All Forum Posts by: Mike B.

Trent Johns I just went through this. My new company formed 2017 was filed in PA and federal but I forgot to register with Philly. Bottom line.. Submit your paperwork ASAP without the city BIRT info or whatever they ask for. They will then (if you qualify) approve the abatement pending you register your business with the city and supply them with your city tax ID, etc. I’m going through that process now so no worries. It happens!

@Jordan Moorhead - what was the cost to do this? Or did you post in a public forum for free linking to a CL or other ad?

I've used Zillow Rental Manager in the past and CL and had good results, but your seems great! 

@Anna M. RE: privacy issues... I only use EXTERIOR cameras and I also put in the lease agreement a section on security, specifically audio/video monitoring and explain that it's in use 24/7/365, via CCTV and all footage can and will be used, when requested by any law enforcement officer/agency, in the prosecution of crimes possibly or actually committed on the premises or within view of the camera .   Basically make it clear its always under surveillance, etc.  

And correct as @Roy N. noted.. can be used in common areas.  Just cannot install inside the tenant's actual units. 

I agree with a high quality/grade electronic lock that has an auto lock feature. I’ve used them on past rentals and tenants liked that as they would never get locked out. I’ve used Schlage in the past. I also like the deadlatch lock as noted above and highly recommend camera install. When I used to own a duplex, at the time was in a C neighborhood and would get trash and other things.. people messing up the building. Cameras went up with signs warning of audio and video surveillance.. immediately stopped the riff raft.

Check out this article by 6ABC news I just found:

http://6abc.com/squatter-crackdown-after-action-ne...

Looks like Philly is finally looking in the issue more seriously. I know councilman David Oh was recently quoted in the news as well; hopefully this gets resolved! 

Jody Schnurrenberger since most of my properties need renovation anyway to make it look more modern, I usually opt to install newer, modern looking fixtures. You can get them cheaper by buying them on eBay. Also yes I do change interior doors to lever style modern design and the hinges all of which are brushed nickel look. Pairing that with the new lighting fixtures in a modern paint design with the kitchen and bathroom refresh gives an overall feeling that the house was fully remodeled and has a lighter brighter modern feel. However I’m able to do that on a budget. So it’s a higher priced feeling to tenants but at an affordable price to me. Also brings higher rents. And yes I replace water heater if it’ll go in 2 years. My philosophy with the rentals is if I’m going to renovate it now I might as well do it right the first time and not pay for it again in another few years. Thus i’ll replace the water heater etc. If possible or use high-efficiency systems and I also show this to prospective tenants so they know that they will save on their utility bills. Plus replacing toilets and other things saves me on the water bill. I also like having my rentals renovated so in the event I need to sell them in a quick manner I don’t have much to do in order to get it ready for sale. And since they are sale ready, usually I have great tenants who take care of the properties and when I need to rent it to new tenants, it’s already turn key and just needs a quick clean and some paint touch up and that’s it. I screen my tenants there early and thankfully I’ve already done this process with three sets of tenants where each turn over only required a good cleaning and some touch up paint and the home was good to go within 24 hours (to show to new tenants or get new ones in there after previous tenants move out).

@Jody Schnurrenberger - interesting list and idea/topic to discuss.

As an FYI - I only have/work on row homes in south philly

For rentals, I absolutely do (every time): 2,4,6,7,8,12,18,22,23,24,25,26 --> anything preventative to ensure I don't get a phonecall later for a repair.. I do it up front.  Water heater only has another 1-3 years life expectancy left.. I replace it. Same with roof.  I never do a 'quick patch' of a major item (e.g. water heater, roof, appliance) in order to avoid a costly repair or replacement down the road.  Being proactive definitely helps.  With regards to labeling the house with numbers, providing fire extinguishers, etc .. some stuff is for code, the rest I do not only for tenants safety, but in the event of a real emergency, rescue/police can easily find the home (exterior lighting always on at night). 

Exterior lighting - I use motion sensors in the back.  In the front, I use LED fixtures (some on HD website are $40!) which have auto on/off for nighttime.. thus they just are hardwired on with electric and the built in photovoltaic (sp?) sensor auto turns on and off the light.  Excellent feature!

PERKS/Added things I also do for all rentals/flips --> closet organizers (white melamine kits from walmart or HD).  HVAC is either fully serviced, or if I have gas forced heat only and it needs replacement, I upgrade to central AC+gas heat HVAC system.  Usually you can use the same ductwork and just upgrade the main unit.  It's a little pricey, but with that brings a higher rent, plus I don't have to do it again down the road if I do a full upgrade

Also agree with changing all lights to LED (only use CFL now if LED is unavailable). I also change out all the door hardware to brushed nickel.  All my rentals have been a higher end/modern look, which you can do on a budget if you shop for some items on Ebay, Craigslist, etc.  Find the deals.. it adds up in savings in the end and the products still look as good as the pricey big-box store items. 

Hi @Curtis Bass and @Rex Harris what type of investing were you looking to do? Many opportunities out here, despite a tight market. I think the market is better for rentals (think BRRRR method). I'm very familiar with Philly (I have rentals just finished a flip); let me know if you have any questions.

Agree with Antoine Martel about $150/sqft seems average. High end finishes perhaps $200/sqft. Another idea is to have them do most of the build but if you’re handy, do kitchen and baths yourself to save some money. Or try and workout a deal where you purchase materials for those 2 main areas. That way you can look around for exact materials and start collecting them now, saving some money along the way!

UPDATE Brian Pulaski After 17 DOM, almost accepted an offer of $270K...This was Friday. Then had several more showings this weekend and I received (and accepted) an final offer of $280K, with $3K seller assist from a well qualified buyer. Closing is mid January. After closing I’ll post all my numbers. Glad I held out a little for final showings!