All Forum Posts by: Kevin M.

@Chaits J. if you’re out of town I would strongly recommend a manager. Typical rates in philly are 6%-10% of rent, plus one months rent to lease. Some companies also charge up to one months rent to turnover. Some have startup fees too. Make a few calls and ask about ALL their fees as well as their hourly rates for handyman, etc.

@Chaits J. I’m the owner of a couple rentals near temple. I would guess you’re seeing higher caps rates for student housing because it’s typically more difficult to manage with such high turnover. You have a lot of turnover coordination headache and risk. That being said- i actually like college student tenants because they typically pay rent since they have a lot to lose and their parents co-sign. 

@Mark Allen Kenny happy to see the love for Philly. I was surprised to see you describe the laws as "landlord friendly" but I guess it's all relative to someone in NYC!

@Michael Galvis I'm slightly confused by your description. Is it a condo? Two units on one parcel? This sounds like a question for a local real estate attorney. He/she can look up title details and figure out the current allowed use and what would be required to get the zoning approval you ultimately want. 

Joseph- I’m a little bit biased since I am the owner...

but I’d love to talk more about what my company can do to see if we’re a good match. I’ll send you a connection. Good luck either way

Good contractors are more valuable than their weight in diamonds. It's a wonder more students aren't combining some business courses with the trades to open new competing companies. It seems like such a need across the entire country...

@Cassi Justiz is right on point. You should poke around local BP forums and find some other investors in your area. Message them- and see who manages their properties and how they would rate the quality of services. Some of the more active members will be happy to respond with their endorsement/warning. This should get you an unbiased view on some local options. Best of luck!

Hey Maxim- great that you're considering Philly. I would say;

1) You should talk to an experienced leasing agent (or property manager) if you want to get an idea of what rent you can expect after your renovation. You can get a general feel by seeing the listing price of other comparables on Zillow- but a local agent will be more in-touch.

2) Zillow recently sold can be a good starting resource to get a general idea, but Philadelphia is such a crazy city where a 3BR/2BA home can sell for $1M and another 3BR/2BA home 6 blocks away can sell for $300,000. There is a ton of price movement between neighborhoods here. 

Regardless- I believe in Philly for the future. Good luck with your investments. 

Ty- I'm a Philadelphia property manager. Happy to help if we're a good match. I'll send you a message. 

When I last checked- Philadelphia allows Airbnb operation up to 180 days out of primary residence ONLY. So you can't buy an investment property intending to run it as a short-term rental. Maybe someone with recent experience can chime-in, but without proper licensing you can't do what you're describing in Philly.