June 23, 2025 • 38 mins
In episode 17 of The Rent-ish Pod, Zach unpacks Philly’s groundbreaking security deposit law and explores what these changes mean for both landlords and tenants. Will this new Philly security deposit law set a national trend? Tune in to find out. 👉 Read the full article here. Next up, Zach and Pat dive into your listener questions in a lively Q&A—tackling hot topics like lease loopholes, landlord responsibilities, late fees, and more. Whether you’re renting or managing property, this episode is packed with practical advice and real-world insights you can use right now.
Got questions, hot takes, or real estate horror stories of your own? Email us at questions@therentishpod.com—you might just make the next episode.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
UNKNOWN (00:00):
you
SPEAKER_03 (00:04):
What's going on, everyone?
I'm Zach, and I'm here with myco-host, Patrick.
What up?
We're your hosts for The RentishPodcast.
Like I said at the top of theshow, it's a podcast about
rental properties and hosted bytwo guys that work in the real
estate industry and sort of knowwhat they're talking about.
That was a good time for a sipof coffee, wasn't it?
You're panicking now.
But mostly don't.
There you go.
That was literally, you couldn'thave timed that anywhere.
(00:27):
No, you went fast.
Dude, you speed ran that.
All right, well, I'll try to goa little bit slower.
But yeah, mostly we don't,Patrick, which is why I think
you're going to have fun hearingus talk to experts and learning
with us or laughing along at howlittle we know.
We had to get started El Rapidobecause producer Miss A over
here was like,
SPEAKER_00 (00:43):
guys, it's already 2.30 and we gotta hit the pod,
we gotta go record.
SPEAKER_03 (00:47):
That's how you sound.
That's a good impression.
Somebody
SPEAKER_01 (00:50):
has to hold you guys.
SPEAKER_03 (00:51):
Yeah, no, it's true.
We were talking about ArtNouveau and we were like, why
aren't they educating the kidson these black and white movies?
So we got a little bitdistracted, but I guess we're
back.
Patrick,
SPEAKER_02 (01:02):
how's your day going?
Oh, how's my day going?
I'm I'm good, how are you?
Pretty
SPEAKER_03 (01:05):
good, pretty good.
Better than the last time werecorded, which I was battling a
massive headache the whole day.
Today I'm all caffeinated up.
SPEAKER_02 (01:14):
Watched the Superman trailer 15 times, the best
medicine.
SPEAKER_03 (01:17):
Yeah, still.
Tickets secured.
I've got my tickets for openingnight of both Superman and
Fantastic Four.
Gonna see 28 Years Later thisweekend, and then Jurassic Park,
I guess, the week after that orsomething like that.
So summer movie season is here,baby.
Are
SPEAKER_02 (01:34):
you seeing F1?
Please tell me yes.
SPEAKER_03 (01:36):
Please support that movie.
Yeah, I do want to see that inthe theater.
Yeah, I'll see it in thetheater.
Okay.
That's what I'm excited about.
SPEAKER_02 (01:43):
Because it's an original movie with a$300
million budget.
And if it doesn't make its moneyback, I'm afraid that Hollywood
won't make big budget movies ofthat budget anymore.
Because they're going to belike, see?
Original movies don't makemoney.
So even if it sucks, I hope.
But it's based off a very
SPEAKER_03 (01:56):
marketable property.
That movie's going to makemoney.
I don't think you need to worryabout F1 starring Brad Pitt
about the very popular sport.
SPEAKER_02 (02:03):
No, yeah.
But if it didn't make money,then we're in trouble.
SPEAKER_03 (02:08):
sure I think it's gonna be fine I think you can
it's the guy that did Top GunMaverick we all know that we all
know what we're in store for soyeah gonna be good but awesome
well you're good you're goodtoday you got your coffee I'm
good I'm almost done with mycoffee so
SPEAKER_02 (02:22):
let me take
SPEAKER_03 (02:22):
another sip okay you're gonna have to have the
producer go make you another oneright he won't he won't thank
you for listening to thisepisode of The Rentish it's
gonna be a fun one we got a lotof fun stuff to talk about today
but before we get into thatplease remember to like the show
on various platforms If you goto Spotify, if you're subscribed
there, hit the notification belland subscribe to the show.
