All Forum Posts by: Joseph ODonovan

@Mayer M. They are some excellent numbers. How are you making out in Germantown?

@Art Johnson A multi family for less than $100K that's not a shell may be a tough find. The areas in Philly where you have the best chance of finding such a property is Strawberry Mansion, Mantua, Kensington, Cobbs Creek, West and Southwest Philly. These areas may be challenging for a newbie but they can definitely cash flow if you do it right. Best of luck.

@Liliya Patton @Kevin M. is spot on. Student rental demand is down for the Fall 2020 and Spring 2021. Also, violent crimes are trending up in many sections of Philly. I have a few rentals in this area and I'm watching closely. Not sure how this will play out. Curious to hear if any other Philly investors have any concerns.

@Frankie Renaldi You can frown on Zillow's business model all you want but the fact is Zillow invested millions of $$ into their platform and shouldered all the risk with the hope of making it profitable. It's called capitalism. Zillow and other technology driven companies will eventually turn the Real Estate Agent into a dinosaur. So you can fight back and not use Zillow but the cat is already out of the bag. I would suggest buying a few shares of Zillow stock and enjoy their ride.

@Federico Gutierrez Why would you expect a public for profit company to offer free services? Do you offer your tenants free rent? I've used Zillow for all of my rentals and have gotten excellent leads. I'll be happy to pay $10 a week!

@Jordan Little It's best to check your policy but Liability coverage does not cover you for your neglect and or failure to maintain your property. Liability coverage will cover you if a person slipped and fell on your property and was injured. Notify your insurance carrier promptly about the lawsuit so you'll know where they stand sooner than later. The allegations you mention appear to be exaggerated but regardless you must defend yourself. The last thing you want is a summary judgement against you for failing to answer the complaint.

@Colin Jones Your first deal? I strongly recommend you hire a RE Agent or an attorney. A Craigslist seller would make me more apt to recommend you be represented by someone. Too many things can go sideways in a real estate transaction.

@Jordan Little What court was the case filed? What city and state is your property located?

If you are a named defendant in the case then you need to notify your insurance carrier that you have been sued. Your property management company should do the same. Your insurance company will then notify you whether or not you have coverage for the allegations made in the complaint. If your carrier decides that you do not have the necessary coverage then you should hire your own attorney. Your PM's attorney will not defend you as it's a conflict of interest as you are both defendant's in this case.

@Davere Currie Just to clarify, while zip code 19134 is Port Richmond, other neighborhoods that are not so desirable use 19134 zip code as well. Kensington, Fairhill and Harrogate are a few. Philly is a block by block city so invest wiseley when investing in a "neighborhood". I personally would stay east of Frankford Ave if buying in the 19134 zip. Anything within a few blocks of K&A, I would run not walk.

@Thomas Levy Congrats on your first purchase! What section of Philly is your property located?