All Forum Posts by: Sheryl Sitman

I am not positive, but I think that if he took a deposit and did not start the work, it is considered criminal. That is why many take a deposit and do show up for a day or two before they skip out - because then it becomes a civil matter.  SO maybe try the police.  Otherwise, you can try small claims but for that amount of money, I doubt you want to start investing the time and court fees.  And winning in court does not get you the money. You then have to execute a writ . . . People like that don't usually return the money unless they are forced to by the law and he knows for that amt it makes no sense for you to do much.  I'd love to know who it is since I work with so many people in Philly.

Tell a bit more about your strategy, budget and goals.  "Up and coming" can mean different things to different people. Philly is a slow and steady market for example. There is no neighborhood where value will double for you in 5 years.  But you can never know. COVID slowed down a lot of good trends in some neighborhoods. Some places show signs that this is picking backup. I was thrilled to see 2 new construction homes being built on one of my blocks that I was getting ready to give up on recently. Without COVID, the area would have been far more advanced.  

@Linda Salavarria  I messaged you privately

@Sohail Mantri  I run a group called Philadelphia Landlords Connect and one of the many things we do is recommend reliable contractors for existing projects. If you have a property/project that you are getting started on soon, feel free to reach out.

When I discovered the option to appeal property taxes every year for free, it saved me a very nice sum.  But I was under the assumption for years that In Philadelphia, attorneys are only willing to handle appeals for a significant upfront fee with no guarantees of success. I decided to research this more and was able to find someone who does a free evaluation and then submit the appeal for a success fee only.  I know I can not share a link here but invite anyone to reach out before the Oct 3 deadline.  There is a lot of  money left on the table for many owners who do not bother to appeal because they do not know how.

@Jessica Stern  Great question and good that you are seeking advice. I live just shy of an hour from Philly and have a portfolio that includes Philadelphia and  many other areas around the country. But even in Philly, I do NOT self manage. My reasons: I do not have the personality for managing tenant relations which in a city especially, can get complicated; I am an investor - not a landlord. In other words, I spend my time on developing my portfolio, analyzing markets and other projects related to RE rather than dedicating time to vetting tenants, replacing smoke detector batteries, chasing a delinquent payment, administering paperwork (lots of it in Philly). Also, my intention in becoming an investor was to live my life more freely - and now I travel extensively, often leaving the country for a month+ at a time. That would be challenging if I self managed.  I worked my way through FOUR Property Management companies here before landing on one I am able to work well with. If you do self manage, I also have a great property maintenance for you :-)  I manage the FB group Philadelphia Landlords Connect which  you may want to join. Feel free to reach out 

Hey @Ben Chung  I may be able to help you out. Will reach out privately.

@Ned Carey and @Eric Greenberg  make excellent points.  I don't agree that you decrease your returns when you invest outside of your home market. I am living proof of that  :-)  We started our investing before moving to the US and then moved and became full time 7 years ago. I live close to Philly and I run the largest group of Philadelphia Landlords on FB  - Philadelphia Landlords Connect.  But my portfolio is very diverse across multiple states. I can not understand any small investor who focuses on one market - it would be like only buying one type of stock - and we actually started to guide people to use our approach which  led to our financial freedom and the ability to have a lot of flexibility (and fun) while building wealth - in a safe, gradual approach. You will hear over and over that Philly is block by block and it is very true so you need to fully understand what you are buying - or you can mistakenly buy a bottomless hole as opposed to an investment. Your decision should be based on a mix of budget, risk tolerance, goals and resources. For example - are you capable of buying a full gut rehab and hiring contractors while living a few hours away?  Feel free to reach out. 

@Ryan Arbeiter  A lot of property owners need lawncare in Philly. Could be a good way to connect and network.  Can you provide that service?

@Ahmad Mian I agree with @Eric Greenberg . The Philly market is VERY diverse and "safe" is a relative term in big US cities. You have areas that incur high levels of violence and areas that have less violence but still are not as safe as a quiet small town in the middle of Kansas. I invest in a variety of neighborhoods. I feel comfortable to be in them during the day and would not walk around at night alone.   For best cashflow with better level of safety, you probably want to steer towards C neighborhoods. By law, agents are not supposed to give you an indication about whether a neighborhood is safe, the demographics --  and basically all of the info you need to know in order to make an investment.  M advice is that you yourself need to define what your goals are and what you are looking to accomplish in Philly. A lot of new investors end up buying problems and not investment - because they did not do their homework. Every week I receive a call for help from someone who got in over his head because he did not understand what he purchased.