All Forum Posts by: Ron J.

Troy S. Do you still have your contractor that you have recommended? If so I'm looking for one to do work in the Frankford area. Thanks

Keith Rivera I now have two rentals in Philadelphia rented out through Section 8. I honestly would not rent any other way in those areas. The guaranteed rent is great and just like anything else tenant screening is a must. Both my tenants are great and keep the house very clean. I haven't had any major issues or damage of any kind. As far as inspection, I would say to try and be there when the inspection happens so you can get to know the inspectors, which will help with minimizing the little things they will fail you for.

@Allison KarrelsMy first property has been rented for 9 months now. The house is still in great shape, no damage or crime. The main drain got clogged twice but other than that I have no complaints. Like @Edward Debbs said it is not the best area but for me it works. If you are looking to rent I would suggest accepting section 8 tenants otherwise you probably will be chasing your rent checks down. Either way I would suggest that you actually ride through the neighborhood as opposed to just using the street view so you can see what you would be getting into.

Allison Karrels I have one rental in 19124 right now rented through section 8. 3 bedroom 1 bath which pays 930 per month.Purchase price and rehab put me all in at 33k. I'm currently working on my second investment also in 19124. I personally would not put that much of a renovation on the property. If I were buying it I would do a cheap but nice rehab and look to rent to section 8 tenants in that area. A 1 bedroom should get you around 750 from section 8 x2 would be about 1500 for the unit I'm guessing. As for the area I would say it's far from the best but I wouldn't call it the worst. I've never had a problem while working on my properties but I also make sure to leave before it gets dark.

Jane Alstatt It was appraised at 44k

Katherine Theuri I purchased my first property last year for 17k cash. Put 13k in rehab, signed a 2 year lease with a section 8 tenant for 930 a month and did a cash out refinance for 33k with my bank immediately. All they asked for was a copy of my rental agreement and proof of income. I just used that money to purchase my second property for 20k.

Nathan Zhivalyuk I have a property in Frankford now and I'm closing on another in Frankford on Thursday. I've been mainly looking there and Tacony. Mainly because they are the closest to where I live compared to other parts of Philly.

Bob E. I agree. Overall I liked the book and it definitely had a lot of useful information in it. Eliminating problem items before renting is probably one of the most important things to do. It saves the unnecessary headache when the item breaks and the tenant feels they are entitled to a new one on your expense.

Bob E. Thanks I will definitely look into them and see if they can do anything for me. Eddie T. 500-600 a year sounds great. I just have not been able to find a quote like that yet. Che Chiu Wong So far so good with the property management. I live rather close about 20 mins from the property. I plan on trying to get all my rentals in that same general area to make it easier. If the time comes when I feel I can no longer handle managing, or don't want to spend that extra time managing I will certainly look into a management company at that time.

Bob E. I have read the Section 8 Bible. It was a good read and had a lot of useful info in it. However I don't think that I would run my business with the property conditions they gave their tenants.