All Forum Posts by: Ross Yeager

@Howard Sellars happy to share and explain my spreadsheets where I calculate my numbers. I have a bunch of rentals in Philly. Feel free to message me if you’re interested!

I am a CA resident who invests almost exclusively this point in Philadelphia. I'd be happy to discuss my experience with you at some point (DM me). 

I look for buy and holds out there, so typically am looking for something all in around 120-150k for SFH, 200-250k for duplex/triplex.

You can definitely hit the 1% rule if you buy correctly. Rents are pretty great in that market, although the political environment is very tenant friendly at this point (like most of the country, but even more so there). It is also an extremely competitive market right now, so be prepared for a fight to find good deals!

Hi @Alice Chau, posting since I didn't see any other posts so far. I invest in the Philadelphia area, but have tended to get out a bit farther beyond the bounds of the university rental areas so that I can cash flow better since the purchase + reno prices can be a little more affordable. 

Rents are higher in the nicer areas, and there is less risk in the investment (although some would tell you they would not want students as tenants, I disagree there), but I find it hard to find deals that make sense there. That being said, if you're looking for appreciation, being close to a university is always a good bet.

@Dave Kapsack I live in CA and have done several BRRRRs in Philly. Happy to connect and chat more about specific questions you’d have.

@Bennett Schwartz I switched to Otter Property Management beginning of last year and it’s been great. DM’d you.

@Brandon Ribeiro so while maybe not officially, it is unofficially true.

@Brandon Ribeiro see the following note from my PM this is the latest as of last week:

“””

After a call this morning with a few other landlord attorneys in Philadelphia- I wanted to pass on an update on the local eviction climate.

Bottom Line- evictions initiated in Philadelphia today for non-payment will not be executed until ~May 2021 at the earliest. I expect further delay. Of those cases that make it on the hearing schedule- a significant majority are being thrown out for any and all technicalities. A few of which include;

Required EHPA disclosure

Required Notice to Quit

Required diversion conference timing/scheduling

Existence and timing of Certificate of Rental Suitability

Existence and timing of Rental License

Existence and timing of Lead Safe Certification

Receipt of Partners in Good Housing Pamphlet (and addendum)

Rental Assistance Funds Acceptance timing

Service of the complaint

Hardship certification of tenants

Timing of complaint filing (before 9/1)

All defendants are receiving legal representation from advocacy groups. The attorneys in these groups are heavily involved in creating the ordinances and well aware of all technicalities. Requirements and rule interpretations are evolving daily. Eviction court judges are effectively using the plethora of regulatory requirements to punt cases to this summer.

“”””

@Giles Pearce very relevant. Philly has moved evictions until May 2021 for most cases, and I suspect it will be further than that at this point. Be very careful in this environment.

@Joe Villeneuve was about to write the same thing here. Definitely agree. So many people are not making a profit in RE if you consider everything from start to finish. I keep a lifetime ROI spreadsheet so I can know if that ever changes. If you're not making a profit it's just a time consuming and stressful hobby.

@Ike Phu I’ve had to do this for all of my properties. Has run me $225/ door through my PM group.