All Forum Posts by: Santanu Bera

I believe for investors that live outside Philly, they need to designate an agent who lives in Philly and will forward notices, summons etc to the investors.

How do I find an agent? Can property managers be the agents?

Will appreciate if anyone here can share their experience using one, and cost involved.

Thanks.

0 Votes

Philadelphia, Pennsylvania

Quote from @Sheryl Sitman:

@Santanu Bera lots of great advice here from good people! I am a SFH investor in Philly, surrounding suburbs, Lehigh Valley and several other non-PA markets. Just know that you may find more interesting SFHs in these markets that could be great additions to a portfolio. And that generally comes with better tenants and easier exit strategy. But everyone has the strategy that works for them. I think gurus created so much buzz around the small MF space that they inflated the prices. "Philadelphia Landlords Connect" group members have lots of experience in all Philly neighborhoods

@Sheryl Sitman - thanks for the advice on SFH opportunities, and definitely planning to keep SFH in mind. Also, I requested to join the Philadelphia Landlords Connect FB group. Looking forward to the connects there. Thanks all - great advice.

0 Votes

Jersey City, New Jersey

Quote from @Alec Kearns:

I agree with Eric, most of Philly is not at risk of major flooding. Aside from 1 instance in the last few years when the Schuylkill river flooded homes along the river banks there isn't much risk of major flooding.

Philly is very unique, especially with the new construction tax abatements of the last decade which caused a major push for new developments and some areas faired better than others.

I had a new investor buy a very nice 4 bedroom in Brewerytown which he rented out for $2,550/month. The first tenants were in their 20's and I remember the father came to help them move in on key exchange day and he flipped out because of what he saw on the 2 blocks he walked past to get to their street. He wasn't from the area and didn't realize that starting around their street the property values changed dramatically and about 2 blocks in the other direction you had some of the nicest eateries and brew pubs in the area.

So yes, Philly is a unique city! Good luck and shoot me a message if you need anything!

Couldn't agree more. In early days of exploring Philly we carried our experiences from NYC and Jersey and could not understand how it changes so much from one block to next.

0 Votes

Jersey City, New Jersey

Quote from @Eric Greenberg:

Quote from @Santanu Bera:

Hi all, thank you! These are really helpful tips. I have driven around some areas and liked West Philly/University City area up and until 44th - there are many large apartment complexes going up around Chestnut/Walnut. Also liked Port Richmond, West Kensington areas. Also City Center of course but here rents don't support numbers at current mortgage rates.

Haven't explored areas @Eric Greenberg mentioned, so definitely on my list. I really liked the idea of driving around late evening and track areas with new good restaurants.

I liked a property on South 44th, however it is rated 6/10 high risk on Flood Factor. Do you guys look at this metric for new properties? It is not FEMA flood zone.

I love that area near Clark Park! As for flooding, I dont personally care in most of Philadelphia as its all tens of feet above sea level but isnt an issue flood wise that I have experienced. What I would look at are places that historically flood every X years, example being main street Manayunk.

Thank you very helpful

0 Votes

Jersey City, New Jersey

Haven't explored areas @Eric Greenberg mentioned, so definitely on my list. I really liked the idea of driving around late evening and track areas with new good restaurants.

I liked a property on South 44th, however it is rated 6/10 high risk on Flood Factor. Do you guys look at this metric for new properties? It is not FEMA flood zone.

0 Votes

Jersey City, New Jersey

Hey guys, just a new member here. From Princeton area, have a few properties in Jersey, looking increasingly to Philly area for multi-family investment. Finding it difficult to gauge Philly neighborhoods that will maintain demand and low vacancy, metrics change from one block to next. Also there is so much development going on with opportunities to appreciate. Would help to have any suggestions or guidelines on which areas to look out for. I am open to Lehigh area as well.

2 Votes

Jersey City, New Jersey

All Forum Posts by: Santanu Bera

Santanu Bera has started 2 posts and replied 6 times.

Post: Managing Agent for Philly

Post: NJ small time investor looking at PA

Post: NJ small time investor looking at PA

Post: NJ small time investor looking at PA

Post: NJ small time investor looking at PA

Post: NJ small time investor looking at PA