All Forum Posts by: Sheryl Sitman

Welcome Jules! There are many resources for you to connect online and in person. I've been investing since 2009 and in Philly since 2016. Feel free to reach out

Flipping is a really tough business. I've been in the Philly market since 2016 and I do not flip. I think good flippers talk about something like 80-20 -- they do well on 80% of their projects. Pointing it out because experienced folks have fails. In a city like Philly, you will face many challenges - you need to learn the market and know the neighborhood and the block and make sure all of your numbers are within reason, you need very reliable contractors, you need a to understand the permit process, you need to be familiar with market expectations.  I am guessing you like the numbers you see in Strawberry Mansion and Norristown (Montco not Philly) but do you know for a fact that at those numbers, you can do a full gut rehab and be at a number that will allow you to profit, and along the way make some sizable mistakes especially if this is your first project . . .  there are ways to get guidance, especially if you are local. Work with someone who can guide you or just accept that your tuition will be paid through making some costly mistakes which is also legit if you can afford that :-) Good luck!

Interesting - I have been investing in Philly for 8 years, run a  group of 2500 small landlords, speak at lots of events, know and network with many of the players  . . . but never heard of him before. Not that that means anything good or bad :-) But if you want high quality genuine coaching about investing in Philly and at a reasonable rate, I can  connect you with a wonderfully savvy, professional investor who does coaching. He is not my husband, brother or cousin - just a colleague I know who can coach people towards making good investments in Philly. You need to work with someone who can help you according to your specific circumstances and resources. And who will keep you from falling into any bad situations which happens often to newbies in the city

Congrats on taking initial steps for getting invested in Philly! I will be blunt and tell you that it sounds like your approach is a bit naive. There is a lot you need to know to be a successful investor and landlord and while nothing beats doing it -  as the best way to learn - you really need to have a good understanding of the fundamentals and the ins and outs. Many make the mistake of focusing solely on the acquisition and think that is the key to success but the post-acquisition part of being an investor is equally as important and it is NOT intuitive, especially in Philly. While running a large group of small landlords in Philly, i have visibility into the full realm of challenges that new investors face - and some are quite overwhelming and totally unexpected because they jumped in without fully understanding what they jumped into.  Knowing what i know today, I always encourage new investors to do their first investments with professional guidance if you can find it -not so much the guru courses, but a personal approach from a genuinely experienced investor in the market you are entering. I wish I had that in my first years and I am sure I would have avoided some pain and loss. 

Lots of good advice here. In general, I would say - do not get stuck on the house hacking concept just because it is talked about so much. Keep in mind a few things - many major markets currently have a glut of multifamily projects so you may be competing with large apartment complexes with amenities offering incentives in a competitive market.  If you are not in a good neighborhood, you will not be attracting great tenants and sharing a duplex with someone can be a highly stressful and unpleasant experience, especially if the structure is not truly conducive to being a duplex. When you eventually sell, your potential market is investors - this can mean many things, depending on the state of the market when you sell.  I run a group of landlords in Philly and notice many new investors getting themselves into unforeseen difficult situations. Many challenges can be avoided if you work with someone that can give you professional guidance in the market you choose.

@Graham Huber I have been invested in Philly since 2016. I agree with the excellent summary of @Stuart Udis At this moment, and note that things change FAST these days in RE, there seem to be great ROI plays to be had. The glut in new apartment inventory is definitely impacting the small multi market in some parts. In general, if you are in Philly, know Philly and take the steps to learn how to smartly invest and create a strategy, you can acquire some good opportunities. I recommend to newer investors to find good coaching. I run a large group of Philly small landlords and see the big trouble folks run into only because they lack experience and a good coach if you can find one will help you avoid costly rookie mistakes. Good luck!!

If you are looking inside Philly, check the specific area thoroughly - Philly currently has a glut of new construction apartment inventory with amenities and free rent incentives you could be in competition with. I run a very popular Philly landlord group and I see so many newbies make naive decisions that cost them dearly. I would urge you to spend a few hundred $ on some solid coaching from knowledgeable Philly investors. I know a great one who can help if you need a connection. It can be the difference between losing money and owning a winning property.

Hey @Yitzchak Eliezer ben Chanan I happen to live in New Hope and invest in other areas.  I run a large group of Philly area landlords who may have some ideas for you. Feel free to reach out for that.

@Adam Pervez  your journey so far is really impressive! I invest in my local markets  (Philly metro area, Lehigh Val - Bethlehem and Easton) as well as other states. Our strategy has evolved as markets and conditions have changed as well as our own place in life and we constantly check ourselves and make adjustments. We have the experience and time to dedicate to that. If I were 30 years younger (your age) I would look to experienced intelligent investors to help guide me. I am not offering myself but I do know someone who could help you figure out the next moves and the right strategy. He is not a guru - just a good solid very smart RE investor who loves to work with people who can benefit from his guidance. Happy to connect you if you want.

@Elizabeth Rose you have received great advice and insights here from other local Philly people. Bottomline is that you are unlikely to "win" a suit against the city and even if you did, the legal costs would be very high. Those exposed walls were not built to be exposed so I would suggest talking to a variety of experts to hear them out on the options. There are some really good contractors who can help you - and there are some who smell inexperience a mile away and take advantage.