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In these cold winter months… or, what used to be these cold winter months, people often spent a fortune on heating their homes. Now, with more energy-efficient central heating, costs may be lower, but people are still searching for ways to cut their bill; many buy space heaters as the solution. I had to find out if space heaters were really the better option, and, if so, which one I should purchase.

Central Heat vs. Space Heaters

• Localized spaces: Space heaters are great for areas that are getting inadequate heat from your centralized heating system; they are designed to heat specific areas or objects.  If it’s colder in one room of your home, if you are only using one space in a large building, or if you are sensitive to the cold, using a space heater may benefit you and your money.
• Large places: In no way would it be more cost-effective for you to get multiple space heaters for throughout a large space. That is the job of your central heating unit. It would be much more expensive to run a couple tiny heaters as opposed to your larger one.

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If You Choose to Buy a Space Heater, What Else Should You Know?

First, you are going to need to choose between the two main categories of space heaters: convection and radiant. Once you have decided which one you are going to go with, you need to locate a good option to purchase. I researched space heaters and will list the best and the most cost-efficient for you.

1. Convection Heater: A type of convection heater that you may be better acquainted with is the ceramic heater. They use a liquid, such as oil, and an electric coil. This combination heats air quickly and disperses it evenly throughout a given space. Portable convection heaters are best for long-term usage in an entire room. In the case of ceramic heaters, the ceramic is usually placed within the heating system, reducing the risks of fires and injury to yourself or others.-Lasko 755320 – Ceramic Tower Heater,  $48.96
   -My Heat Personal Ceramic Heater, $17.99
   -Crane Flat Panel Convection Heater, $39.98
2. Radiant Heater: These types of heaters are best for heating a small space quickly; they heat a more focused line of sight. This is great for when you are sitting in your favorite chair watching TV, but is not so perfect for heating an entire room.-Optimus H-41190 9-Inch Dish Heater, $40.57
   -Optimus Portable Fan Forced Radiant Heater, $24.99
   -Crane EE-6353 Space Heater, $55.09

Heating Hazards

With a space heater, you have a much higher risk of fire, death, and injury. Be sure to keep the heater at least 2 feet away from flammable items. Check out your heater before you purchase it and see what safety features it provides you. Be sure to comply with all directions that it gives you. Keep your children and your pets as far away from the heater as you can. Finally, never leave the space heater unattended.

Final Thoughts

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If you don’t go the space heater route, there are some other ways to winter-proof your house. Add some insulation, change your furnace filter regularly, even buy some insulating curtains.

Wishing for you a nice winter that isn’t too cold!

We are all very used to oil prices fluctuating. Now, however, with Iran cutting off supplies to areas such as Great Britain and France, oil prices will sky rocket. What does that mean for us? Well, in the most basic sense of it, gas prices will go through the roof, a gallon of gas estimated to reach $5 by this summer. So, in an economic recession and with a major price increase, what are the smartest cars to purchase when you’re a Philadelphia resident?

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Best City Car Based on MPG:

•  The Nissan Leaf, by far, gets the best mileage per gallon – at a whopping 86 city/mpg. It’s MSRP is between $35,000-$37,000.
• The Scion xD, listed in the subcompact car category, gets 25 city/mpg which, surprisingly, is the best in its class. It is listed for between $15,000 and $17,000.
• The Honda Civic Hybrid is listed as the best in the small sedan class, getting 28 city/mpg. It’s MSRP is between $24,000 and $27,000.
• The Honda CR-Z, at 26 city/mpg, is the best in the sporty car category. It is reasonably priced at $19,000-$23,000. Remember, it has the added addition of being compact enough to squeeze into that small parking space on the street.
• For the best family-sized sedan, the Toyota Camry Hybrid XLE gets 32 city/mpg. This car is listed at around $27,500.
• Going for the luxury sedan? The Lexus HS Hybrid has an MSRP between $37,000 and $40,000 and gets an estimated 24 city/mpg
• SUV’s are obviously not as fuel-efficient, however, the Toyota Highlander Hybrid Limited is right up there with the Scion xD, getting 23 city/mpg. The MSRP is a little pricier at around $45,000.
• Minivans DO NOT get good gas mileage. The best one, the Toyota Sienna LE, gets 14 city/mpg and costs between $32,000 and $41,000.
• Finally, for the truck lovers out there, the Toyota Tacoma comes in at number one in the Pickup category, pulling in 13 city/mpg. You can find it priced between $22,000 and $27,000.

The Smallest Cars:

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The Volkswagon Beetle used to be one of the smallest cars on the street. At 168.4 inches long and 71.2 inches wide, use it to compare the size of these other compact vehicles.

• The Smart fortwo passion coupe, a two door and two seat car, is 105.6 inches long and 61.4 inches wide.
• The Fiat 500 Pop has two doors and seating for four. It is 139.6 inches long and 64.1 inches wide.
• The Ford Focus is a four door, five seater, and is 178 inches long and 104.2 inches wide.
• For a luxury car, the Lexus CT200h comes in at 170.1 inches long and 69.5 inches wide. It also has four doors and five seats.

Other Costs Will Rise

Rising oil costs will also cause Philadelphia residents to pay for other goods. Residents should expect increases in

• Public transportation costs are likely to rise to pay for their additional gas prices
• Plastic goods may rise in cost because plastic is made from oil
• Food prices will begin to raise to make up for farmers’ additional costs
• USPS, FedEx, and UPS prices will increase
• If you are receiving gas heat, these prices will become higher.

With all of these increases, here’s to hoping that Iran continues its oil trade with other nations, and that oil prices drop or, at the very least, plateau.

However, the real question is does it really work as advertised? I’ve used the unit in two Philadelphia properties which I manage, the first was an office space which had a small mouse problem due to holes in exposed brick which where providing access for the mice. The unit caught a mouse every single night for a couple of weeks straight – that’s 14 mice! The mouse problem seems to be eradicated. In this circumstance, I couldn’t have been happier. I just put a few pieces of my dog’s food in the back, and it worked wonders.

In the second property, I had very different results. Despite putting the rat zapper out for a couple of weeks (the first week with dog food as bat, and the second with peanut butter), I caught nothing. I know there were rodents present, as I could see their droppings. I moved the unit around to several different locations, thinking that my placement might have been the issue. Ultimately, my guess is that in the second property I had rats, rather than mice. Rats seem to be a little bit smarter, and harder to be tricked.

In conclusion, if you’ve got a mouse problem – I highly recommend this product. However, for rats, I would recommend that you keep on searching for a safe alternative!

All utilities + DirecTV cable are included in the rent. The building features 24/7 security/front desk attendant, on site fitness center, laundry room, community room, bike storage, and internet terminals. Discounted garage parking across the street – residents of this building get monthly rates as low as $180/month (can’t beat that at this location)

Conveniently located across from PATCO station, blocks away from Septa Broad Street subway line and City Hall.

Apartment available for a mid-May move-in — will NOT be ready before then.

The eat-in kitchen has stainless steel appliances, including refrigerator, dishwasher, stove, and microwave. The apartment also has front-loading washer and dryer.

Rooftop deck will have grass on half of it in the Spring time!

Located in beautiful West Philadelphia, this apartment is within close proximity of Drexel University, University of Pennsylvania, and many desirable attractions.

On the second floor, there is a separate closet for your front-loading washer and dryer. In the front of the apartment, there is a massive bedroom with walk-in closet. The second floor also features a spacious bathroom with double-sink and large tub. Continuing to the back of the apartment, there are two sizable rooms, one with walk-in closet. There are separate linen and utility closets.

Walk in through the front door or private garage and you will find yourself in your beautiful new home. The first floor has a good-sized bedroom, with walk-in closets, and a full bathroom. There is also a large closet that will be great for extra storage needs.

Walk upstairs and you will find more closet space and your personal washer and dryer. There is a large kitchen area with brand new stainless steel appliances, which overlooks the spacious living room, making it ideal for entertaining.

Two more bedrooms are at the rear of the apartment, both with huge closets. There is another full bathroom with brand new tiling and other modernized amenities.

Located in close proximity to University of Pennsylvania, Drexel University, and other institutions, this apartment is perfectly set in beautiful West Philadelphia.

Source: CNN.com

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Make Yourself Aware of Steps to Avert Damage

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• Remember that an abundance of snow fall is heavy and can cause trees and other objects to fall. Make sure to trim your trees properly and shovel/put salt down before winter weather strikes.
• Freezing pipes can ultimately cause pipe bursting and cause a ton of money to fix. Pipes in attics and outside walls are the most vulnerable. Make sure your pipes are well insulated and that warm air within your home is able to get to the pipes. If you plan to be away, turn off water supply to the pipes.
• Your roof is an extremely vulnerable exterior spot on your house. Please make sure all of your roof shingles are fastened, as loose shingles can lead to the need for expensive repairs.
• Masonry with small cracks in it will allow water to come in, expand when it freezes, and ultimately cause larger cracks. Fix these small cracks with outdoor caulking to prevent this before it happens.
• When the weather warms and the snow begins to melt, make sure that there is a way for the water to drain away from your house; this is to prevent flooding. Shovel snow away from the house, especially from basement windows. Make sure drainage on the street is not blocked and clear a path for the water.

Hardwood floors throughout, except for in the three bedrooms, which have brand new wall-to-wall carpets. When you walk in, one bedroom is to the right and has a private exit onto the front balcony, overlooking the tree-lined 50th Street.

Walk down the hall to the other two bedrooms and full sized bathroom with updated appliances & fixtures. Hallway opens up into the open floor plan living room and kitchen. Large closet off of the living room provides for extra storage. The kitchen has granite countertops, stainless steel appliances and a breakfast bar, making it perfect for entertaining. All appliances are BRAND NEW and never used before.

Great neighborhood close to UPenn and Drexel University with plenty of on-street parking and SEPTA public transportation stops.

Philadelphia is a great place to live – no doubt about it – but, everyone needs a vacation. Where better to go but sunny Florida? I came across this great resource, which provides a various array of housing for your vacation, not just the cliche Holdiay Inn and Sheraton.

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Scheduling Your Vacation

1. Pick the area in Florida that you would like to go. When I think Florida, I think of theme parks and Mickey Mouse, so, let’s focus on Orlando.
2. Finding a place to stay isn’t always easy. Great websites like “Luxury Vacation Homes in Florida” are simple to use, easy to comprehend, and full of condos that will fit exactly what you are looking for. You can check out the condo of your choice with an abundance of pictures, make sure it includes all the amenities you need, and receive an instant quote.
   