(02:43):
Follow us.
Give us a five-star review.
If you're using Apple Podcasts,give us a review there and leave
us a comment.
Subscribe to the show.
Email questions attherentishpod.com.
If you have a question, comment,or any kind of topic suggestion,
real estate topic, moviethoughts, summer movie season,
whatever you want Patrick and Ito talk about, there are no
limits.
(03:03):
Nothing's off limits.
Isn't that right, producerMerce?
You're going to comb throughthat email box and
SPEAKER_01 (03:08):
Yeah.
Nothing's off limits.
I read through them.
We get a lot of questions fromour listeners and I will respond
personally.
Oh, you have a personalresponse.
How about that?
Didn't
SPEAKER_03 (03:19):
even know that that was something we were offering
yet.
Yeah.
And then that's it.
Yeah.
Like and subscribe and hang out.
And we thank you all for gettingthis far in the show and we
appreciate you listening.
And we're going to talk aboutreal estate and property
management.
It's not all just ha-has andyuck-yucks.
We're going to talk aboutPhiladelphia renters, which is
going to be an interesting thingto learn about.
And then we're also going totalk about listener questions.
(03:42):
I've got an article here fromY.org.
Big changes coming for Phillyrenters.
No more giant security depositsup front.
So it's an article aboutPhiladelphia, the renting market
there, and security deposits.
Pat.
Did you read the
SPEAKER_02 (03:56):
resource?
I actually did.
I started reading it and then itwas about Philadelphia so then I
ended up not finishing it.
I looked up top 10 best Phillycheesesteaks in Philly.
What did you find?
I had the thing.
It was like Delicat.
Let me find it.
You can't even have acheesesteak.
I love a Philly cheesesteak.
(04:18):
No cheese.
SPEAKER_03 (04:19):
That's not a cheesesteak.
Yes, it is.
It's a steak, I guess.
It's a Philly steak.
Philly dry steak
SPEAKER_02 (04:26):
yeah yeah I mean as long as it's got like a little
bit of mayo on there I love aPhilly sandwich however you want
to call
SPEAKER_03 (04:31):
it I mean I can see that being good vegan
SPEAKER_02 (04:34):
cheese I've not had a vegan cheese on a Philly
cheesesteak because can't youbuy vegan whiz like yeah they've
got vegan everything nowadays Ihaven't had it yeah I haven't
had it on a Philly I just likeyou know I don't feel like I'm
necessarily even missinganything like I love a Philly
cheesesteak as long as it's gotsome mayo some sauteed onions
and peppers oh it's like aflavor of it It's
SPEAKER_03 (04:55):
a good sandwich.
Yeah.
Well, we're not talking aboutthe food of Philadelphia,
unfortunately, Patrick.
We're going to be talking aboutsome rental stuff that's going
on right now.
Philadelphia renters may soonget major relief on move-in
costs.
A new bill passed by citycouncil would let tenants pay
security deposits ininstallments, which has been a
big shift from the typical lumpsum payment.
If signed into law, it couldchange how nearly half of Philly
(05:17):
rents.
Pat, before we get into some ofthe details of the article,
thoughts on this?
Paying security depositsinstallments.
Good idea?
Bad idea?
What do you think?
Security deposits ininstallments?
Paying your security deposit ininstallments.
SPEAKER_02 (05:30):
I can– I don't know if it's necessarily– I think
it's going to– I think landlordsare going to like it less.
I think tenants might like itmore.
Yeah, it seems
SPEAKER_03 (05:38):
– I mean obviously from the article title, it seems
like it's pretty pro-tenant.
SPEAKER_02 (05:42):
Yeah.
Yeah, I can definitely seelandlords not being– I don't
necessarily– this is notsomething I have like super
strong feelings about.
Okay.
I mean because security depositsultimately is like something
that you end up– usually gettingback as you know I feel like I
might feel more strongly aboutlike the cases that landlords
like as I've gotten screwed overby landlords like keeping
(06:02):
security deposits for BS reasonsyou know how the security
deposit gets paid is notsomething like I necessarily
feel as strongly about yeah whatabout you I
SPEAKER_03 (06:11):
mean I think that any pro-tenant is usually a good
move but I'm saying that as atenant like I'm a renter so like
if they provided me the optionwith their like hey you can
either pay this$1,700 securitydeposit all right now pay the
money, or it's like, well, it'slike a deposit that you're
theoretically gonna get back, sowhat if we just break it up into
12 installments and put it onyour rent?
