All Forum Posts by: Nancy L.

Hi Pamela,

I’d try Mt Airy, Germantown, West Oak Lane, Roxborough, Port Richmond, and Tacony... note that Philly neighborhoods can be very block-to-block, so some blocks around those areas may be more or less Class B than others. I highly recommend driving or better yet walking the areas in person! Best of luck to you! 

Does anyone do garage/storage rentals? If so, do you do full screening like for residential rentals, including income verification, credit, and background check? Or what is your process?

Do you typically have people pay monthly or do you try to incentivize (or require) people to pay multiple months up front?

Also, any ideas of where to advertise?? I was thinking of Craigslist but there seems to be only three posters in my whole city under that category there, so there must be somewhere else people go for this.

I have a garage I need to find a tenant for and am not too familiar with this aspect of the business. Our ideal tenant for it would be someone needing long term storage (eg classic cars). Thanks in advance for any ideas!

@Christopher Schink I think pictures are great! What I think is important and also sadly not common enough among managers, at least in Philly, is being very responsive to tenants about repair needs. If someone has an emergency, eg no heat in the winter, they should be able to reach someone right away and have a competent Hvac tech there the same day. For something less urgent, they should still get a same day response letting them know exactly when someone will be out, and again someone capable should show up on time and fix the issue the right way the first time.

Unfortunately some managers respond very slowly or not at all to repair requests, or they schedule someone who no-shows, or someone shows but isn’t able to fix it the right way and it breaks again a few days later. Cutting corners may save some time and repair expenses in the short run, but over the long term being good at maintenance helps us avoid costly vacancies and maintain the value of the property.

In my experience (self-managing and previously managing for a larger developer) doing maintenance well requires good communication, well thought out organization processes to make sure nothing is missed and that tenants always know what to expect, and having the right people on staff and/or as your go-to contractors.

@Christopher Schink in my experience there is a somewhat limited pool of managers in Philly who offer “maintenance only” contracts. I think offering a la carte services rather than a one size fits all package would give a newer company a competitive advantage here. There are also a number of management companies in Philly who may offer maintenance only contracts, but don’t seem to take maintenance very seriously. My thinking is if we landlords wanted to *not* attend to maintenance, we could do that ourselves for free. Especially since there are many older homes here, a management company with a really solid team of contractors and effective/efficient repair & maintenance processes would attract the kind of responsible property owner you probably most want to have as clients.

@Nyle Emerson if I’m understanding your question correctly, I think what you’ll be wanting to look into is whether the property in question has a zoning variance to allow the multifamily use. Good luck!!

I think Nicetown is interesting because it has revitalization energy coming from the south from Temple and N Broad St, as well as from the northwest with all the exciting development happening in Mt Airy, Germantown, and Wayne Junction areas. The new brewery in Wayne Junction is right on the Nicetown border, as is the Wayne Junction transportation center which offers a fast commute into downtown. Will be interesting to see what happens there for sure. 

Good question! I was just taking with someone about this earlier today. Of what we’ve bought in the last 5 years or so, most are in Germantown & Mt Airy, one is in Strawberry Mansion. All are working out well! I’d also check out West Oak Lane and Wayne Junction areas if in the market now. 

@Dave Van Horn thanks so much for the suggestion!! I'll check them out! 

Hi All, Any recommendations for a Philly based architect? I need to get building plans made for renovation of a multi-family building for the purposes of obtaining building permits.

I personally live and invest very close to Wayne Junction -- my closest property is under a half mile from it. New projects are happening every day around here! Growth has been quieter than some other Philly neighborhoods, but it is growing steadily. I'm also finding a solid tenant base and good returns here. 

The developer working on the above mentioned project has been working in the area for a long time and has a great track record. He was also instrumental in the revitalization of the Mt Airy commercial corridor, just on the other side of germantown. 

Yes I'd definitely recommend the area for investment. Let me know if you have any germantown area specific questions!