All Forum Posts by: Paulette Midgette

@Armando Ramirez, I am happy to see some advice from someone who lives and invests in the Philadelphia market.  From one who has inherited tenants and later had to evict, to not being allowed access to units occupied by tenants, I fully agree with you.  It is best to let the owner take care of the problem and then complete the inspection and settle on the property.  

@Joseph ODonovan let me correct you here.  The City of Philadelphia reassess RE taxes each year.  This assessment typically reflects market value increase, which you can argue would correlate with price increases, but in fact Philadelphia does not use sale prices of homes to determine RE tax increases.  If your property is in a A/B neighborhood you can bet your tax will increase each year.  Normally the increases are nominal, less than $100.  

When the City is seeking a to raise money for City services, schools, etc, this is when our Major will ask for a rise in RE taxes.  This is not a reassessment of property value, just an increase to the taxing rate.  This type of increase is applied to all citizens, whether their property saw an increase in value or not.

@Cliff T. The assessed property value and actual tax you pay is for the current year.  There is no tax assessed or adjusted based on the sales price of a property.  For example, lets you you purchase a house this year at 1235 Newland Street with an assessed value of $131,000, translating into a yearly or current year tax of $1500.  However, the selling price is $145,000.  You will pay the current tax of $1500  at the settlement table.  Now, this does not mean your tax won't increase in the next year if the city determines that the value of your home has increased.  

@Mary Delany, there are a couple of exceptions to this.  If you are renting to an immediate family member you do not need a license.  

Also, I would suggest giving 311 a call and discussing your specific situation with them.  There has been some debate recently in City Hall about what  "room unit for occupancy" really means. Here is a link that that gives more detail on who needs a license.

https://www.phila.gov/li/Documents/partnersinhousing.pdf

Hello @Lewis Colon,

You can buy any MFH at anytime you want.  However, you cannot legally collect rent without the required licenses (as outline in your original post).  

You can, as @Mike McCarthy stated, apply for all licenses and tax ID online.  However, since you are new to this I would highly suggest taking the trip to City Hall and completing in person.  This way if you are missing something on don't fully understand a process you would have immediate help.

Also, do your due diligence.  There is more involved with doing business in Philly outside of obtaining the proper licensing.  You have trash collection responsibilities, annual business tax filing responsibilities, fire code responsibilities, and registration with Philadelphia Gas. 

I understand your excitement and eagerness to get started.  But take a breath and ensure you know and understand all your legal responsibilities as a landlord in Philadelphia before jumping in.

Hi Patrick,

Thank you so much for your feedback.  I will inbox you for information about your property and to pick your brain a little further.  :-)

Hello BP,

I am researching buy/hold opportunities in Williamsport, PA and the surrounding area.  If you are an active investor or realtor in the area I would like to hear from you.  Which areas are best for investing; student housing vs. traditional rentals (pros/cons); home appreciation rates (buy for the long haul, or hold for a few years, sell and turn a decent profit); what is the cost of being a landlord (license requirements, inspections, landlord utility responsibility, etc.); management companies...are they present in the area and how good are they; are there different consideration for a 2 unit versus a 3 unit or larger property?

If you currently live or have lived in Williamsport or surrounding area, I would like to hear from you. From my research it appears that Williamsport is a great place.  An urban type area with a small town feel.  It also appears that they are revitalizing and have started to tackle some of their challenges such as attracting new/younger residents and maintaining existing residents.  I see there is an active Business Association and Arts/Cultural community, all good things.  But, what are the continuing challenges that need attention; what is it like to rent in the area (plenty of rentals, tenants have lots to choose from), What do you love about Williamsport and what pains you; basically what is like to live in the area?

I have also been researching Lock Haven, please feel free to give me your impressions of this town as well.

Thank you in advance for helping me with my research.

Paulette

Hi @Yuriy Skripnichenko,  It has always been mine and my partners rule to leave instructions for anything mechanical we provide, such as smoke detectors, microwave, etc., in the units for the tenants.  We also verbally inform our tenants where these instructions are stored.  So while I am complaint with the instructions, I do not post physical notices.  I feel that I would not get any push back because I believe we are in compliance with the spirit of the code.

@Matt A., thank you for your feedback.  I look forward to reading your updates and seeing your pictures.

@Wayne Brooks, I am capable of understanding insurance policy's and what is covered and what is not.  I don't need a lesson on worker's compensation or auto insurance especially when they have nothing to do with what I am talking about.  Again, I have filed a valid claim and it is working its way through the process.  Unless you are aware of what type of policy my contractor has and you can give me some insights, suggestions about that, I don't need a statement of things I already know.

@Mike Reynolds,  I have filed complaints with the New Jersey and Pennsylvania Better Business Bureaus.  I understand these Agency cannot get the money lost back, but at least they will archive the complaint for others to view.  I have also fled with both State Attorney General's.  Lastly, I filed a claim against his insurance company.  Prior to doing this, I called the insurance to determine if I had a case to file and if my situation was covered under his policy and sure enough it is.

Thanks for the advice Mike!  I hope when others find themselves in these situations that they will take action as well.