All Forum Posts by: Brandon Cao

Hello Everyone,

I have a property in Northeast Philadelphia, I bought it around Mid-September last month. As soon as the deal closed, I submitted in my application for the Philadelphia Business Privilege License (which was received online pretty much immediately) and then applied for the Rental License (AKA Housing Inspection license) for my rental property (apparently takes 4-6 weeks). Fast-forward one month to today, I still have heard no word from Philadelphia L&I (even after calling/e-mailing) and I'm ready to start renting it out, but one problem:

"The Philadelphia Property Maintenance Code (Section PM-102.6.4) requires an owner offering residential property for rent to provide the following to the tenant at the inception of each tenancy:

A Certificate of Rental Suitability issued by the Department of Licenses and Inspections no more than sixty (60) days prior to the inception of the tenancy.
A copy of the “City of Philadelphia Partners for Good Housing” brochure issued by the Department of Licenses and Inspections....."

I have heard before technically, you need a Rental License to rent. Although practically, I have heard that you don't need it until you evict a tenant. The only problem is to get a Certificate of Rental Suitability, you need a Rental License for that property to get it. My question is, is there a way to get around this or are you at the mercy of the L&I department and waiting 4-6 weeks for license and then applying for the certificate?

Holy smokes, I was born in Allentown. Also, I see your location is Macungie, PA... my parents still live in Macungie. If you know the junction between Sauerkraut lane and route 100, that's about where they are. Good luck in the neighborhood. I'm currently residing in Jenkintown, PA investing in Philadelphia.

I was born in Allentown hospital many years ago, but now living near and investing in Northeast Philadelphia. I would try to subscribe to Angies List to determine a suitable mortgage company. That's how I got my Mortgage company and they've been a great resource. Unfortunately they aren't very good for finding quality Realtors. Look to other members suggestions and, definitely interview your Realtor choices before going headlong into an agreement. Good Luck!

Thanks Steven, You've been a great help!!

Thanks Steven, so if I understand this correctly, even if I buy the investment property first, I am technically a first-time homebuyer for the second (owner-occupied) home purchase since I didn't live or intend to live in that first investment property?

Note: In my circumstance, I am assuming I'm purchasing the owner-occupied residence within a 2 year timeframe from the investment property.

Hello Everyone,

I have heard a lot about using $10,000 of IRA money penalty-free on your first home purchase. I have an interesting question that hopefully one of you can answer. I am currently under an unbreakable lease renting for another 6 or 7 months and would like to invest in a rental property in Philadelphia (within the next month or two).

So I will be putting down 20% cash (not IRA) purchasing my first investment property before buying a first principal home. It has already been pre-approved by the lender. My question is, would i still be able to use the $10,000 IRA money on technically a second house purchase that would be my first principal residence, if I buy the principal residence 6 months from now [i.e. after the investment property]?

I hope the answer is yes, as I do have the resources to handle the investment property and the IRA withdrawal.

Thanks a lot for everyone's advice. I'll be sure hire the right professionals!

Thanks a lot to both of you! The lockbox is an excellent idea with it being able to attach to the door! I was really worried about it eating up my time, but this seems like a great solution.

Also, thanks for the advice regarding the contractor's suitability -- licensed and bonded. I'll be sure not to overlook these characteristics and search Angies List. Small price to pay to prevent bad contractors!

Hi Everyone,

This is my first post, and I am a newbie trying to get into Real Estate investing hopefully in late 2012. A little background, I would be living approximately 30-40 minutes away from my investing location in Philadelphia. I have a full time job that I must focus on, and I was planning on hiring a property manager.

(Assuming I don't have the property manager yet..)
My question is if I buy a house that requires low to moderate work, would I have to be present to give the keys each time or oversee the work each time a contractor comes in? Or would one key-hand off of a duplicate key be sufficient? I assume by paying per contract rather than per hour, I would be salvaged from gross expenses (since I'm away from the house). By the way, I would not be renting until the work is complete, so the house should be empty.

(Assuming if I did have a property manager)
Furthermore, a similar question, would a property manager coordinate the low to moderate work on the house? Or would they refuse and only perform basic repair/maintenance.

Thanks for any advice!!