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3. An important aspect of www.villa.us is that it provides local attractions. On a vacation, you should definitely have a list of things you want to do. Of course, you want to leave time to relax and lay in the sun, but, having a lax itinerary is a plus. This is important because you need to decide if you need to rent a car or not!
4. After you have everything booked and your bags packed, get ready to decompress and enjoy our vacation!
   

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Can’t beat this location at 13th & Locust. One block from Broad Street and SEPTA subway lines, right across the street from PATCO. City Hall a short walk away, and the building is surrounded by the best restaurants, galleries, cafes and shopping that the city has to offer.

The Arts Condo Building features 24/7 security and front desk attendant, on site fitness center, laundry facilities, internet terminals in lobby with free wi-fi, bike storage and much more.

Discounted parking available in the garage next door for residents of this building! As low as $180/month

12 month lease. First month, last month & one month security deposit due at lease signing. Building imposed move-in fee of $125. Application fee of $45.

Pets are conditional on owner’s approval and may require additional pet deposit. Must be registered with the management office.

Now that you’ve located your Philadelphia commercial space and you’ve finalized your restaurant’s business plans, it’s time to fill your space with equipment and supplies. While researching the best restaurant supply companies in the Philadelphia area, I came across Trenton China Restaurant Equipment & Supply.

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The Features

• Competitive Prices: After price comparisons with other companies, Trenton China is right on par with equipment prices if not lower than competitors.
• Selection: Vast variety of different products with an array of choices within that variety.  They sell everything and anything for your commercial kitchen including cooking equipment, furniture, cleaning materials, etc.
• Items for the money-conscious consumer: you can  find lower-priced goods that have been used or refurbished.

Their Services

• They offer equipment appraisals
• Custom cutting boards
• If you’re looking to close your restaurant and are about to put your retail space on the market, you can reach out to Trenton China and they will buy your used and refurbished equipment.

Some History

Trenton China Pottery was established in 1927. It was one of the first restaurant supply companies in the Philadelphia area and is the oldest family-run supply company to this day. Through the Great Depression and recent economic downfall, this company has remained in tact, revamped its image, and changed its name to Trenton China Restaurant Equipment & Food Service Supplies.

SOSNA – The South of South Neighborhood

SOSNA’s mission statement

Source: http://southofsouth.org/

Initiatives

Source: www.gescer.com

• Zoning – This is a great neighborhood in center city, and SOSNA wants to keep it that way! If you are looking to build or renovate within SOSNA’s boundaries, you can present before the committee by filling out a request form. Meetings are held the 3rd Wednesday of every month, unless otherwise noted on the calendar, and members of the public are welcome speak out and voice their opinions. The Philadelphia Zoning Board of Adjustment (ZBA) does consider the input of SOSNA when finalizing their decisions in zoning variances.
• Clean and Green – This initiative targets the “4 E’s.” They want to educate students, residents, and businesses, of proper trash protocol. They want to empower the neighborhood by providing the proper tools to deal with litter. They enforce laws on littering and do their best to prosecute violators. Finally, they seek to enhance their neighborhood by providing easily accessible trash receptacles. The Clean and Green committee meets the third Tuesday of every month.
• Economic Development – SOSNA wishes to provide a welcoming environment for new businesses. They embrace small-scale businesses and believe they benefit the needs of the neighborhood. This committee meets the second Thursday of each month and opens its arms to newcomers.
• Safety – SOSNA believes in maintaining safety within its bounds. This committee focuses on three subcategories: crime & personal safety, fire safety, and traffic & pedestrian safety. They meet the second Monday of each month.

Partnering with Local Schools

Source: jasonbrooks.wordpress.com

Joining SOSNA

Other Philadelphia Neighborhood Associations

• Fitler Square Improvement Association
• Bella Vista United Civic Association
• Passyunk Square Civic Association
• Queen Village Neighbors Association
• Society Hill Civic Association
• Washington Square West Civic Association
• Fairmount Civic Association
• Old City Civic Association
• Northern Liberties Neighbors Association
• Center City District
• Center City Residents Association
• South Street Headhouse District

Not happy with the way your home is looking? Looking for ways to revamp your space? Here are some easy and low-budget suggestions from our Philadelphia property management team to give your place a makeover.

Getting Rid of the Clutter

Source: http://clutter-buster.com/

I cannot stress how important this is to giving your place a new glow about it. Start in one room or one corner and try to get rid of as much as you can. Make it look neat and tidy and get rid of those dust  bunnies. It’s also a chance for you to shop through your own stuff – you could find something ancient that you want to put out again.

Organize & Accessorize

Often we find ourselves getting  weighed down with all of the papers and receipts we have laying around. Organize some of your papers by putting up an inexpensive bulletin board in your office or bedroom. To add a touch of flare, buy some interesting push pins and make your attempt at organization into something fun and unique.

http://abodelove.blogspot.com

Making Your Own Art

Feeling like your walls are bare? Getting sick of the same old artwork you’ve always had? Take out your digital camera and take some pictures that you think are interesting. Enlarge them, put them on canvas, buy a frame at a thrift store, and voila! You have created a great new piece of custom wall art.

Source: Gwen Tuxbury

Every Day + Nature

Source: http://wordpress.com

Use an every day bowl and fill it with seasonal items to add a bit of warmth and light to any  table. In fall, grab some pine cones. After grocery shopping, pick out some color-rich fruit and veggies and stick them in the center of your table. This is a great way to bring color and nature into your space in an inexpensive way.

 Lavish Fabrics

The best and more inexpensive way for you to completely change the style of any room is to change the fabrics. This does not mean you need to purchase a new couch! You can simply buy a throw and some new pillows for your couch. In the bedroom, don’t feel the need to get an entirely new comforter. Look for a great duvet cover to throw over your old blanket. This way, you can change back and forth based on your mood.

Source: fabricsandart.com

There are many ways to spruce up your space without breaking the bank. The great part about all of these tips is that they work whether you own or rent property in Philadelphia. Tenants often have a hard time making their apartments feel like home because they aren’t always able to change certain aspects of it, even the wall color at times. But there are creative things you can do yourself at home, even if that home may be temporary for you.

Please share with us any ideas you have!

Our Philadelphia property management team’s first “how-to” video (patching drywall) was well-received, so we made another one! This time, Jared shows you how to install bamboo hardwood floors.

If anyone has a request for a certain construction project they’d like to see a video about, please let us know. Stay tuned for more next week, and don’t forget to subscribe to our YouTube account to receive these updates automatically.

Beautiful hardwood floors continue throughout entire unit (carpeting on stairs only). First floor features an open floor plan kitchen, living room and dining room, with extra large closets for storage or pantry. One of the 3 bedrooms is on the first floor as well (or make this an extra office or media room) and a full bathroom.
The kitchen has brand new stainless steel appliances (double door refrigerator, gas range stove, built-in overhead microwave, dishwasher) and black granite countertops. Cabinets and counter space are all around, making it a perfect space for cooking with a breakfast bar. Definitely large enough to have dining table and separate living room area.

Upstairs are 2 more bedrooms and the master bath. NEW and energy efficient washer & dryer unit in a closet at the top of the stairs. Both of these bedrooms have walk-in closets. One bedroom overlooks a park across the street, and the huge master bedroom has an unobstructed view of the city skyline! Master bath has jacuzzi tub and a separate standing shower, with granite counter on the vanity.

E-mail or Call us to schedule your flexible showing time!

When is my trash collection day?

Source: envclubarm.wordpress.com

As a renter, it is difficult to keep track of when to put out the trash, especially if
you’re one to move around a lot. Be sure to ask the landlord or Philadelphia property manager what the day is for trash pickup and recycling. If you forget to do this, there is a very easy way to figure it out.

•  If you forgot to ask, go to http://citymaps.phila.gov. Click on “City Facility &
  Service Area Maps.”
• Click on the pull down tab labeled “Service Areas” and select “Rubbish Days.”
• You will see the map that defines how the area is split up for trash collection. Zoom in to your specific location, which will have a day of the week over it. The further you zoom in, the clearer the zones become.
• You can follow the same directions for recycling by pulling down the tab labeled “Service Areas” and selecting “Recycling Days.”
• Trash and recycling should be set out between 7:00 PM the night before your authorized day and 7:00 AM the day of pickup.
• There is an area from Vine Street to Bainbridge Street, from the Schuylkill River to the Delaware River, where waste should be set out no later than 6:00 AM the day of pick up.

Putting Out Trash the Right Way

Source: fellowshipofminds.wordpress.com

Philadelphia has specific rules on the right containers to dispose trash in and limits to
the amount of trash disposed.

• Trash must be placed in personal trashcans or plastic bags. These may only be
  filled to the 40 lb. limit.
• Wood scraps and other loose items must be securely tied into bundles. They may not exceed four feet long and two feet thick.
• You must use your own containers for your trash. City litter baskets are for pedestrian usage only.
• Know your weekly limits on the amount of trash you can dispose of. Each house is allowed, at the most, 4 – 32-gallon receptacles or 8 – 30″x37″ bags of trash, every week. The weight limit for each disposal is 40 lbs. and should not exceed, in total, 240 lbs.

Car Parts, Construction Debris, Electronics & more

If it’s time to get rid of the old television, or you need to dispose of a flat tire, make sure you follow the city’s guidelines.

• The Streets Department no longer accepts metal-bulk items, tires, or like-items during curbside pickup. These need to be disposed of by a private hauler or residents may bring items (limit of 2) to a Sanitation Convenience Center.
• Construction debris needs to be removed by a private hauler. These waste materials will NOT be collected.
• Televisions and electronics are not accepted curbside and need to be discarded at Household Hazardous Waste events.

What Philadelphia Businesses Need to Know About Trash

Everything above is the same if you’re a business with private trash collection. However, you do need to know one following item.

• Make sure you are complying with dumpster laws. Consult your SWEEP officer for you specific rules and guidelines.

Here’s to hoping for a clean and green world!

Looking for ideas on things to do in Philadelphia during this wonderful Valentine’s Weekend? Our Philadelphia Property Management team has got you covered.

• The Spirit of Philadelphia, a ship that departs from Penn’s Landing and sails along the Delaware River, is offering Valentine’s Day lunch and dinner reservations for couples to take advantage of. What a romantic way to spend this special day with the one you love.
  

  Photo Source: The Spirit of Philadelphia

• Can’t get a reservation for that night? Many restaurants around the Philadelphia are offering specials for Valentine’s Day between February 10-14. Use opentable.com to reserve the perfect spot for a romantic meal.
  

