as rates will be a bit higher. Go for it.

@Ani Kap I recently had new LVP flooring installed in one of my properties. I purchased the flooring, quarter round and transition strips at Home Depot. 1st and 2nd floors, total of 1050 sq ft. My contractor charged charged me $2.25 sq ft for install, removal and disposal of wall to wall carpet thru-out, sand, stain and paint stairs and risers. Your quote is on the high side. I recommend getting multiple quotes and or you purchase the products directly from retailer and have contractor pick it up for you.

@Steven Betz The creation of an LLC can be done by anyone including yourself. It doesn't matter what state they are located. Personally, I prefer to delegate this responsibility to my CPA. The LLC creation obviously has tax consequences and any competent CPA can advise you on the best approach for your particular situation. Best if luck.