All Forum Posts by: Joseph ODonovan

@Andrew Pettit 1. Check with your city/township to see what they require for a STR. 2. Inform your Insurance carrier that you are renting this out as a STR. Your premium will go up compared to a LTR but the proper coverage is well worth it. 3. Find a very responsible cleaning service as turnovers may be frequent. A clean unit is absolutely critical when it comes to Airbnb ratings. 4. Speaking of ratings, you should absolutely shoot for Superhost status on Airbnb as it gets you higher rankings in their search feature. 5. Strap yourself in as a STR is not a passive investment. 6. Consider hiring an Airbnb Hosting Co in your area. Best of luck!

The outcome of the lawsuit alleging discrimination may have wide reaching effect on landlords and property managers. If the courts rule in favor of the plaintiff's in this case, then landlords rights would be infringed upon. Just curious to hear the opinion of others.

https://www.inquirer.com/news/section-8-vouchers-affordable-housing-philly-tenants-landlords-public-interest-law-center-20190815.html

Will buyers embrace Amazon as their turnkey broker? If this gains traction in big cities like Chicago and Los Angeles, this could be the preferred choice of young buyers going forward. With Amazon's short history of incredible success, this may be another feather in Amazon's cap as they change the way world does business.

https://www.housingwire.com/articles/49609-amazon-and-realogy-gang-up-on-zillow-to-entice-homebuyers

@Derrick Alexis There are many ways to evaluate a real estate investment. Obviously the CAP rate is one of them. I personally do not put alot of weight in this particular measurement. I prefer to use cash flow and / or potential appreciation. If I can net $200-$300 per door, I'm in. Or if I can get a property under market value in an area that is trending upward, I'm in. Re the St. Joe's area (Wynnfield), I love it. The rental demand is high, B class, and I believe the area has great stability. Best of luck!

@Scott Johnson Keep your friends close. Keep your enemies closer.

@Ankan Basak Nice! Keep up the good work.

@Ankan Basak Congrats, sounds like you nailed it. Do you mind me asking what section of Cobbs Creek? Also, what was your total "All in" number?

@Jason Morris My mortgage broker does deals $50k and over. I can DM you if you like.

@Zocky Zhang A couple questions for you then a few comments. According to your lease who is responsible for paying for the water? Whose name is the water bill in? If the lease states the tenant is responsible for the water then you can include that in your L/T complaint along with past due rents. Also, a $700 water bill for a 1400 sq ft house is extremely excessive. Either that's a bad reading or you have a leak in the house or your tenant has a faucet continuously running. Have you been able to get in the house to troubleshoot the water issue? And lastly, your attorney gave you terrible advice re eviction. You should absolutely start the process as soon as your tenant is late by giving them a 10 day notice and proceed from there. While Philadelphia is not a Landlord friendly city, that shouldn't stop you from protecting your asset. Best of luck.

@Liz Spina Yes, I recommend the BP calculator. It's simple to use and it gives you a nice overview of each deal. What source are you using for your deals? MLS? Realtor.com? Off-market?