  Photo Source: opentable.com

• This weekend, the National Ice Carving Association is presenting a Valentine’s themed 2012 Manayunk on Ice. It is taking place February 10-12, will be held on Main Street, and will include hours of skillful sculpting.
  

  Photo Source: Manayunk.com

• Located on the 51st floor of Three Logan Square is Top of the Tower. Come celebrate here for Valentine’s day and enjoy food, drinks, and entertainment from Eddie Bruce and the Tom Adams Trio. Purchase your tickets before they’re all gone!
  

  Photo Source: ACG Philadelphia

• Interested in celebrating your Valentine’s day in an unconventional way? Maybe you’re opting to spend the day solo or are heartbroken from former loves. The Penn Museum has an event called “Love Hurts.” The lecture is an exploration of the harsher side of love in historic eras.
  

  Photo Source: The University of Pennsylvania Museum of Archeology and Anthropology

• Maybe you love celebrating the traditional romantic way — nothing says Valentine’s Day more than chocolate! Discover Philadelphia’s best chocolateurs including Philly Chocolate, Max Brenner’s, Marcie Blaine Artisanal Chocolates, and many more. It’s the way to any woman’s (OR man’s) heart.
  

  Photo Source: chocolatecoveredss.com

• If you’re coming in from out of town on Valentine’s Weekend and need a luxury hotel in the middle of the city, Hotel Palomar is gorgeous and their restaurant is offering three packages that are perfect for you to choose from. A must check-out option.
  

  Photo Source: NY Times

And for the perfect end to this holiday that is full of love, SEPTA is celebrating for the third year in a row by looking for stories from customers who found love while riding on one of the transportation systems. All of the entries have been submitted and now it is up to us to decide who wins the title of “SEPTA Sweethearts.” How adorable is that?

Photo Source: uwishunu.com

Photo Source: Trulia.com

Current homeowners and first time homebuyers of Philadelphia real estate have faced many issues surrounding buying, selling and refinancing their properties.

President Barack Obama has announced his new mortgage settlement deal, which will affect millions of Americans currently struggling with paying their mortgages due to the high interest rates that existed when they originally financed their property.

Interest rates are at historic lows! Real estate agencies and mortgage brokerages are encouraging people to buy properties to take advantage of the rates. For first time Philadelphia home buyers, it’s probably a good idea to take a serious look at buying and locking in on those rates.  If you already have a mortgage, in order to take advantage of these lower rates, you would have to refinance your property. But that’s not so easy…

Current Problems with Refinancing:

• The Federal Housing Administration (FHA) has very strict guidelines for loan approval. They will not guarantee loans that are higher than the property’s current value. Why is that an issue? Real estate has been hit the hardest by the recession and properties are not worth what they were when originally purchased. If you already owe more than your property is worth (a reality for many), and you’re attempting to use FHA loans, refinancing is not an option.
• Poor credit history can make loan approval impossible. Sometimes, people want to refinance because it makes the most financial sense to them over the long run. Too often, however, people want to refinance because they have to. Jobs were lost, salaries were cut, people can’t afford what they could before. They can’t make their mortgage payments in full or on time; this brings down their credit scores. The refinancing with a smaller interest rate would make their monthly payments more affordable, but they can’t get approved because they’re already in trouble. Those that need it the most, can’t.

According to the New York Times in their February 4th article, An Easier Path to Refinancing, “there are millions of other borrowers with loans held by banks, which have largely not responded to pressure to relax their refinancing standards.” President Obama’s plan involves new legislation that would put more pressure on banks to make it easier for homeowner’s to refinance. Turns out, that “new pressure” = $25 Billion Dollars. This time, Obama isn’t bailing out the big companies and banks. This time, finally, the American homeowners get the bailout.

President Obama’s Housing Plan

New focus – Making 5 Major Banks Pay

• Principal mortgage balances will be reduced. Fox News reports that “under the agreement, five major banks — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — will reduce loans for nearly 1 million households.” Unfortunately, homeowners who have already lost their homes to foreclosure will not get them back. Still, the legislation will provide relief for those who are having trouble paying their mortgage now and face the possibility of future foreclosure.
• Previous foreclosures will be investigated. There have been many foreclosures in the past that may have been wrongly enforced. Signatures were forged, documents weren’t verified, and the processes were rushed. In some instances, the foreclosures never should have happened, and these are people who lost their homes! Criminal charges can now be pursued by federal and state authorities.

Ongoing efforts – Making Home Affordable Program (Obama created this program years ago, but now it is receiving greater attention)

• Financial relief for the unemployed. Your payments may be reduced to 31% of your income or may even be suspended for a year.
• New refinancing option for those who are in good standing. Through the Making Home Affordable Refinancing Program (HARP), those who are unable to refinance due to issues surrounding the lower value of their home may now be eligible for refinancing. Note this does not affect those who are in foreclosure or who have not been making their mortgage payments.

One of the many unique aspects of our Philadelphia real estate brokerage is that our maintenance and property management services that we offer come from an extensive knowledge of the subject that our broker, Jared Gruber, already has first hand. We’re able to offer better service to our clients from our own previous experience in construction and rehab projects.

If there is any way that we can assist Philadelphia property owners, landlords or tenants with their homes, apartments or condos, we will. So we decided to make a short how-to video for you as we were patching a section of drywall in our office.

Look for more videos in the future, or subscribe to our YouTube account to receive updates as new videos are posted (we will post our walk-through video tours of our Philly rentals and sales here as well).

The Divine Lorraine Hotel stands on the corner of Broad Street and Fairmount Avenue. It is a massive building that is abandoned and defamed with graffiti. If you take a drive by, you would never imagine the rich history that is behind this building.

This statuesque superstructure was built between 1892 and 1894 and originally known as the Lorraine Apartments. Victorian architecture  and massive rooms housed the wealthy elite that lived in the Philadelphia area. This apartment building was one of the first of its kind, especially in this area, boasting an in-house staff and central kitchen. It also housed two large ballrooms for various events. It was one of the first high rise apartment buildings in the city at ten stories high.

http://kingstonlounge.blogspot.com/2011/02/divine-lorraine-hotel-philadelphia-pa.html The Kingston Lounge, Article written February 6, 2011

In 1948, the Lorraine Apartments were sold to George Baker, more famously known as Father Divine. Father Divine was the leader of the Universal Peace Mission Movement and, after purchasing the space, renamed it The Divine Lorraine Hotel. This hotel was one of the first to be racially and religiously integrated but, to stay here, you did have to follow the rules of the movement. Besides no smoking, no drinking, and no profanity, the two sexes had to reside on different floors. Father Divine converted a ballroom to a place of worship and also created a public dining room where people could purchase inexpensive meals. Rooms were given to the clientele that stayed, as all savings were supposed to be handed over to Divine. Other rooms could be rented but at an extremely low price.

http://kingstonlounge.blogspot.com/2011/02/divine-lorraine-hotel-philadelphia-pa.html. The Kingston Lounge, Article written February 6, 2011

Father Divine passed in 1965 and his followers continued to run the hotel until 2000. David Peace, a member of the International Peace Mission Movement, resided in the building from 2000 until 2006, maintaining the space to the best of his abilities. In 2002, the Divine Lorraine was listed on the National Register of Historic Places. There have been recent plans to restore the building but they have all been unsuccessful. The most recent, by developer Michael Treacy, Jr. was, in fact, just a farce, and workers began to tear the building apart, selling whatever they could.

http://kingstonlounge.blogspot.com/2011/02/divine-lorraine-hotel-philadelphia-pa.html, The Kingston Lounge, Article written February 6, 2011

Today the Lorraine is just a vacant and damaged shell. Its wonderful features and beautiful architecture are hidden by boarded up windows and graffiti covered walls. This building that was a first in its own right has now been left in awful disarray waiting for someone to come along and rehabilitate it. On February 6, 2012, Mayor Michael Nutter claimed that the building was the focus of efforts to revitalize the area. He was quoted saying that he was “actively pursuing opportunities to finally transform the Divine Lorraine.” As an avid lover of the building and its rich and complex history, I certainly hope what he says is true.

Copyright Maria Gorshin for Untapped Cities, http://newyork.untappedcities.com/2011/12/29/a-divine-tragedy-philadelphias-lorraine-hotel/

Pinterest, the newest part of the still recent Social Network phenomena, is best described as a large virtual pinboard. You can create different boards, share them with your network of friends, and follow those that you want to. What’s great about this network is that you are speaking through these pictures; it is a way for you to categorize your favorite things– animals, books, artwork, real estate etc., and share them.

How to get started with Pinterest:

• If you are a newbie to Pinterest, the first step is to create your boards. Come up with some ideas of the content you want to share. Pinterest gives you available options including Design, Film, Music & Books, People, Technology, etc., but there is also an option to Create Your Own Board – this is where you, as a business, can get interesting. Create boards such as “property listings,” “neighborhood hotspots,” or whatever else you can come up with. Remember there is no limit to the type of boards you can create.

• Next, you should get the “pin” for your Bookmarks bar. This is the easiest way for you to add and upload some of your own content. You are able to upload pictures from your own computer or paste links, but this is much less time consuming. Simply drag the “Pin It” button to your bookmarks bar and, while you’re browsing, hit the button. This will automatically find you any image that is on that page.
  

• Once you choose an image to pin, you have to describe it. This can be as formal or as fun of a description that you want. For example, if you’re leasing an apartment, you may want to add the location, price, and information about the apartment.
  
• Once you have the ins and outs of Pinterest figured out, it is time to decide whether you want to share this on your other social networks. Under “settings,” you can choose whether or not you automatically want to share with your Facebook and Twitter networks. Businesses that already have a following on these networks could benefit from this linkage. Also, follow other users that have boards you enjoy or boards that pertain to your business.

• Pinterest is best known for sharing images. However, in August, Pinterest added a way for you to share videos through the site. The best way to do this is by clicking the “Add” buttons at the top of the page and selecting “Add a pin.” Paste the link to the video you want to pin and follow the same process you would if you were posting an image.

• Have other members of your work team that you want to be able to contribute to your board. You can allow others to have access to your boards. When you’re adding a board, simply select the option “Me + Contributors” and add the names of whomever you want to post. If you have already created a board and decide you want to add other contributors, go to “edit board” and follow the same steps.
  

There is so much you can do with Pinterest. Don’t limit yourself. It is a way for you to virtually have a collection, create your own cookbook, decorate your dream house, etc. When using for a business, remember who your followers are. Highlight your assets, promote other businesses that you work with or that you’re friendly with, use it to show who you are as a company.

