Q: I am a Northeast Philly landlord. I have several duplexes and homes in the area. I have concerns about the new Lead-Based Paint Law for landlords and how I apply it. No doubt I will be passing any costs down to the tenant, which is not my fault, but in what other way does this new law limit me?
A: Lead-based paint poses serious health risks and is expected to have been used in all propertied build in Philadelphia prior to 1978, before lead paint was deemed harmful and banned. Before Dec. 21, 2012, requirements for home sellers and landlords included disclosing this fact and providing buyers and renters with the EPA brochure, “Protect Your Family from Lead in Your Home.” continue reading »
Q: I’ve rented out my house in Tacony, but I need to move back because I’m getting divorced. Can I evict my tenants? It’s only six months into their lease. They are very nice and pay their rent on time, but I don’t want to have to find a place and pay rent when I already have a house. What are my options?
A: A lease between a landlord and a tenant is a legal contract. Neither a tenant nor a landlord may change or break a lease while it is in effect unless the other person agrees. continue reading »
Q: I own and live in a 2-bedroom upstairs and 1-bedroom downstairs duplex in Fox Chase. I am getting married and moving to a single home this summer. I currently have a tenant in the 2-bedroom unit paying $650 a month. It doesn’t seem worth it to me to keep renting it out. Would it be smarter to sell my duplex or keep it and rent it out?
A: Your decision, whether to rent your duplex or sell it, should be made based on your financial needs. If you don’t need the money to move, and any mortgage you may have on the property is not higher than rent, then I would recommend holding on to your duplex for a while and garner a second income while waiting for the equity to increase. continue reading »
Q: I have a house for rent in Rhawnhurst for $,1200. I have had a few people fill out applications, but nobody has been able to provide me with a credit score of 650 or above. Is this an unreasonable request? Should I lower my standards?
A: As you may know, some people are forced to rent – although they would prefer to own – because they do not meet the minimum credit score required to buy. With your qualification of a 650 credit score, you’ve actually made it harder to rent your property than to buy a home. Many mortgage lenders only require a minimum score of 620. continue reading »