All Forum Posts by: Paulette Midgette

@Gerren Ferguson, I have a contact as well. If needed.

Hello @Steve A.,  In addition to the advice already provided, below are a few things to consider:

1.  Do your homework.  Understand what the requirements and your responsibilities will be as a landlord in Philadelphia.  There are a few expenses associated with being a landlord in Philadelphia that may not apply in the area you are from.

2.  Define what cash flow means for you.  If $300 a month net after expenses are acceptable, great.  If you want or need a higher return, then be certain to carefully run your numbers and understand all the costs of doing business.

3.  Duplexes are plentiful in Philadelphia.  Triplexes can be found, but not as much as duplexes.  Units of 4 or more are rare in Philadelphia.  

4. Determine how you will purchase the property...all cash or mortgage. I have found that the cash flow I want (15-20% ROI) with buy and holds are hard to achieve with a debit service in Philly.

5.  When determining a neighborhood, don't forget to factor in the rents you can command and what type of tenant(s) you want to attract to your property.

Hello @Kenneth C.,  I my opinion it is never too early to network and expand your contact list.  But your question of when to bring in a transaction agent is a good one.  Administratively, you won't need the agent until you have an agreement of sale.  With respect to advice/guidance (based on the agent's experience).  It might be beneficial to have the agent on board prior to the sale as a second opinion when working through the process.  

@Kenneth C., I don't believe we can provide you with clear direction without knowing exactly what the conversation between you and the "firm" was.  If they asked you to put together a purchase agreement or offer to purchase, why would you think they are asking for your numbers/bid?  Is the firm a bank or an auction management company or some other type of entity?

Consider reaching out to a real estate transaction agent to help you with this offer.  If you need a referral I can provide one.  Simply inbox me.

@Account Closed, this question has come up a few times lately here on BP.  I think squatting is being a problem in the City.  Recently (two weeks ago) I discovered a home I was scheduled to close on had a family living in the home.  The bank still owns the property.  They offered the squatter family $1000 in cash.  The family agreed and two days later rescinded and said they were not leaving the house.  The bank has now started ejectment proceedings.  

I have learned a lot since then about the definitions of a squatter, trespasser, and tenant. 

I understand you have spoken with your lawyer and received his advice.  I have added the definitions below for others on the site who may find the information helpful.

Before, you can determine if an eviction or ejectment is the right course of action you must first have define what the person living in your home is.  

A trespasser is a person who is occupying the home temporarily.  They don't have any utilities or mail  in their name.  No furniture moved in.  In this case you would file a police report for the trespassing and start the eviction proceedings.   

A squatter is someone who has established a residence.  They have been in the house a longer period of time, 3 weeks or so.  They have taken steps to make the home theirs. An ejectment is needed in this case.

If the person is a holdover from an expired lease.  Or like some here on BP did, you purchase the property knowing the squatters were there, you have a landlord tenant relationship.  In the case eviction is the way to go.  But you have already stated it is not a holdover tenant.

Both of these are long processes, so don't expect to get your property back for 2-3 months at a minimum.

Lastly, you can sue the squatters.  However, where would you send the court documents?  I don't think they will leave you with a forwarding address.  Assuming this is not a scam and they truly have nowhere to live, they won't have the money to pay you.  While this really sucks, I think this may be the new cost of business in Philadelphia.

Good Luck

Check out Mt. Airy USA and North Kensington CDC (NKCDC).

@Joseph ODonovan, I don't believe this stadium will ever be built in "Templetown".  The residents have finally had enough.  I applaud them and I am behind their push to stop the stadium from being built.  

Temple spread and investor activity has been great for Temple and Temple students.  But it has done nothing for the long-term residents in this area.  Temple and the vast majority of investors have done nothing to partner with the residents/civic groups to ensure the entire community benefits from all this revitalization.  

People first, money second.

@Peter Dunne, YAY For You!  I am a Philadelphian born and raised.  I grew up in North Philadelphia and spent a great deal of time in neighborhoods like Francisville, Brewerytown, and Strawberry Mansion.  I don't need to tell you what has happened and is happening to these areas.  It deeply saddens me that the long-term residents here are not provided with the resources to be able to stay in their homes.  A couple of years ago family members living in the Brewerytown  lost their home to Eminent Domain.  They had lived in the home for over 40 years!

To try and even the playing field, I have recently started developing affordable housing in neighborhoods that are not getting much interest from investors.  I would like to get a foot in the gentrifying area but sourcing properties is a challenge I have not been able to overcome. 

Peter, I would love to connect with you and hear more about your plans for neighborhood investments, revitalization, and stability.

Hello @Matt N., adding to the great advice given by @Steve Babiak and @Chris K..  While this squatter(s) has no title, right or lease to/for the property they have been living there in the open with the knowledge of the previous owner.  As you stated you purchase the property knowing they were there and not paying rent.  I suspect you may have a landlord-tenant relationship here.  If the property was vacant when you purchased it and some time later the squatter moved in this would be trespassing...you could file a police report and then start the eviction process.   I don't see why that would not work here.  I am not a lawyer, so maybe the first course of action is to check with a lawyer before you do anything. 

@Desmond Ellis I don't understand the question.  What do you mean by buy the tax lien and tax foreclosure (I suspect in you are using lien and foreclosure interchangeably) on the property?  Are you asking how to purchase the property prior to it going to the Sheriff's office for processing and sale?