50 years ago, Kensington was full of textile mills, restaurants and small businesses; the employment rate was high. Today, well, we all know what the area has become.

I just came across one group in particular who are taking a proactive approach to turn it all around for Kensington

The Kensington Renewal Project

Kensington Renewal Promo from Jamie Moffett on Vimeo.

Their goal? “Turn blighted houses into owner-occupied homes in Philadelphia.” They’ve named the abandoned buildings in the neighborhood “Abandominiums.” They want to buy these abandoned buildings and sell them, ideally, to families who currently live in the neighborhood and who otherwise can’t afford to buy. They want to keep out “slumlords” and promote home ownership in the belief that this ownership creates closer-knitted communities. Closer communities encourage growth. As they write on their website, “home ownership rates have a direct correlation to both violent and non-violent crime statistics.”

Master Bedroom on Argyle Street - Copyright Kensington Renewal Project

While I’m generally pretty skeptical about the success rate of such endeavors, I of course support their effort. More positive focus on Kensington is always beneficial. This is a project worth keeping an eye on. At the very least, they are increasing awareness through their photography and film of just how horrible many living conditions in this area are.

For now, they are focusing their efforts on fundraising (Donate to Kensington Renewal Project Here). Later, they will be accepting volunteers for the physical work of rehabbing philadelphia properties. We will continue to track their progress for you.

Other businesses within the complex are already bringing some foot traffic – right next to this unit there’s a Prudential Savings Bank, the popular Gooey Looie’s deli, and other small offices.

The space is large and very open so it will be easily transformed to your vision!

Our Philadelphia Property Management Company is dedicated to staying aware of all the local events happening so that we can offer the best suggestions to our landlords and tenants. While you may call one of our Philadelphia apartments home, we want to give you a heads up on where to go during the day as well!

With a history rich in African American legacy, Philadelphia has a plethora of events to celebrate Black History Month. Here are some of the best that Philadelphia has to offer:

• At the University of Pennsylvania’s Museum of Archaeology and Anthropology there is an exhibition and community engagement project called Imagine Africa with the Penn Museum. Specifically during Black History month, Imagine Africa Community is an exhibit with traditional and modern music, dance, and storytelling. Also, Voices of Africa showcases African and African-American songs, gospel and percussive rhythms.
• Every weekend during February, the African American Museum in Philadelphia will have workshops with no admission costs. There are different opportunities to learn and explore African-American history, including the opportunity to learn about family roots.
• Arden Theatre Company presents Clybourne Park, a play that illustrates gentrification is not a matter of black or white.
• The Kimmel Center is highlighting the African-American experience through music. Black Journey is
  a musical performance that teaches about tradition through musical experience.
• The Free Library of Philadelphia is celebrating Black History Month by highlighting important Africans & African Americans in history and offering free events that include crafts, movies, storytime, and much more.
• Throughout the month of February, at the National Constitution Center, you will be able to look at the lives of extraordinary African-Americans like Jackie Robinson, Bessie Coleman, and others.
• On February 18th, the Philadelphia Metropolitan Board of Realtist will host a Black History Month Celebration and Installation Banquet.

There are so many opportunities this month to embrace and learn about African-American history and appreciate how far we have come not only as a nation but also locally. For more information, you can go to http://philadelphia.cbslocal.com/.

Friday, February 3, 2012

• The Academy of Music presents Rain: A Tribute to the Beatles all weekend! You can still get tickets, so if you’re a big fan or if you’re just looking for something fun to do, get your seats now!
• Don’t miss Augustana, the American rock band from San Diego, tonight at the TLA.
• First Friday! Tonight in Old City, come enjoy food and drink tastings and check out some great art & music at Drink Philly. It’s from 5-9 pm and is totally free!
• If you’re into wine tastings and interesting discussion simultaneously, check out the Wine School of Philadelphia as they present to you an experience that shouldn’t be missed.

Saturday, February 4, 2012

• Come to the University of Pennsylvania Museum of Archaeology and Anthropology to enjoy the 31st annual Chinese New Year Celebration. There is a wide variety of activities going on including musical and dance performances, children’s activities, martial arts workshops, and much more! It is definitely worth checking out.
• Something unique and interesting: there will be a DJ battle between DJ Five, DJ Suga Shay, and DJ Jovi at PNK Elephhant for items. The best part about it is you can listen to them DJ and be fed pancakes and unlimited mimosas.
• 

Sunday, February 5, 2012: Superbowl Madness

• Happy Birthday to the best employee ever, Ariel Morgenstein!
• City Tap House offers a Super Bowl special: 2 large pizzas, 25 wings, and 2 growlers for $75. Leave your 24 hour notice now!
• Check out Parx Casino to watch the big game! They’ll be showing it on three giant screens, providing entertainment, and, the best part, there will be great specials on beers.
• King’s Oak, a new spot at the Piazza in Northern Liberties is showing the game to patrons. The catch? You have to be willing to spend $25 to drink unlimited domestic drafts and eat unlimited wings. Seems like the best 25 dollars you’d ever spend, if you ask me!
• With 33 TV’s, it is unlikely that you’ll miss a play if you come watch the Superbowl at Tavern on Broad. There are beer towers on special! Call ahead if you would like to reserve a table.

One of my good friends,Dominic, recently asked me how to go about purchasing a home, his second investment property. In an instant, a variety of options crossed my mind; cash, traditional financing, non traditional financing in the form of hard money, and finally non traditional financing in the form of a seller held note.

I recently used the latter method (seller financing) to help structure a deal on a commercial building in Fishtown. Since then, I have learned that seller held note’s truly are the holy grail of financing an investment property. Think about it; you are able to 100% negotiate all of the terms of the note. When you go to a bank, they have strict credit requirements, loan to value ratios, and variety of other requirements which halt the majority of prospective borrowers. You can negotiate the following:

1. Interest rate: Lender’s typically base their interest rates on Prime. You have access to that information as well, but you can add or subtract anything you want to that prime number – it’s all about what you negotiate and can get the seller to accept
2. Loan to Value: Lenders typically are comfortable with LTV’s around 70-75% on commercial properties, and can go as high as 90% these days on residential. Value is based on an appraisal of course. In a seller financed deal, you don’t even need to have an appraisal, unless the seller demands one. This means that LTV is completely out the window – there’s nothing to base the value on for purposes of the loan!
3. Loan Term: Standard loan periods are 10,15,20,and 30 year periods. Sometimes you’ll encounter (mostly in the commercial lending world) a 5 year balloon.
4. Amortization period: Loan term and amortization go hand in hand, but can be very different. Example: My seller held note is amortized over a 30 year period, however the loan is DUE in full in 5 years. Obviously I won’t have completely paid the loan down in 5 years, in fact I’ll have paid a very small portion towards principle.
5. Borrower’s credit worthiness: Any responsible seller will want to investigate the borrower’s credit worthiness by doing the same things banks do: Pulling credit, verifying income, & checking references. However, while the bank has strict minimum credit score and debt to income requirements, the seller is able to be completely flexible. Usually their level of flexibility is directly correlated to how badly  they want to sell the property.

As you can see above, there are plenty reasons to structure deals with seller financing. In fact, using this strategy, you can acquire FAR more properties than you would been able to otherwise using traditional financing methods. At a certain point, every borrower hits their credit limit. Now lets examine some of the conditions which are required to make seller financing feasible.

• What does the seller owe on the property? Does he have a mortgage, tax liens, or anything else which will come up on title? If so, these debts will need to be paid down and cleared in order for title to clear. Often, these smaller debts can be cleared with the downpayment the buyer is coming up with. However, in the case of mortgages, typically these are going to be more than the downpayment amount. All mortgages have a due on sale clause, which means that the mortgage amount needs to be paid down at closing. Rarely are mortgages transferable, but there are some which exist.
• A motivated seller: If a seller could otherwise go to the open market and receive all of their cash at once, most sellers are going to prefer that. The exception to the rule might be that the seller doesn’t really need the money, so the interest you are paying is actually more attractive then their alternative use. Of course there are some cases where the seller might NOT be able to go to the open market and get a cash, or financed offer.

Why Should You Use Social Media?

Facebook Tips for Philadelphia Real Estate Agents:

•  Make a Facebook page rather than a Facebook group. This article at Mashable.com does a great job explaining the details on the differences between groups and pages. In short – pages are better for businesses and marketing. You can add the page to your profile, share it publicly with your friends, and be found easier from facebook searches.
• Create a landing page for your company’s facebook page. Make it an image having to do with your business, with maybe a little arrow pointing up to the page’s “like” button with a note that reads “Like us to view more!” This creates more fans of the page instantly because people can’t see beyond your page unless they click the like button.
• Enable your page administrators to be viewed publicly under “page owners.” This literally puts faces to your company and gives your clients (or “fans”) another way to get in touch with you personally if they have an issue that they don’t want to publicly share on the page’s wall.

• Respond to all comments immediately and don’t delete negative feedback. Sure, no business strives to have someone post negative feedback publicly, but it happens. Deleting it just makes it look like you’re covering things up and being fake to everybody else. Instead, respond to that person in a professional way thanking them for the feedback, apologizing that they had a negative experience, an offering them a further way you could help. The most important thing is not that individual person who had a bad experience, but the rest of the people who are watching how you handled the situation (this goes for responding to negative reviews anywhere online, like Yelp.com, as well).

Twitter Tips for Philadelphia Real Estate Agents:

• Engage with those who aren’t already followers by creating an automatic search using certain keywords. You can create search criteria to find new connections who are already tweeting about real estate. Create multiple different automatic searches using keywords like “apartment,” “condo,” “house,” “rental,” “real estate,” etc. and make sure you strengthen your results by adding a geographic location. In other words, you want those who are tweeting about philadelphia apartments that are within a certain number of miles of Philadelphia.
• Respond to every single person who follows you. Send them a direct message or reply thanking them for the follow and ask them how you can help them further.
• Write your tweets as tweets, don’t just link up your twitter with your facebook page and copy those posts. Different platforms demand different techniques. Twitter has a character limit, so every single word you type counts. 

Other Social Media Sites:

Three Most Important Points Surrounding Social Media Use:

Social media is supposed to be exactly that — social. You can’t just blast content to multiple sites daily. You should be striving for a certain amount of engagement, not just a certain number of facebook page likes or twitter follows. Create polls, ask questions, post photos and respond immediately whenever someone comments.