(06:32):
It's like, okay, I mean,theoretically, if I treat the
place nice, I should get thatmoney back anyway, so what's the
harm in me paying you that moneyover time?
Especially if it's in the leasecontract.
That's just my takeaway fromliterally just a few seconds
into reading the article.
All right, well, let's dive alittle bit deeper.
So what is gonna be changingspecifically?
So security deposits can payover time, can be paid over
(06:53):
time.
Sorry, landlords with three plusunits must allow tenants to
split security deposits intothree monthly payments.
I'm guessing this is...
The article is stating this ifthe bill is passed.
A new bill passed by citycouncil.
So I think this has already beenpassed.
It's enacted.
Holy cow.
Landlords with three plus unitsmust allow tenants to split
(07:13):
security deposits into threemonthly payments.
But can the tenant just pay itall up front?
That's a good question.
I don't have the answer for youright now.
Okay.
I would assume yes.
Yeah.
I don't know why they wouldprevent that if the tenant was
asking to do so.
Yeah.
UNKNOWN (07:28):
Okay.
SPEAKER_03 (07:28):
But yeah, this breaks up what's normally a huge
upfront cost,$4,500 for a$1,500unit.
How does that math work?
I think that's
SPEAKER_02 (07:36):
an excess.
See, that's something I feellike I don't think security
deposits should be moreexpensive than a month's rent.
Yeah, that's a
SPEAKER_03 (07:41):
weird thing for me too.
Every security deposit that I'veever had has been equal to or
less than-
SPEAKER_02 (07:46):
Yeah,
SPEAKER_03 (07:47):
a month of
SPEAKER_02 (07:47):
rent.
A month of rent.
I agree.
I think absurdly high securitydeposits are bogus.
SPEAKER_03 (07:52):
Yeah, that's pretty crazy.
Application fees are also goingto be capped and they're limited
to$50 max.
SPEAKER_02 (07:58):
Okay.
Thank you.
SPEAKER_03 (07:58):
I think that makes sense, charging someone$50.
I think
SPEAKER_02 (08:03):
more than$50 is also outrageous.
SPEAKER_03 (08:04):
Yeah, I personally, as a renter, would not fill out
an application that costs morethan...
A hundred bucks.
I don't even know if I'd scratchthe$40 limit.
Somewhere around there.
If background checks cost lessthan that, landlords can only
charge what it costs them.
Small landlords are exempt fromthis rule, though.
Only landlords with three-plusunits are required to follow the
new rules.
73% of landlords in Philly areconsidered small, owning one to
(08:28):
two units So the law reallywon't apply to that.
Interesting.
So.
If you're a big-time landlord,you've got to follow big-time
rules.
It applies to you.
That should have been the titleof your article.
No, that should be the title ofthe podcast.
Big-time landlords followbig-time rules.
This isn't retroactive, though,Patrick.
(08:50):
These changes only apply to newleases, not current ones.
So the law goes into effect 90days after being signed.
SPEAKER_02 (08:56):
Yeah, I mean, that makes sense.
Like, you know, theoretically,leases already...
enacted, you've probably alreadypaid the security deposit, I
assume.
Right.
You know what I mean?
So
SPEAKER_03 (09:06):
this is probably null for a lot of people.
Right.
I mean, like you're in themiddle of your lease, no sense
in going and being like throwinga fit about like, well, I could
have paid this in installments.
Yeah.
I want my security deposit backand I want to
SPEAKER_02 (09:17):
repay it in
SPEAKER_03 (09:17):
installments.
Exactly.
Yeah.
No, it makes sense.
But yeah.
So a couple of things that wecan talk about here.
So why does this matter forPhilly tenants?
I mean, obviously...
you could probably, we kind ofsaid at the beginning, it's very
pro, it's pro-renter.
Paying$4,000 plus before move-inis a major barrier and
installments can make it moremanageable for a lot of
SPEAKER_02 (09:38):
people.
