All Forum Posts by: Kevin Branin

Purchasing apartment building, raise rents 40%, and winding up with a building 15% occupied.  Granted I was renovating 4 of the units..but only 1 of the 3 livable units was occupied.  That income could have helped with interest payments.  Don't raise rents that much when inheriting tenants going into a renovation. 

I heard a strategy for inheriting a bad tenant...actually, a Professional Tenant... in Philadelphia.  The  owner had no commercial activity license (required in Philly), no rental license, and the ProTen had reported all sorts of violations to L&I.  The owner would send contractors to fix the problems and inspectors to clear the violations, the Pro Ten would not let them in.  Now, THAT owner was up excrement creek!

So, I was thinking of buying it tenant problems and all, and spoke with a lawyer who thought the judge might be more likely to side with me, the new squeaky clean owner who's just trying to make things right, rather than ProTen.  But he did warn me to bring a war chest because it could take awhile.

Best case is to follow all the rules and convince a judge you intend to continue to follow the rules in Philly and you could have some luck there, but bring a warchest.

How would you move into the property if she is currently occupying (squatting) it?

@Conroy Monchery I sent you a DM. Philadelphia has a taste of everything.

@Jason Morris I do too. I think there is a lot of opportunity to BRRR, especially if you have your own capital to acquire and rehab. You can find many positive cash flow deals in that area now. There are a couple organizations in that area worth checking out...one is from 1974, the other is only a few months old (Impact Services & Kensington Corridor Trust)

Impact put out a strategic plan for the neighborhood that you should check out if you're going to invest there.  Let me know if you need help finding something in that area.  

@Jason Morris Beware of zip codes in Philadelphia. For example, 19134 contains Port Richmond, the Neighborhood directly adjacent to the Booming Fishtown market. It also contains Kensington & Allegheny, an epicenter of the opioid crisis.

Philly is Block by Block.

@Jason Morris yes, from Wayne Junction following Germantown Ave to the NW. Ken Weinstein (Jump Start Germantown) is an active developer in that area.

@Saquawn Figaro I’ve had a few. I’m living in a triplex at the moment. Let me know, I’d be happy to set up a showing if you’d like to see a few different neighborhoods, since you’re close to the city.

@Saquawn Figaro all of Kensington, Strawberry Mansion, and Wayne Junction. Different sections of Kensington are at different stages of development. Wayne Junction and Strawberry mansión are in the early stages... so you can get it there for a low cost.

@Saquawn Figaro South Jersey and Philadelphia are 2 different markets. A Multifamily in Philadelphia cash flowing like gang buster can be decimated by property taxes if placed in New Jersey.

I’d be happy to help you if you’re looking in Philadelphia. That’s the market that I know best. Ask any questions here. We’re happy to help.