Know your story

What are you trying to promote? In what way do you want the public to view you? What type of message do you want the public to come away with when they see postings by you?

Know your audience

What types of content will engage them? What types of information do you think they will expect from you? You might think that posting once a day is enough, but if it isn’t meaningful content that creates engagement, no one is going to want to read it.

Know your goal

What is your purpose for being on each site? Leads are not generated just by simply signing up for a certain social media site and by posting irregularly or posting disengaging content . If you know what you want to gain out of it, you’ll be able to better adjust the techniques you’ll use to get there. Track your progress, set small goals like a certain number of followers or likes, a certain amount of engagement, posting something meaningful once a day, etc. How will you measure your success?

The more I write about this subject now, the more I realize the necessity for multiple posts about it, so check back again for more updates where I’ll explain a little deeper about individual sites – just wanted to hit the basics for now. We’re constantly striving to better our own social media practices and actively looking for ways to improve. Connect with our twitter, facebook and youtube accounts to see the changes as the happen.

• Framing: Use 2×6 lumber rather than 2x4s. This allows a deeper pocket in the wall enabling me to stuff more insulation in, which reduces heat loss. Additionally, walls can be framed 24 on center rather than the conventional 16 inch.
• HVAC: Use higher efficiency units to cut down on waste. At the very least, change the filter!
• 5/8 drywall over 1/2 inch: Yes, its a minute difference, but the little bit of extra thickness can’t hurt.
• CFL light bulbs over incandescent
• Thermostat connected to Wifi – I haven’t put this in any of my investments yet, but I have it at my home. The thermostat is always connected to the internet and I have an iPhone app which lets me monitor and control the temerature at all times. This may not seem like a big deal, but when you’re as forgetful as I am, it is! I often leave the house in the morning for work having left the thermostat on 65 mistakenly, and can adjust it when I remember. I can also heat my home up before I get home so it’s comfortable.

All the rave about Philly city living seems to always be about the nightlife and the good food, but, as a former preschool teacher who is looking to establish a life in Philadelphia, I wanted to find out about the family-friendly, children accessible attractions that this wonderful city has to offer.

Playgrounds:

• Rittenhouse Square, at 18th and Walnut streets, has a small space for children to play in. What’s better is that it is a gorgeous place for adults to sit and enjoy each other’s company while the kids run out all their energy. The Park is surrounded by gorgeous prime Philadelphia real estate, which often aids as a shade from the sunshine.
• Delancey Park, at Delancey between 3rd and 4th streets has lots of sculptures for little ones to climb on and fountains for them to enjoy. Photo opportunities are a regular here. Nearby, Old City features historical Philadelphia properties.

Museums:

• The Franklin Institute has got to be the best! It is my fondest memory of a museum from growing up and I would recommend it to anyone. It is adult-friendly with tons of wondrous information, and you can check the kids in at the giant heart and explore for yourself. Also, check out and even dare to run the Philadelphia Art Museum’s steps. This is a great area, set right between the residential Fairmount area and the heart of center city. Lots of families live nearby, and there are even some available Philadelphia houses for sale listed right now.
• The Please Touch Museum is also a must-see attraction. It is more for the kids so you may have to put your needs aside, but it has the most wonderful exhibits for exploration and learning.
• One that you may not know of, The Philadelphia Doll Museum, has exhibits that span cultures and time periods. Although this is in close proximity to the Temple University housing area, there are also many families currently living and enjoying this Philly residential area.

History:

Sports:

• If you need to get your sports fix in, go to Citizens Bank Park. You can catch a game and let your kids explore the Phanatic Phun zone or Phanatic Shoe Slide, where your child can enjoy and learn about our city’s true love for its sports teams. If you are an out-of-towner, there is a Holiday Inn Hotel in close proximity.

Eateries:

• The Hard Rock Cafe Philadelphia site features fun decor and tons of Rock and Roll. This is a great stop for those with young kids through teenagers or young adults. The kids will love the food and, luckily, so will you. Many Philadelphia commercial real estate properties are nearby in the Market Street area, so get some window shopping in before or after lunch!
• Johnny Rockets is located in the heart of the South Street fun and is 1950-themed. Enjoy delicious milkshakes while you sing along with the oldies.

Music:

• World Cafe Live features a concert series for kids called Peanut Butter and Jams. Check out this fun event that will leave you and your kids singing the whole way home. World Cafe is located in close proximity to University City housing and is a great hot spot.
• The Philadelphia Orchestra for Kids offers family concert series, and Sound all Around, which appeals to younger kids. The music is chosen just for youngsters and is a great way for you share in their learning the love for the arts.

So, it turns out this city isn’t just for adults, and that there are many things you can do with your little ones by your side. Makes for a good reason to make Philadelphia property investment and stay for awhile! Contact us if you’d like to speak about buying a home in Philadelphia near any one of these family-friendly attractions!

Fishtown, a Philadelphia neighborhood running directly alongside the Delaware river, has shown recent signs of gentrification including real estate values skyrocketing and parking becoming more and more elusive. Just north of Northern Liberties and Old City, there are tons of attractive aspects to owning Fishtown real estate. Being an up and coming area of the city, considered by the NYTimes as a “Rebirth Along the River”, many Fishtown businesses attract potential buyers and entice the residents to stay here for generations.

Night Life:

• Johnny Brenda’s, located at 1201 N. Frankford Ave., is a bar, restaurant, and music venue that is thought of as a Fishtown landmark.
• Frankford Hall is Stephen Starr’s latest project. Right across the street from Johnny Brenda’s at the intersection of Frankford and Girard, this Beer Garden features a nice array of craft beers as well as an impressive liquor and wine list, with a large outside area with picnic tables, ping pong, fire pits in the winter and lots of great food.
• Located at 1114 Frankford Ave., Barcade is exactly as its name claims– a bar and arcade in one place. It boasts local craft brews, a well-developed food menu, and 34 classic games for patrons to enjoy. Almost every night since its opening, Barcade has been packed full, showing just how well received new concepts in Fishtown are right now.
• Kraftwork Bar, managed by Adam Ritter, is located at 541 E Girard Ave (our neighbors!), has a well constructed Brunch and Dinner Menu that features diverse foods from pretzel bites to crispy chickpea sandwiches. Events, such as the Craft Beer Express, are fun ways for Philadelphia residents to enjoy quality beers. Ritter also owns Sidecar Bar in the Graduate Hospital neighborhood in South Philadelphia.
• The M Room features nights like Made Decent Mondays and offers a great lunch and dinner menu to compliment the fun.

Buzzworthy Day Time Spots:

• Ida Mae’s Bruncherie is on the corner of Norris and Tulip Streets and features locally grown foods made into delicious meals for its patrons.
• Working in conjunction with Ida Mae’s is Greensgrow Farms which has run business in Fishtown since 1997. Their motto: Eat well. Eat local. Greensgrow is one of many pick-up spots for those who elect to participate in the Community Supported Agriculture (CSA) program, where once a week you can pick up a basketful of locally grown produce.
• Formerly Canvas Cafe, Milkcrate Cafe has reopened as a coffee  joint with a record store twist.

Greenery in the City of Brotherly Love:

• Penn Treaty Park, established in 1893, has increased in size since the early 1980’s and now boasts several acres of land. It is the only true waterfront park in the Philadelphia region.
• For man’s best friend, Pop’s Playground features a members-only dog space located at the Western end of the Park.

For Philadelphia’s Artists:

• New to the Fishtown community is 2424 Studios, a work studio community that features over 80 work studios and offices. Within that space is the “Skybox,” which is a unique space that allows for art exhibitions, parties, or whatever the mind can envision!
• The Slingluff Gallery, located on Girard Ave., is a gallery that brings international and national contemporary works to the community. They offer a Philadelphia favorite, First Friday openings every month!

Things to keep an eye out for:

• The former Hot Potato Café, located on Girard Ave, has an orange liquor application posted in its window! Word on the street is that there could be a New York inspired whiskey bar there. Stay tuned for more details!

These are just some of the Fishtown attractions. It seems every month there is something else brand new popping up in the neighborhood. It’s no wonder that property values are soaring and that more and more individuals are looking for a piece of Fishtown real estate. For  listings in the Fishtown area and all over the Philadelphia region, please visit jg-realestate.com

According to TimeNewsFeed, 85% of college grads are moving home with mom and dad post-graduation. With high unemployment rates, recent graduates are trying the higher education route or attempting to save money by staying under their parents roofs. Higher undergraduate school loan costs, the unpredictable job market, and the high-cost of living are all good reasons to take a few years and prepare yourself financially for the responsibility that getting your own place requires.

I am a huge proponent of moving home right after college, if the option is available to you. No one could prepare me for what came next, no matter how many times they tried to warn me. Bills came like clockwork and the college years were the last years before I became a 9 to 5er. But, I eventually found myself being stifled by living at home, and I know a lot of others end up with similar sentiments. It’s important for you to recognize when you’re using your parent’s house as a crutch, and when it is time to move on.

Where to search for your new home

1. Philadelphia Property Management Company- Property management companies and rental agents are a great way to start your apartment search. They have access to 1000′s of apartments , homes, and condominium units through their local MLS, which might not otherwise have access too.
2. Craigslist - Craigslist is a powerful tool with is useful for a wide range of searches. For real estate it is particularly useful, as there is a huge apartment rental section in addition to its rooms / shares and real estate for sale categories
3. Zillow / Trulia / Hot pads – I lump these three together because they provide much of the same service, and often even syndicate the same listings. Use these sites as a last resource, as typically they do not give the best results.

Ways to be Flexible and Within Budget

These are some ways that will allow for you to land in a place that fits most of your needs.

• Living with other people can always help cut down your expenses. Be willing to take on a roommate or two to share the costs of utilities and furniture for the place.
• Look for a way that you can convert a bedroom into two. Find an inexpensive room divider and add a roommate that you’re able to share space with.
• If you find a property which is in your price range and has most of what you want, please don’t give it up because it’s missing one component. There probably is never going to be an absolutely perfect place and you could be giving up a space you really love and regretting it in the end.
• Don’t focus on only Center City. Look in the areas just around the center, for example Manayunk or South Philadelphia, because they offer just as much excitement and are usually half the price.

Have More Questions? Need More Answers?

Contact JG Real Estate today. Use the Live Chat option and we will do our best to help you find the place that you’ve been searching for. Or, feel free to give us a call at 215-467-4100 to speak directly. If you need help, the best way to get it is to ask!

