All Forum Posts by: Sheryl Sitman

@Hussain Raza  these licensing and zoning laws in Philly are tough to navigate. It's good you have expert help now. But clearly there is not a definitive answer so gathering the wisdom of the crowd is a great idea. I run a group of Philly landlords and if you post there as well, you will get some good crowdsourcing and ideas. Feel free to reach out for that.

@Michael Rinde  LH Valley is a competitive market that has appreciated a lot in recent years so as you noticed, it is tough to find investments that pencil out. But there is always something to do in almost any given situation. If I were you, I'd take a look at the Philly region. And i would consider to work with a good consultant that can take a look at your situation and goals and help you analyze your current situation and  probably define some options that would help you move forward.

I got into that market years ago and wish I had bought more -- appreciation has been crazy. Not sure you could get the numbers to work for you with the current prices. But there are plenty of areas with opportunities to achieve what you are talking about.  Feel free to reach out for some ideas of getting started. Meanwhile, spend time finding good resources to learn - general info in BP is great and for more regional content, look for local Podcasts, meetups, groups . . . There is lots of good info out there!

As insurance rates rise and some carriers reduce the coverage they include in policies without many customers realizing it, getting good coverage and pricing requires effort.  I work with a broker who understands investor needs and proactively checks that I remain with the best carriers and have the correct coverage. Insurance is a hot topic in the discussions I see among Philly landlords, especially as costs rise. It seems like some carriers are raising rates significantly and taking advantage of the fact that there are carriers that are choosing to leave the local market - so working with a broker that continuously refines their list of go to carriers is crucial. I recently heard from an owner that he had a legitimate vandalism claim that got denied. When i asked him who was the carrier, it turned out to be one I used years ago and my broker moved me away from them due to their deteriorating service. Many folks don't realize that not all carriers are created equal. Feel free to reach out. 

@Anthony Luis  I run a large Philly LL group and have a network of reliable contractors for all kinds of jobs. Can  connect you with someone who handles my rehabs. Feel free to reach out

@Stuart Udis and @Alan Asriants are spot on in their advice. Think of it this way - if there was a "best" place to invest, we would all be running to the same place. I am personally spread all around Philly and even spread around the US in my portfolio. You need to match your resources, goals, risk tolerance, personality etc. to the opportunities that exist.  While one person may invest in turnkey high end properties another may buy only the most distressed assets he can find. And both may be meeting their goals... I would urge you to get some initial objective consulting/coaching from a seasoned investor who works with newer investors - so you can avoid some classic newbie mistakes, get to know Philly better, develop a suitable strategy and identify properties that will serve your goals. I run a group of landlords on FB and I see so many people jumping in without enough knowledge. 

Us small landlords in Philly are all wondering how and why PHA paid these seemingly inflated rates for those properties. Either bad reporting or something is not adding up.

Tip 1 - no need to be an agent.  You may want to be an agent for other reasons but don't let it hold you back from getting your investing started now.

@Nickolas Gavin  I run the Philadelphia Landlords Connect group and we have created a network of reliable contractors specifically for investors. Feel free to reach out to join the group and get any info you might need!   Unfortunately it is not uncommon to get burned in Philly. I have my own horror stories.

There is a lot you need to learn in order to make this strategy work and a lot of ways you can potentially stumble. With the limited resources you have, you want the first investment to not only be a learning experience but to succeed. Keep in mind that experienced investors have had bad experiences with some of their investments and no one bats 100%. So rather than overemphasizing WHICH market to chose, emphasize finding the right mentor/coach/team because it is possible to fail in a good investment market when you do not know what you are doing and to succeed in a more challenging market when you do know what you are doing.  Try to find experienced, straightshooters willing to do some coaching in the markets you like.