All Forum Posts by: Zeng Fan

Hi biggerpockets

Recently I came across a single family deal that has electric heater and stove in Philadelphia. I am currently looking to buy a rental property in Philadelphia. I am not sure how high the monthly utility is going to be for the tenant since there are no prior payment records available. Based on my research online, it appears that the utility cost is relatively high for all electric appliances and do tenant favor this kind of rental property? I would like to get some opinions from philly local experienced investors on this issue. I sincerely appreciate it!

Hi Biggerpockets

Recently just read that if the property in philly is built before 1978 and is renting to a family with kids under 6 years old, the property needs to run a lead paint safety inspection and it is needed to be renewed every 2 years. The test is quite costly. I am just curious to know are there any other ways to solve this issue? Is there a way to work out with the tenant? Would like to hear any advices from experienced local investors. Thank you all !

Zeng

Hi biggerpockets and all investors in Philly

Currently renovating my SF property for rental in Philly. I heard that there might be a sale tax exemption program when purchasing renovation materials and etc. I am not really sure whether this thing exists. Just want to verify this info with you all local professional investors.

In addition, are there any property tax discount programs created by the city or state available to incentivize investors to invest in philly, just curious to know as well. Thank you All !

Hi Biggerpockets

I am in the process of closing my first investment property in philadelphia. Received the title insurance commitment file from the title company in which there is a section called "EXCEPTION". Under the exception part, it states that the title insurance does NOT cover any unrecorded liens and etc that may emerge. Is this normal? I thought the whole purpose of purchasing a title insurance is to protect buyer's best interests. The second question is that if this is the standard situation, what are some possible situations or scenarios that belong to unrecorded liens or problems that the insurance does not cover?

Thank you for your support!

Hi Biggerpockets

I was just told by a philadelphia real estate agent that all title companies in philly charged the same fee when closing a property because they are regulated. Just want to confirm this with local experienced investors. Is it true? In addition, how will the fees differ from single family residential to commercial multi-family? Thank you all for your help!!!

Thank you Anthony Gatt. I appreciate it

Thank you very much Anthony. I will take a look.