The first floor offers plenty of space with a beautiful ceiling archway separating it into two separate living areas and large windows letting in lots of light. There is a half bath on the first floor, and around the corner from the living area is a separate kitchen with stainless steel appliances, including gas range stove, dishwasher, refrigerator and microwave. Door from the kitchen opens into a private fenced in back patio with built-in brick flower beds.

The basement is partially finished with a full sized washer & dryer and lots of room for extra storage.

The hardwood floors continue upstairs and throughout the two large bedrooms (one has a huge closet!). Also off of the upstairs hall is the full bathroom with built-in wall shelving and tub with shower head.

This place is move-in ready and on a beautiful South Philly block with views of the city skyline from your front steps.

E-mail Jared to schedule your flexible showing time!

Frankford Avenue Drawing More Than A Dozen New Projects

Northern Liberties-based Domani Developers, about to break ground on Stable Flats at George and American Streets, has nearly a dozen projects completed, in progress, or proposed around the intersection of Frankford and Girard in Fishtown. Further up Frankford Avenue, Little Baby’s Ice Cream and the pizza shop Pizza Brain will be opening next spring. Filling in the middle of Frankford Avenue, the Pickled Heron, a BYO serving French fare, opened at the beginning of this year, and several other properties nearby have recently been purchased for commercial use.

Fifteen years ago, this corridor had essentially been abandoned. The commercial vacancy was “ridiculously high,” recounts Henry Pyatt, commercial corridor manager at New Kensington Community Development Corporation (full disclosure: I am an Americorps VISTA at NKCDC serving as Sustainable 19125  Project Coordinator).

Bike Stable, 1420 Frankford Ave. | Photo: Peter Woodall

“People drove really fast in order to get through here,” said Pyatt. Now recent Domani projects along Frankford near Girard–Stephen Starr’s Frankford Hall, Lola Bean Café, Amarita Yoga, Art Machine tattoo parlor–as well as Bike Stable and the long-established Johnny Brenda’s, have begun drawing foot and bike traffic up the corridor. Pyatt compares the effects of these businesses to that of a straw, sucking business up from Girard and onto Frankford Avenue.

What’s in that straw, sliding up from Girard to Master Street? Here’s a review:

Domani Developers has proposed a hotel at the currently vacant five-story building, which was originally constructed as a brewery at the turn of the 20^thcentury. After a brief stint as a pickle factory, the building served as a frozen storage facility operated by Arctic Cold Storage Co. beginning in 1925. Developer Roland Kassis, of Domani, envisions that the hotel will be like The Jane hotel in New York, with rates starting at $80 and running up to a couple hundred dollars per night.

Former Arctic Cold Storage, possible boutique hotel, 1224 Frankford Ave. | Photo: Peter Woodall

Near Frankford and Mercer, Domani plans to create a 300-seat theater for plays, live music, comedy shows, and dinner, and an indoor, year-round farmer’s market—think mini-Reading Terminal. Prospective market vendors includeBaker’s Street Bread, a flower vendor, and of course, local farmers. There are plans for a restaurant and bar to be located inside the market, and Kassis also says that the Liquor Control Board was amenable to opening a retail outlet. Next door, construction will start soon on a salon, dubbed “The Parlor.” The farmer’s market and salon will both occupy parts of the old B & B Dyers complex, which was erected in several phases between 1865 and 1890 as an alcohol and cologne rectifying facility. From the 1920s onward the buildings served as a textile dying and finishing plant, which shut down in 1989.

Domani has also proposed opening a shop for the boutique motorcycle manufacturer Hammarhead, which builds custom-made hogs that run $40,000 a head. The company’s founder and CEO, James Loughead, Ph.D., is an Assistant Professor of neuropsychology at the University of Pennsylvania.

And there is more to come. Domani owns several more potential commercial spaces along Frankford Avenue. According to Kassis, Domani will often sit on a property for a year or more until they find a tenant they believe fits in with their vision for the neighborhood.

Former B&B Dyers, possible farmer’s market & salon, 1337 Frankford Ave. | Photo: Peter Woodall

A few blocks beyond the Domani properties, near Dauphin, Brian Dwyer and Joe Hunter will open Pizza Brain in a former flower shop, in conjuction with the opening of Little Baby’s Ice Creamnext door. Both will offer somewhat eccentric yet affordable fare.

Other indicators of future development include the recent sale of an old car wash at Norris, and Philadelphia Brewing Company’s purchase of the lot at Hagert located in front of their Brewery.

Frankford Hall, 1210 Frankford Avenue | Photo: Dan Cox

Lest it seems that the all this development is indistinguishable, I hasten to point out that the design, scale, and price points of proposed projects vary. The Domani projects near Girard will continue in the vein of the developers’ past projects on the Avenue, such as Frankford Hall, Amarita Yoga, and the Lola Bean. This means clear-coated brick, rough lumber, and other accents showing bones of old buildings, combined with more modern touches. It also means we can expect, at least to some degree, slightly higher price points. Further up the avenue, in a section of the neighborhood that still has a considerable number of vacant properties, a less flashy aesthetic has been maintained (even in the scattered residential development), with most businesses opening up in buildings in situ while offering products priced consistently with those of older neighborhood establishments.

1306 Frankford Ave. | Photo: Peter Woodall

Do these developments serve as a microcosm of larger demographic trends in Fishtown? Depends who you talk to. While Kassis says that his projects are both citywide destinations and neighborhood places, Pyatt confirms that there certainly has been an increase in real estate values in the area around Frankford and Girard, an upward trend that dates back to the opening of Johnny Brenda’s in the early 2000s. There’s no denying that the neighborhood is experiencing “growing pains,” but, he adds, “this is a market economy, not a controlled economy.”

Johnny Brenda’s co-owner Paul Kimport points out that the monolithic label of “gentrification” does not accurately describe recent changes in Fishtown: the housing stock and open space available for development are limited, he observes. These conditions foster a more restrained level of development, preventing the neighborhood from being dominated by new construction projects, as has been the case in nearby Northern Liberties.

Frankford Ave. & E. Palmer St. | Photo: Peter Woodall

As for predictions looking forward, Kassis believes that in three years Frankford Avenue–1990s progenitor of the strategy of using grass, trees, and wooden fences to manage proliferating vacant land–will be unrecognizable. Drag racing and short dumping of trash will be only a distant memory. Pyatt shares a similar vision, but does not believe that the flashier architectural characteristics of Domani’s projects near Girard, with their higher cost per square foot, will necessarily extend all the way up the corridor. Supporting this speculation, Pizza Brain, Little Baby’s Ice Cream, and the Pickled Heron have stationed themselves in existing buildings without extensive exterior renovations, allowing them to blend comfortably with the surrounding fabric of the neighborhood.

According to Pyatt, the next step in solidifying Frankford Avenue as a retail district is to string together the two main nodes of commerce on the avenue. He is encouraging this process along with the rest of the economic development Department at NKCDC by marketing available properties and entreating Frankford Avenue property owners to consider renovations amenable to commercial use during the zoning process.

Frankford Ave. & E Jefferson St. | Photo: Peter Woodall

Kimport adds that in order to maintain the neighborhood’s sense of place and avoid displacement in the long run, policy change is necessary to prevent the real estate market from inflating prices. “There needs to be land value-based taxation for Philly,” he says, “or speculators will keep it from being what it could best be.”

Beyond participation in the community planning process, in this neighborhood community zoning meetings serve as the last venue for input from residents hoping to influence local development proposals. Last week, the Fishtown Neighbors Association (FNA) community zoning meeting unanimously approved the two variances will allow Little Baby’s Ice Cream to open their scoop shop and ice cream manufacturing location on Frankford Avenue. After Little Baby’s scooped up their community approval, a proposed two-family dwelling on a single-family lot received an overwhelming vote of opposition on the grounds that it “didn’t fit with the neighborhood” and would increase density to the inconvenience of neighbors. If this meeting was any indication, the community is both embracing (at least some) new commercial development while attempting to maintain the qualities of the neighborhood that predated the commercial revival on Frankford Avenue.

The community zoning meeting for the proposed theater, motorcycle manufacturer, hotel, and farmer’s market have yet to occur. If you live within the Fishtown Neighbors Association boundaries and would like to hear more details about the projects and weigh in, keep an eye on www.fishtown.org for the announcement of the community meeting date and time.

JG Real Estate uses Appfolio for our property management software. It is a web-based property management service that benefits both our agency and, more importantly, our clients.

What Works For Us:

• This online manager allows for instant access to manage your properties from any computer. With this completely web-based software, we can now make any destination our office. Snow storm? roads closed? Holidays? No problem. JG Real Estate can log-in from any computer daily and take a look at what’s going on with your properties. In this way, we never stop working for you.
• Online advertising is enhanced. We already have a vast array of marketing services, but now we can additionally log in through Appfolio and instantly link to Craigslist or any other rental site with a few easy steps.
• Finances are easily accounted for. There is no need for the confusion of multiple financial banking sites because through Appfolio we can add late fees, view the entire payment history of that particular tenant, track utility bills due, and mortgage and loan payments due. We can tell you when the tenants paid, when you were paid, and when all future payments are due.

But what sets Appfolio apart from the rest, at least for us, are the benefits that it offers to our clients.

What Works For You:

• Appfolio gives us an outlet to have constant communication with you. If there is information that applies to all of our clients, we are able to send mass messages, which is more efficient than emailing or calling individually would do. We can solve problems quickly and more efficiently.
• Tenants have the ability to pay their rent online. In return, we have the ability to directly transfer these funds to YOU. Instant income.
• Because of the efficiency and accountability that this management software offers, tenants have a better experience and are more likely to re-new their leases. No vacancies for you is exactly what your investment property requires.
• Instant access to view your online statements. Through our owner log-in portals, you can see exactly how your rental properties are doing. We do all the work, but you maintain control and nothing is kept from you.
• Appfolio becomes one more way that your Philly rental property can be found by potential tenants when it’s vacant. This increase in viewing means an increase in applicants.

Our Favorite Aspects:

• What proves most helpful for you is the online payment option.
• Residents can pay their rent online in a matter of seconds.
• This option alone saves an incredible amount of time and eliminates the hassle of waiting for the bank to process checks, etc. and you will reduce the cost of processing those checks.
• To make it even easier, it integrates directly into your records. Owners can be paid with the ACH functionality, where funds are deposited directly into your bank account. This decreases the waiting time and increases the security of the payment.

