All Forum Posts by: Monica Williams

Here is the HCV website, it explains what you need to do to become a HVC landlord, what the tenants needs, the expectations and responsibilities and more. 

https://www.pha.phila.gov/housing/housing-choice-voucher/

Hi @Brian Caulfield I don't think investing in rougher areas is a bad idea as long as you are aware of the risks and make sure you plan ahead for when problems arise. If you're worried about the tenants and what they could do to the property, maybe consider Section 8. You still get to choose your tenant and having them go through your screening process but since they are apart of Housing Choice Voucher (HVC) they have have to meet certain expectations and responsibilities in order to be and stay in the program and most people don't want to lose their voucher. Plus it's guaranteed rent from the city.

Hi @Akinwumi Oke welcome to the world of real estate! BiggerPockets is a really great place to ask questions and connect with other investors, lenders, contractors, etc. 

@Victoria Adan Facebook is definitely a good place to post it if you are a part of investor groups, just make sure to include the numbers like Bob mentioned. You can also post it here on BiggerPockets, under the tools tab you can post a listing to real estate listings. 

Hi @Karim Elahi, Collingdale is a good place to look for rentals. A few other places I would look in are Upper Darby, Marcus Hook, Clifton Heights and Colwyn. Just a heads up most properties in this area get snatched up really fast, so make sure you are prepared and ready to go when they drop or find an off market source. Price point for these areas for a single family, you're looking at around $80K-130K for purchase and then you're doing a basic rehab to clean it up and make it look nice. I'm an agent in the area so if you ever have any question about the Delco area, feel free to connect!

Hi @Shawn Patel, I agree you definitely need more work space in the kitchen. It's wild that there are kitchens out there with two little counter tops and nothing else for people to make food on. Option 1 might be your best bet. I would just get rid of the pantry entirely and utilize that space for the fridge and more cabinets and counter tops. You can add in base and hanging cabinets on that wall to make up for taking out the pantry. If they really need more space, the tenants can also bring something in for the corner where the fridge was for more storage. I don't think you need to add another working space over there. 

Another option, depending on how much demo/rehab you want to put into this, is to knock down the wall separating the kitchen from the dining/living space (if it's not load bearing) along with taking out the pantry. That would open it up and then allow you to add the fridge and cabinets on the one wall and an island/breakfast bar in the middle. 

Good luck with everything! Keep us updated with what you end up doing! 

@Michael Dobruskin

I agree with @Chris Seveney, its a little difficult to base it off anything without going there. Philly is still very block by block and you need to be aware of the boundaries. I think the reason why you were getting different ratings for Kensington/Fishtown is because Fishtown has an A rating while Kensington has an F. But then there is also Olde Kensington, East and West Kensington, which are B- or above. So you're going to have to be very specific when you are looking at the crime rates online. 

Check out this post from @Jimmy O'Connor. It might be a couple of years old but for the most part it's still pretty accurate with the ratings for the neighborhoods.  https://www.biggerpockets.com/forums/742/topics/956700-a-bre... 

If you ever have any questions about the neighborhoods, feel free to connect!

Anyone and everyone who is active in the Philadelphia real estate market is invited to meet us at Off the Rail for a low-key real estate happy hour for investors, agents, lenders, wholesalers, contractors, and other real estate industry pros on Thursday, October 26th, from 6:00 - 9:00pm EDT.

Reserve your free spot today by RSVPing below.

https://www.eventbrite.com/e/rei-on-tap-philadelphia-tickets...

Effective October 1, 2023, Department of Housing and Urban Development (HUD) made changes to the Section 8 payment system. The payment calculations have been reviewed and adjusted to better reflect current rental market conditions. This year for many of the neighborhoods in Philadelphia and surrounding suburbs there was a huge increase in what landlords could be receiving in rent each month. Even though a couple of areas shifted around into lower groups they still got a decent increase.

With the new payment schedule, are there any landlords out there considering Section 8 rentals now or are you going to stick with regular rentals? Other Section 8 landlords, did you see the same increases in your area?

Hi @Samuel Hirsch, it is definitely something you can do! More and more people who are new to investing are househacking. It's a great way to build equity and get your toes wet in the REI world. I'm an agent in the area that works with investors, if you have any questions, feel free to reach out and connect!