All Forum Posts by: Sheryl Sitman

@Breanna Bobadilla HAPCO provides a free lease to members. They are the advocacy group for small landlords in Philadelphia. There are other benefits to membership such as discounts on attorney fees for things like evictions. 

Obviously there's no perfect market, otherwise we'd all be there 😂. You want to find the markets that match your resources, your risk tolerance, your investing personality... In general, especially when starting out I would recommend trying to work in a market dowd you can drive to. Spend time learning the lay of the land - it will serve you in future investments as well. Just as important as the investment criteria you set will be your ability to form a reliable team. in some ways having that team will be more important than any other factor. Even in the best market, For example, if you have a contractor that cheats you, you're going to lose... There are enough markets within driving distance of New York City for you to choose from. Start visiting some, try to get into some meetups, talk with other investors in those areas that you choose... Philly, lehigh valley, Rochester are a few you may want to check out. They each are unique markets. Within Philadelphia and Lehigh valley, you have many sub markets, price ranges and opportunities 

You will be well served to enter into this strategy with as much knowledge possible on how to maximize rent with section 8, how to vet tenants, especially if you're going to be sharing a building with them, and to do a reality check of whether your strategy will really work. Happy to connect you with a great Philly consultant who has built a large section 8 portfolio of long-term tenants at maximum rents. Nothing can be experience in this business. Learn from others.

Make sure you are allowed to do STR - most Philly properties do not have the zoning that allows for STRs and you will be unable to get the license to upload to the STR platforms - now required for Philly properties. MTR is easier. Then the question is whether it is truly worth the effort for whatever added revenue it may give you. You need to learn the subject matter to succeed, like anything :-)

@Oliver Martinez I run a FB group pf a few thousand small landlords in Philly so Section 8 / PHA is a hot topic. For a while it seemed like many were not getting the higher end of the published fair market rent rates but as folks learn what they need to do to get those rents, more and more are succeeding. IMO it is a good opportunity for many owners and worth learning from someone with some expertise. I get an occasional consultation from colleagues who have turned section 8 rentals into a science. But keep your eye on the news and the plans for changes at HUD of course.

 Just seeing this - you can join Philadelphia Landlords Connect GROUP on FB and there are posts and lengthy discussions every day

@Jay Odulio  could you share the project that you did in Philly and/or where to see info about the program?

 Did you end up doing the program?

@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.