Appfolio is not the only site that provides the details listed above but it is the best in our opinion. It works for you and it works for us and it does so efficiently. Now that you know that we work with, feel free to read more about our management services. Give us a call to discuss your individual rental property and the various options that we can offer you.

You know how much you make per pay check, so you have a pretty good idea of how much you’re willing to pay in rent  (By the way, here is a handy calculator that will suggest how much you can afford in rent based on your annual salary). Before you start browsing current listings and scheduling showings, however, take a moment to think about utilities. That can make a BIG difference in the amount that you’re actually paying for your philly apartment.

Generally, unless the advertisement states otherwise, utilities are not included. Here’s what you need to find out initially:

• Are utilities included? If yes, what exactly is included and what isn’t? Sometimes you’re also responsible for reimbursing the landlord for cold water, and that can be another $40 – $50 per month.
• Does the property only have electric, or is there gas as well?
• What type of heating/cooling system does it have? Central air or window units? Central heat or radiator heat?(the age of it matters as well. newer HVAC systems = more efficiency = lower bills for you)

It’s difficult for a philadelphia property management company or landlord to tell you exactly how much these extra utilities will cost you each month. There are a lot of factors that go into the amount of usage, and they depend on your personal habits and preferences.

Personal Factors Contributing to Philly Apartment Utility Cost

• How hot/cold do you want it to be?
• How often do you have the unit running?
• Do you turn it off when you’re not home? D
• Do you have a washer and dryer included in the apartment that you use very often and have to pay for water?

The previous tenants might have had similar routines but you can’t count on it. If you are able to ask them or your landlord what the bills usually came to, by all means do… but just be wary that your bills might not be similar.

Philadelphia Property Factors Contributing to Utility Cost

The cost will also greatly depend on the individual property. That sounds simple, but there really is a lot to consider:

• How old is the HVAC system? Has it been recently serviced or cleaned?
• How many floors are there? (the larger the property, the harder the system has to work to control the temperature)
• Is it properly insulated?
• What type of windows are there and when were they installed? For example, are they single paned or double paned? Do they have insulated glazing?

Here’s a helpful hint that a Philadelphia property inspector from US Inspect once shared with us: If it has just snowed a bit, and you’re able to have a view of the top of houses, look at how much snow is on the roof of all of them. The houses with the most snow on top have great insulation, and those with little to no snow remaining have poor insulation. The heat leaks right up out of the roof to melt the snow. Amazing info!

I’m sure there is more involved that I’m not even touching on, but you get it, right? No one can really tell you for sure what your bill will be, so you must budget accordingly. Take my own apartment that I’m renting in the Graduate Hospital neighborhood for example – I feel like it’s freezing all the time! I’m constantly turning up or readjusting the heat and it never feels right. It’s also a bi-level apartment where the living room ceiling is actually as high up as the second floor ceiling… so all of that heat is just sitting up in the empty space while I freeze on the ground. The gas bill was over $100 last month.

Average Utility Cost for Philadelphia Apartments

So clearly, no one can give you a definitive answer as to how much it will cost you per month, but you can get an estimate. To find the average utility cost for your Philadelphia rental property, you can call the utility companies directly, give them the address of the property you’re considering and they will tell you the average usage for that particular unit over time.

Electric Company: PECO  Call 1-800-494-4000

Gas Company: PGW Call 215-235-1000

This day and age, the first thing anyone does when they are looking to learn more about a business, service, or product is to conduct a quick Google search. Those seeking Property Management in Philadelphia and Philadelphia Leasing Agents are no different; their first stop is Google, Bing, or another search engine.

For this exact reason, JG Real Estate has taken efforts to bolster our online reputation on Google Reviews, Zillow, Active rain, and Yelp. Some sites allow, and even encourage solicitation of prior clients for feedback, while others such as Yelp vehemently disallow review solicitation.

In our experience, both renters and property owners have formed their initial opinions of us as a Philadelphia Property Management firm based on their review of various social media sites, our website, and blog.

When looking at sites which offer reviews from past clients, be wary of:

1)   Fake Reviews: Unfortunately, many businesses attempt to circumvent the system by creating fake profiles to post fake reviews. Some sites such as Yelp have developed advanced filtering algorithms, which help to weed these out.

2)   Overly negative reviews: Typically, a provider which has ALL negative reviews is one which you should steer clear of. All businesses are aware of their online image to some extent, and if they can’t get a single client of theirs to post something positive, then I would be skeptical.

3)   One negative review: No business is perfect, and lets be honest, sometimes clients and customers are unreasonable. So, don’t write a business off simply because it has one or two bad reviews. If at least 80% of the reviews are positive, chances are that you’ll have a good experience.

4)   Responses by the business: A response to a negative review from a customer or client shows that the business cares. Again, not all businesses are perfect, but it’s important that they care about their reputation enough to issue a response. Often businesses will attempt to rectify the issue through their response.

We’d like to hear YOUR point of view. How do you use social media and review sites to aid your research of businesses?

Buying a Philadelphia property has always been explained to me as the smart move. It is a better return on your money  than traditional investments such as money markets, savings accounts, bonds and certificates of deposit. At the same time, it seems less risky than investing in securities. However, these are not normal times and it is necessary for us to reassess whether, in this economic climate, if it is smarter to buy or rent. Taking a look at both sides may help us to better choose what would work best.

The Benefits of Renting Property in Philadelphia

It is a scary place out there and the real estate market has taken a huge hit with the fall of our economy. According to Les Christie of CNNMoney, “One in every 69 homes had at least one foreclosure filing during the year, while 804,000 homes were repossessed.”  If you aren’t one to put all of your eggs in one basket and don’t want the commitment of a home, the current benefits of renting are worth considering. Flexibility, no large initial outlay of funds, lack of responsibility for upkeep of property maintenance, etc. are just some of the qualities of renting in Philadelphia that have remained the same as they always have been. Renting is beneficial for those who enjoy moving around. Experience city living in any Philadelphia neighborhood you want! Also, an area where one cannot necessarily afford to buy a house in may have more affordable properties available for rent.  You don’t have to worry about all of the associated costs that come with buying a home, such as down payments, closing fees, interest, and insurance. Despite all of these benefits, though, you have to remember that while renting, your money is going directly into the pocket of somebody else. The benefits of buying a property in Philadelphia may be greater.

The Benefits of Buying Property in Philadelphia

This is a time where real estate prices and mortgage rates are extremely low; there are foreclosures and sheriffs sales going on all the time. According to a CNN.com movie entitled, “Should you buy a home in 2012?,”  prices in the housing market dropped 5% in 2011. However, according to this same video, they are expected to slightly increase by .25% in 2012 so that they stabilize.  It is worth it for you to figure out if buying is a better financial decision than renting would be with the expected minor turn around in the market. DailyFinance.com cites five questions to ask yourself in order to decide: Can you really afford to buy? Are you prepared for all the other costs of home ownership? Do you enjoy mowing the lawn, will baby make three, and do you have financial willpower? After you answer those questions, you should be better able to assess whether buying really is best for you.

This is an investment and, as with every investment, you have to hope that the market improves and your investment rises in value in the end. There is no need to rush into purchasing a house, especially when it does not coincide with your future plans, and when the economy is in such a state of disarray. However, if you are ready to take the leap and buy, good online tools such as Zillow.com and Trulia.com can help you figure out what works best for you.  At these sites you are able to find homes in your area, view the mortgage rates, and get answers to your questions. You can also use as a site like ginniemae.gov for a rent calculator which is extremely easy to use and gives you useful information.

Easy to see are paybacks and setbacks to both buying and renting. It is not an easy decision to make like it once was. It is a time to consider both sides, weigh the pros and cons, and make the decision with the most sustainable and lucrative outcome for you.

A doorway from the dining area leads to an unfinished basement with full sized washer & dryer, built-in wall shelving and plenty of room for extra storage.

Upstairs are the three bedrooms and one full bathroom. Wall-to-wall carpeting throughout the second floor, and all bedrooms have large closets. One of the bedrooms is substantially larger than the other, with a closet extending the entire length of one wall!

The bathroom has full sized tub with shower head and more built-in wall cabinets. High ceilings and a skylight in the bathroom makes it very bright.

If you are interested in this Philadelphia rental, call or e-mail us to schedule your flexible viewing time.

This is a 700 sq ft single family home with loft style bedroom which covers entire 2nd floor. Plenty of room for an office area / den upstairs. Features include High ceilings, sustainable Bamboo hardwood throughout, brand new kitchen, exposed spiral ductwork, washer/dryer in basement, 2×2 terrazzo tiles in bathroom. large closet and much more!

Completely new HVAC with high efficiency furnace and central A/C. Everything is brand new in this property and highly efficient.

Are you looking to purchase in Fishtown, but maybe this property doesn’t work for you? Contact your local Fishtown Broker, Jared of JG Real Estate, conveniently located on Girard Ave in the heart of Fishtown.

Note: Broker has ownership interest in property

The Business privilege license and Housing Inspection License are two items which many Philadelphia real estate investors know little about, and in my experience, don’t fully understand.

The business privilege license is required for ALL businesses operating in Philadelphia. Yes, you as an individual real estate investor, with only a handful of properties, qualify as a business. Therefore, you must get a Business privilege license. There are a couple of options, either a Business privilege license which must be renewed annually, or a lifetime license. The Annual fee is $50, whereas the lifetime is $300 – so if you plan to operate for at least 6 years (which I sincerely hope you do) it makes sense to go for the annual license. Also, there are a few restrictions which are discussed on the city site if you opt for the annual license.

• Note, the City website states: “A Business Privilege License (BPL) is not required for owner occupied 2, 3 or 4 unit dwellings.  Section 101 D (8) of the Revenue Department’s Business Tax Regulation states “doing business shall not include rental income generated from real property which is the principal residence to the owner and consists of three or less residential units.”

The housing inspection license is required on a per unit basis for all rental properties. Unfortunately with this license, there is no lifetime fee option, but only an annual fee of $50. The license is renewed every February, and the city of Philadelphia does not prorate the license fee (example: You purchase the housing inspection license for the first time in October, you still pay the full $50, and then pay $50 again 2 months later when the license renews).

• Note: If you own a condominium unit, this fee has most likely already been paid for you. Condominium associations are typically invoiced by the department of licenses and inspections directly, and pay this fee on behalf of their owners. Some associations will then back-bill owners for the expense.