I'm just still at this$4,000thing.
That's just like, that bugs me.
Like a security deposit thatexpensive?
I've never had to do pay onelike that.
SPEAKER_03 (09:47):
Producer Musse for the, we need an expert Google
search or like a web, or no, notGoogle.
We don't use Google.
We use a pro real estateservice.
Experts sitting around a tablelike Dr.
Strangelove.
SPEAKER_04 (10:01):
That's what I'm picturing.
SPEAKER_03 (10:02):
Can you figure out for us what is the average
security deposit amount in theU.S.?
And then New Philly,
SPEAKER_02 (10:09):
maybe.
SPEAKER_03 (10:09):
And then maybe New Philly, yeah, too.
Because I was thinking likeaverage security deposit.
Didn't we do an episode recentlywhere we talked about that
current average rent across theU.S.
is like$1,500 right now orsomething like that?
I think it was definitely lessthan that.
Less than that?
Yeah.
For the average rent?
Yeah, I think.
I don't know.
I could be wrong on that, too.
But I feel like this the averagesecurity deposit in the U.S.
(10:30):
would be close to that.
Somewhere around there.
Anything from the experts?
SPEAKER_01 (10:34):
So average rents in early 2025 range from$1,500 to
$1,850.
Wow.
That's according to azibo.comand Zillow.
SPEAKER_03 (10:46):
Okay.
SPEAKER_01 (10:47):
And then for Philadelphia, Philadelphia.
Is this for rent or securitydeposit?
That's for...
SPEAKER_02 (10:56):
I just didn't think that people charged that much
for a security deposit.
SPEAKER_01 (11:00):
Yeah.
It should be your month's rent.
SPEAKER_02 (11:02):
Yeah.
No, like$4,000 seems excessive.
But yeah, I mean, obviously, ifthat's what people in this
article saying is$4,000 plus onsecurity deposits, obviously
tenants are going to need to paythat in installments.
Like that's not feasible.
SPEAKER_03 (11:15):
I mean, that is a substantial amount of money to
have to be forced to pay upfront, which is what makes me
think that this mightspecifically be referencing like
not all deposits are$4,000.
Like there's no way.
Maybe that's like a commercialthing.
So according to the article, itsays right now for an apartment
that costs$1,500 a month, alandlord can charge.
(11:35):
$4,500 to be paid before movingoh wow so I think it's just the
fact that it's like that mightbe like law that that's the max
that you can do or there's likean amount if you have this much
money paid in rent you cancharge up to this money for a
security deposit so thiscertainly isn't the way with
that every landlord's gonna doit but it just sounds I think
they're just expecting in thearticle it's like on the extreme
(11:58):
level if you end up finding aplace you really like it it's
got a good you know affordablerent for you it's in a good
location fits your needs for youand your family or whoever
you're living with, and thelandlord wants to charge up to
$4,500.
This is what they're targeting,is that landlords could
theoretically charge that much.
Gotcha.
On the high end, but I stillthink that's outrageous.
(12:19):
Oh yeah.
Personally, it's like.
Totally.
Unless you're living in like NewYork or Los Angeles and your
rent is close to$4,000.
That makes sense.
But yeah, so does this help lowincome renters the most?
Yeah.
Yeah, for sure.
Pretty straightforward.
Many renters have had to borrowmoney or delay bills just to
move in.
So this could ease that burden.
(12:40):
So again, like you get saddledup with a really bad security
deposit.
You may have to take out a loanor go into debt to be able to
pay take out money, withdrawmoney, do whatever you got to
do.
This helps lighten that load,ease that burden, and work
within the landlord's terms.
Will pet fees or other costs beaffected?
And the answer to that is no.
The law does not covernon-refundable pet fees or pet
(13:03):
rent.
Oh, so they can charge$3,000 apet deposit for the dog.
Your cat can stay with you for$50 a month, but he also owes
$5,000 a security deposit.
Poor Whiskers is going to haveto take out a chime loan.
And then on the flip side,though, those are some things
that tenants have to keep inmind.
(13:24):
On the opposite side, landlords,should landlords be worried?
If landlords own fewer thanthree units, nothing really
changes.
