All Forum Posts by: Nancy L.

@Account Closed Thanks! That looks like an interesting site, I'll think I'll join and see what's going on! I know we also have Philadelphia Speaks, so would not look to set up a site with message boards etc. and would only need to get participation from people who wanted to promote local events and/or agents who wanted to list real estate. The latter could also be accomplished with an MLS feed or cooperation from another real estate site, but that's where the technical undertaking is beyond me. I was picturing most of the visitors as passive -- just seeking a listing of events in different areas of the city or to get to know more about different neighborhoods. Nonetheless, point noted about needing to entice in positive contributors! And I know marketing of a new site is a whole other issue in itself, which I know just enough to know that I don't know enough about it. :-p

@Shane Pearlman Thanks for your analysis and sharing your experiences! It was very helpful for me in thinking through some things and considering future planning.

I'd agree personal priorities play a very real part in what's a good deal for the individual. For example my rentals are part of how I make my living, so if they didn't have good cash flow I'd have a problem. If my primary goal was long term investment I'd be more concerned with the total earnings over time from all sources -- equity, appreciation, and cash flow.

@Bryan L. I appreciated your stats explanation. I would add that if 50% is, say, a national average, it would seem to me that an individual could have a large portfolio with an average that deviates substantially from the national average. An individual's portfolio even if large may not be particularly diverse in terms of location, size, age, class, and, again, personal prioritization of cash flow vs. appreciation, etc. A "large" portfolio by an individual's standards is still very small compared to a national scale, so the entire individual portfolio could fit somewhere along that bell curve.

@Marcia Maynard Thanks for the feedback and ideas! I'm fortunate that the area I live in has some strong community groups with lots of involved residents, and agree that these groups would be a good place to start... I can build simple sites, and would need to pull someone in with (a lot) more technical ability, as you suggest. I'm going to think on it for a while, and maybe mention it to some others in the area, see if I can get the time, interest, and skills I'd need to give it a try down the line...

I will definitely check out that podcast as well!

I had an idea on neighborhood improvement that might be kinda left field, and am wondering if people could weigh in on this and on different strategies/experiences in general...

Especially for those holding rentals in up and coming areas, I've heard of strategies ranging from joining local community groups, organizing neighborhood cleanups, and calling the city about graffiti/nuisances, to buying up whole blocks, paying people to sweep the streets, and opening local cafes or bars. 

My thought is that if a neighborhood were treated like any other product to be sold, it could be actively marketed to create buzz and entice more people to visit, move into, and invest. A website could announce local events (bar quizzo nights, music, museums, etc), feature real estate for sale and rent, and highlight interesting features or facts (eg. a prestigious school or a historical park). This would also give plenty of opportunity for sponsorship from local advertisers if successful. Ideally, others could contribute to pages for their neighborhoods, and a homepage would showcase a sampling of what's on the neighborhood pages.

I live and some own rentals in the NW area of Philadelphia (in W. Germantown and E. Mt Airy), which flies somewhat under the radar, but has some great things to offer and is improving gradually. The fact that the area doesn't get a lot of attention actually has been great for me because I've gotten good purchase prices relative to the rent returns. But, now that I have the properties, I would love to see the area continue to improve!

I do understand that my idea would be a huge undertaking and I'd have to recruit a lot of help, it's just something I'm thinking about and curious if there's precedent... Wondering people's thoughts on this, if this has been tried before, and if anyone has experience with running a local forum? And people's thoughts/experiences on neighborhood improvement strategies in general?

Taking utilities out of your name is not necessarily the same as shutting them off to the property... I would think that's between your tenant and the utility companies. In my area, the bill would temporarily go into the utility company's name. If you're worried about the legalities, you might want to call the code enforcement agency and ask.

I'd tell her I'm sorry to hear about her personal circumstances, but that the bills need to be transferred in two days because they will be going out of your name at that point. Or if feel you can't take them out of your name, your recourse would be to say that you can't continue to cover her bills and can't have her in the property with no services, so would be forced to start eviction proceedings. Also she needs to refund you for the bills. I would follow this up with a letter hand delivered or regular mail and another copy sent certified mail. 

She might have decided because of the deposit that you're "nice," aka someone who will let her get away with things. Be sure to enforce all deadlines and follow through immediately with any late fees or other actions necessary.

Your lease should say what utls the tenant is responsible for, and that means she's responsible for them from day 1 of the lease. If your lease doesn't say this, you REALLY need a better lease next time. And I would never take a 1/4 security deposit. Too much can go wrong, and that's your security!

Hope this helps!

Nancy

@Account Closed , There are a lot of areas I'm open to but other than S. Philly, none that I had particularly in mind to target my search. Any suggestions?

Thanks @Andresa Guidelli ! It's so nice to hear from other people in the area doing this. I'll definitely be in touch!

@Troy Sheets Agreed! I'd rather invest in Brewerytown if looking for a rental to hold as I think that proximity to Center City is going to mean good things for the area over time. Plus it's got great old houses from what I saw when looking around there, and some that were a little bigger than most of what's in, say, S. Philly and Fishtown, if I remember correctly? Newbold/Point Breeze are definitely on my radar as well... Just need to narrow down a few more options....

@Troy Sheets No, the condo is on the other side of the area, closer to Broad. What I meant by "NW" is that my other rentals are in NW neighborhoods (Germantown and Mt. Airy). 

I've looked around Brewerytown a bit, seems like a good location! I love that area in general and miss living closer to center city... Not a lot to do out here! 

@Troy Sheets Did my tagging you work above? It looked like it worked when I wrote the message but not after it posted...

Also, would love to hear about neighborhoods in Philly where people are finding good deals for flips with strong after rehab values. I had my eye on one or two areas, but definitely want to stay open and look at as many options as possible to find the best one possible for my purposes.