All Forum Posts by: Michael Campbell

Hi @Kathryn S.

I know that if your LLC is registered outside of Pennsylvania, then you will need to register as a Foreign Entity in PA to conduct business there. However, I've never heard of any law that requires an LLC to be based in Philadelphia in order to own property in Philadelphia. I can't imagine that this is the case, but I could be wrong. You could contact L&I to ask any questions you have about laws for rental properties in Philly.

Hi @Derrick Alexis try looking into being an Unlicensed Assistant for a real estate agent that you have a good relationship with.

Hi @Rami Kaffezider  I would recommend doing some light staging on your own.  This is what I've done on my flips and it definitely makes a difference compared to an empty house without breaking the bank.  From my experience, a staging company can cost 2-3k or more depending on how much furniture you need and for how long.  If you invest in some staging furniture now, you can also use it on your future projects.

How about Delaware County?

Thanks

Hi @Joe Hudson 

The data seems to show that prices are still rising on the whole and Days on Market are still low.

However, in some areas it seems like we are seeing a peak.  Specifically locations like Point Breeze that have seen rapid price increases recently.

If you are not getting showings then you either need to market the property better or lower the price.

I don't know the specific neighborhoods un Upper Darby well.  I would just drive or walk around the neighborhood and make sure you feel comfortable with the area to invest there.  Also be sure the comps you are looking at are in the same neighborhood.  Because I know there are good and bad pockets of Upper Darby.

Hi @Ari Datta Upper Darby has pretty high taxes compared to other areas.  But if the numbers work for your investment strategy then go for it!

Hi @Maricruz Romero It depends a lot on your goals, whether you are looking for more cash flow or an up-and-coming neighborhood with greater appreciation potential. There are neighborhoods with good cash flow in parts of West Philly, Southwest Philly, Kensington, Germantown. There are student rental opportunities as well around Temple, Penn, Drexel, St Joes. And there are definitely plenty of homes in need of rehab throughout all parts of the city, so you can implement the BRRR strategy in many different areas.

Hi @Shawn Ryan  

I would recommend looking into who pulled the permit for the neighbor's addition and contact that contractor.

You can look up L&I records on the city's Atlas website here:  https://atlas.phila.gov/ 

You could do this for other properties in the neighborhood as well that have 3rd story additions.

You could also walk around the area and look for permits in windows and call those contractors.

Hi @Connor Mullen

I would consider those to be very desirable areas.  Those areas will not have as high of cash flow as some of the less expensive suburbs but the potential for appreciation is greater.