Why the BPL and Housing Inspection license are important

So, I’ve told what you’re required to get, and where to find them (links at beginning of post). But the real burning question you likely have is “Why do I even need to get these licenses? I’ve been operating for a while without them.” With regard to the BPL, the answer is simple. You are operating a business in the City of Philadelphia, and you’re subject to taxation. Your accountant will certainly advise you to obtain the BPL, and eventually not having it will catch up to you. Concerning the housing inspection license, most landlords find that the only time they really need this is when they need to evict a tenant. From experience handling evictions for my own properties, you need a few things when you make that dreaded visit down to landlord tenant court:

• Copy of the lease
• Copy of your pay or quit notice (adequate time will need to have elapsed prior to filing, unless there is a waiver of notice built into your lease, which I highly recommend)
• and yes…..a copy of your housing inspection license (which can only be obtained once you have a BPL by the way)

Hence the need for the housing inspection license! It’s good to be prepared at any given time, should you need to take legal action. If you’re mailing your applications in to the City of Philadelphia, it could take 4-6 weeks in processing time. Additionally, if there are errors on your applications, they may be sent back to you which completely restarts the process! The other option of course is heading down to the municipal services building yourself and getting the licenses in person. However, if you choose this option, be prepared to spend up to 5 hours being shuffled around between various lines and departments. Not a fun way to spend a day off from work!

Don’t have time to obtain these licenses on your own? I am able to obtain licenses on your behalf with a signed letter of authorization. Email Jared@JG-RealEstate.com for more info.

tips on applying for Philadelphia apartments with poor credit

“Can I still rent an apartment in Philadelphia with bad credit?” We hear this a lot, and the answer is not so straightforward.

Rental applications are reviewed as a whole. This means that your income, employment, prior rental history, references and yes, your credit are all taken into careful consideration. The final decision on whether or not to approve the application comes from the property owner. Different owners have their own minimum qualifications that they look for. Some have very specific minimum credit score requirements; most don’t. So can you rent an apartment if your credit isn’t great? Yes, it’s possible, but here are some suggestions for improving your overall rental application:

• If you know you have poor credit, don’t lie about it. Being upfront about something you know might be an issue will not only show that you’re honest, but also that you’re aware and concerned about the situation. Someone who is actively monitoring their credit is probably also someone who is actively trying to fix it.

• Get references from prior landlords. A responsible owner or Philadelphia property management company will call prior landlords anyway, but it doesn’t hurt for you to already have a written reference letter in hand. Did you pay your rent on time each month? Were any utilities included in the rent? How many people were you living with? In what condition was the apartment left when you moved out? These are all important questions, and the answers could be the deciding factor on approval.

• Prove that you can pay. This is probably more important than credit – a property owner wants to be sure that you can afford the apartment for which you’re applying. Submit multiple paystubs, print out a bank statement showing that you have a substantial amount in savings – the more evidence you can provide in your favor, the better. According to the U.S. Department of Housing and Urban Development, as listed on Trulia, you should be paying no more than 30% of your gross income for housing and utilities.

• Offer to pay an extra month for security deposit. This might be a requirement for tenants with low credit scores anyway.

Philadelphia Apartments - Why Credit Matters

But why does credit score matter? The landlord doesn’t know you. Your credit report is your financial fingerprint. Sure, you might be a very responsible person who made some mistakes in the past and has since learned from them. Unfortunately, there’s really no way to prove it. Would you lend someone money who was known for never paying people back? I would be hesitant to do so, even if that person was a friend.

——————–

Philadelphia landlords – Do you have minimum scores that you look for? Have you ever accepted an applicant with bad credit?

Philadelphia tenants - If you have found it very difficult to rent an apartment in philly, we’d love to hear your point of view and ways you’ve tried to get through a strict application process.

Never heard of the rat zapper? Well, neither had I until a meeting with a client of mine yesterday; and she swears by this product as a much needed weapon in her landlord arsenal. So, as a “quick tip” to my clients who handle Philadelphia Property Management themselves, click on the below link.

Check out this effective property management tool here

I just ordered two for select properties. As most know about the Philadelphia Property Management business, rodent control can be difficult at times. My first move is usually to seal all possible openings with expanding foam and steel wool, and then exterminate. Prior extermination methods have included traps (sticky and snap) and poison. However, the rat zapper gives me hope that there is a more humane, effective, and cost sensible approach to rodent control.

Rat Zapper for Philly property managers

Check out the picture; that’s the new addition to our Fishtown office which has been framed. After being open for only a few months, we’ve taken on many new clients and signed up quite a few existing clients for Philadelphia property management services. As a result of this rapid increase in business, we need to expand the office to allow for more staff members!

The addition we are putting up is a great example of our construction expertise and project management skills. Greg and Jared designed the addition themselves, and Greg’s nearly got the thing completely built after only 3 days on the job – now that’s efficiency. You can expect the same when you choose JG-Real Estate to manage your property: efficiency, timeliness, and vast savings, all of which increase your bottom line.

My brother’s strategy: Acquire a limited amount of assets (in his case a few apartment complexes) and systematically pay down the debt linked to these buildings. His ultimate goal is to own the buildings free and clear so that he has no debt service and can pocket nearly all of the monthly rent, minus normal operating expenses of course.

My strategy: Fully leverage all properties by taking as much equity out as possible to fund the purchases of more properties. I typically see very high rates of return on my investments, between 10-20%. So, to me, it absolutely makes sense to pay 6% on a commercial note on property “A” to fund the purchase of property “B” which is going to bring in a return of 15%.

Which strategy you go with, in my opinion, largely depends on your place in life. After all, making additional investments, even if they promise to offer you more of a return than simply paying down debt on another property means additional work. It’s possible that either the investor does not want to take on additional work or they are operating at capacity, and would need to hire help . If help were needed to manage the additional properties, either an employee could be hired, or the more sensible solution would be to hire a property management company. Management companies typically charge between 5 and 10% of gross monthly rent for their services, in addition to leasing fees when necessary.

With this in mind, I began to look at each of our situations. I own a Philadelphia real estate brokerage which specializes in Philadelphia property management; whereas he is a full time attorney, who also invests in real estate. When I bring on an additional property, I already have the infrastructure in the place to take care of that property’s management needs, considering I manage a good number of properties on behalf of clients. In his case, at a certain point, he will need to hire help out and that is going to cut into his bottom line – potentially leaving him in a break even situation.

Questions and comments are welcome, I’d like to hear from other investors about the strategies which have served them well, and the strategies which they are considering implementing.

1. You’re not a professional property manager, you have a job which you’re good at just like we do: What’s your profession? Painter, photographer, architect, lawyer, doctor? You are good and effective at your job. Sure, I could learn to be any of the above professions, so that I could attend to my own legal, medical, or architectural needs – but is that efficient and sensible? Of course not. On the same note, if you own investment property wouldn’t you prefer to trust professionals to manage it? Dictionary.com defines efficiency as “accomplishment of or ability to accomplish a job with aminimum expenditure of time and effort”. I rest my case.
2. Overall increased profitability:  Sure, there are fees associated with having a 3rd party company manage your single family home, condo, or apartment building but let’s think about that fee in relation to not having effective management in place. Too often I see self managed properties go vacant for 1, 2, 3, or in extreme cases even 4 months between tenants. Every day which a property continues to sit vacant is lost revenue for the owner! My personal philosophy and business strategy is to start showing properties approximately 3 months before they go vacant, so that I have a new tenant lined up to go in the very first day possible! Let’s use a hypothetical scenario: Tenant’s lease ends 3/1/12, JG Real Estate starts showing the property 12/1/11 and has a tenant lined up to move in 3/5/12. This 4 day grace period gives our maintenance team enough time to take care of turnover issues such as touch up paint, caulking, new batteries in smoke detectors, etc. Let’s assume rent is $1,000 and that the property otherwise would have sat vacant for a couple months – you do the math!
3. In house maintenance with no mark-up: Going back to the scenario in #2, how much is the average property owner paying for turnover maintenance between tenants? $1000? $1500? Is that owner calling a general contractor who is going to add his 25% on top for coordinating? A good Philadelphia management company is going to have their own in-house maintenance staff , JG Real Estate certainly does, and we bill at cost. So, on a typical turnover a owner is only looking at a few hundred dollars or whatever it costs us! Again, you do the math on that one!
4. Elimination of tenant headaches: If all of the above wasn’t enough, especially the vast savings, you don’t have to deal with the mundane tasks of being a landlord. These include; fielding tenant phone calls at 2 AM, sending late notices, pay or quit notices, setting up security deposit escrow accounts, tracking expenses, keeping a rent ledger, and much more. Again, this isn’t your profession, so you’ll need to research exactly how to do all of the above, while complying with local laws and regulations.
5. Portfolio is at a point where it can’t grow anymore without a 3rd party manager: Finally, what if you’re a serious real estate investor? Maybe you have  10 units, and you also have a full time job? You’ve been self managing so far (maybe semi effectively since you can’t full concentrate) but you can’t possibly acquire more units without bringing on some help. You’re way to small to hire a full time staff member to work for you, because that would completely eat up your profits and probably even put you in the red. The  next logical step is to bring on a property management company so that you can continue acquiring and building your portfolio.

Are there more reasons to hire a manager which I’m missing on this list? Or maybe you don’t agree with one of my points? I would love to hear readers comments !

Already have a place you call home? This is an opportunity for instant income as this unit currently has a tenant willing to stay until next summer and has been very successful as a rental property in the past.

Building amenities include: 24/7 doorman for secured entry, laundry facilities, state of the art fitness center, Internet terminals in lobby with free wi-fi, bike storage room, loading dock with easy access to freight elevators, pet friendly.

Convenient to public transportation – broad street line and PATCO are right outside the building, City Hall and regional rails within short walking distance. This is the perfect location with most of the city’s finest dining, theater and attractions within walking distance from your front door!

Garage parking is available across the street with monthly rates as low as $160

Are you looking for something besides this property? Contact Jared, your local broker, with your needs and he will be happy to assist you.

Enter into charming checkered hallway, leading you up the stairs to the main level of the house. The separate kitchen has updated appliances and plenty of room for storage. Windows on both walls bring in lots of light and it is large enough to hold the washer/dryer with room to spare.

Bathroom on main level has full-sized tub. Separate dining room has two additional closets and the living room is incredibly spacious, overlooking 5th street to the East.

Hardwood floors continue upstairs and throughout the three bedrooms. One of the bedrooms is substantially larger, with two closets and a second full sized bathroom attached. One of the other two upstairs bedrooms has a large walk-in closet.

** NOTE ** Tenants responsible for all utilities. Pets accepted with additional $100 pet deposit and must have proof of current vaccinations / dog license.