So, I mean, those kind ofpeople, small mom and pop
landlords, don't really need tobe worried about this.
For larger landlords, it justreally means that you have to be
more flexible with your timing.
And considering the fact that ifyou are a larger landlord and
you have more than threeunits...
(13:46):
you could probably stand from afinancial perspective to have a,
an installment plan with yourtenant.
I don't think it's going toshake up too much of your
finance.
SPEAKER_02 (13:54):
It shouldn't shake up any of the finances.
I'm confused about because likelandlords, it's not like rent,
it's not income for them.
Like there's, they're supposedto put the security deposits in
like a separate account and holdthat and then give that back.
So I'm, I'm wondering if likethe only thing that this should,
I mean, if landlords are doingthings like legally or whatever,
the only thing would be is likeif a tenant is paying an
installment and then like intheir first month, causes more
(14:18):
damage than the security depositinstallment can cover.
You know what I mean?
That's an interesting thought.
Yeah.
I'd be interested to hearbecause it's$1,000 in damage,
but they've only paid the first$100 installment.
That would
SPEAKER_03 (14:31):
also, though, mean that either it was damage that
they did and reported to you,which I feel like is, I'm just
guessing, is rare, or you're alandlord that does a monthly
inspection, which also seemsrare.
I feel like that's not ascommon.
SPEAKER_02 (14:46):
That's Because usually, yeah, you're right.
It's
SPEAKER_03 (14:52):
at the end of the lease that those...
part of the security depositthing is that yeah a lot of
people do take that depositmoney and put it into a specific
(15:12):
account to hold security depositamounts to then be able to
return them to the tenant socash flow it really shouldn't I
don't think there are manyscenarios in which the unless
you're again like this mightreally only affect small mom and
pop landlords where you'retaking security deposit of money
and putting it directly intolike a checking account or
something like that seems alittle bit less common
SPEAKER_02 (15:34):
well I know like certain states though every
state has very specificlegislation I know certain
states you have to put thesecurity deposit in an interest
bearing account like a separateaccount that's not you know with
any of your other stuff and thenreturn the security deposit at
the end of the lease with theinterest that it collected yeah
okay I don't know whatPennsylvania is one of the
states though
SPEAKER_03 (15:54):
yeah again check your local you know make sure
that you're thorough withreading the laws in your
specific state and Check withyour financial advisor or CPA or
anybody that you can get goodadvice from.
You definitely want to takeanything that comes with money
advice.
Maybe you can listen to us, butmake sure that you're checking
with the professional.
(16:15):
What's the penalty if landlordsdon't comply?
Well, tenants could file acomplaint with the Fair Housing
Commission or take them tocourt.
So if you have a tenant that isgoing to act on it, I mean,
there could be pretty seriousconsequences.
So just, again, make sure thatyou're– Complying with the state
laws, you're not trying toswindle anybody or do anything
that's shady.
Just do your due diligence likewe always talk about.
(16:38):
Patrick, do you want to hearsome numbers?
Yes, I love numbers.
I like numbers too.
I find stats always veryfascinating.
It's very cool.
Stats to know.
48% of Philadelphia householdsare renters.
48%.
Okay.
Almost half of people that livein
SPEAKER_02 (16:55):
Philadelphia rent.
I feel like that.
I don't know.
I would be interested to knowwhat the national average is for
a big city.
But that feels right.
Half the people renting, halfthe people living.
Yeah.
SPEAKER_03 (17:07):
I don't know.
I mean, it's interesting becauseit's like just Philadelphia.
I'm not as familiar with Philly,but it's like you call
Cincinnati Cincinnati, right?
But like where we live kind ofgoes off.
north quite a bit into the burbsand so you have a lot of home
ownership but then like it wouldbe surprising to me if 50% of
Cincinnati rented as wellbecause it's such a big city
(17:28):
with so many neighborhoods Ifeel like there's a lot more
home ownership but I don't knowI could be wrong Philly has
about 55,000 landlords and 73%of them are considered small so
I'm guessing that falls withinthat 1 to 3%
SPEAKER_02 (17:42):
yeah that's what we I think you
SPEAKER_03 (17:44):
had mentioned that earlier so this law really is
only going to impact about 2526% of people.
Yeah.
Which is interesting.
I, you know, I don't know.
Again, Do the math.
Check out, check if you'reeligible for this law.
25% of landlords own betweenthree and 24 units and would be
affected by this law.
SPEAKER_02 (18:02):
So then that means, what's the, so
SPEAKER_01 (18:04):
that means 2%.
Let me chip in.
So Cincinnati, according torentcafe.com, has 61% of
households are renter occupied.
Okay.
SPEAKER_03 (18:14):
Really?
So it's more.
SPEAKER_02 (18:16):
Yeah.
SPEAKER_03 (18:16):
Yeah, but like that.
Fascinating.
SPEAKER_02 (18:18):
I mean, I'm assuming they're not just talking about
like houses.
I'm sure that, includes anyresidence, like apartments, like
an apartment would probablycount as a household.
So you got to think about allthe apartment buildings, you
know, versus like, you know, Ifeel like an apartment building
that has like a hundred units,let's say is, would be the same
number as like a neighborhood,cul-de-sac neighborhood with a
(18:39):
hundred houses, you know?
Yeah.
SPEAKER_03 (18:41):
I guess it's just surprising to me considering how
many like suburban neighborhoodsthere are.
A lot of those places can't berenters.
So.
But you're, I mean, you're in ahouse and you're renting, right?
That's true.
That's true.
That's true.
Yeah.
All right, so what happens next?
So the bill is on Mayor CherylParker's desk.
We got the name there.
(19:02):
So you can reach out to yourmayor if you want to voice your
opinions on this.
She apparently has 10 days tosign, which is as of Monday,
June 16th, veto or let it passautomatically.
So it's not enacted.
So it's on the desk.
We were wrong about thatearlier.
SPEAKER_02 (19:19):
I love that that's a fun fact, Mayor Cheryl Parker.
Mayor Cheryl Parker.
So that means it passed theCongress or whatever of Philly.
I don't know if that's what
SPEAKER_03 (19:30):
it's called.
Can you tell we know a lot aboutlocal government?
It passed the Congress ofPhilly.
It's the official name for
SPEAKER_02 (19:38):
it.
There's got to be some sort oflawmaking body, you know, that
is like what Congress is,Congress and the president.
Like that would be likesomething and the mayor.
Yeah.
And I don't know what thatsomething's called.
SPEAKER_03 (19:50):
I don't know.
Me neither.
But if vetoed, city council,which passed it 13 to 3.
So there you go.
City council.
SPEAKER_02 (19:56):
City council.
Boom.
That was the word.
Some governing
SPEAKER_01 (20:01):
body.
I don't know what
SPEAKER_03 (20:03):
the term is.
But yeah, so they passed it 13to 3.
But if they can override it andpush it through.
So it seems like as long as thevotes don't change for city
council, this is pretty much alock.
SPEAKER_02 (20:13):
Yeah, it seems like that's a lock.
Pretty much a lock.
SPEAKER_03 (20:15):
All right.
And we got a quote here to endthe news segment.
This was from the article fromcouncil member Rue Landau.
Rue Landau.
I'm not sure.
Sorry,
SPEAKER_02 (20:26):
Rue.
If you're listening, correct usin the email.
Yeah,
SPEAKER_03 (20:30):
email questions at therentishpot.com.
With phonetic spelling.
Yeah, your phonetic spelling ofyour name.
Quote, many times tenants arescraping together every single
cent they can.
Wages haven't kept up with rent.
We need to make it easier forpeople to move into safer homes,
end
SPEAKER_02 (20:44):
quote.
Well, I completely agree.
But$4,000 security deposits,even if you're splitting that
into installments, that's– Idon't know.
That's
SPEAKER_03 (20:53):
just– That's outrageous in my opinion.
I think that– I would be curiousto know what the legal motion
has been so far of people tryingto lobby to lower security
deposits.
I wonder if that's even a thing,because it's really just like...
I mean, if you're a mom or poplandlord, you could charge
whatever you want for thesecurity deposit.
I don't think that there's,like, a legal limit.
There might.
(21:14):
I mean,
SPEAKER_02 (21:14):
I don't know about Kelly, but there might be.
SPEAKER_01 (21:16):
I think they were just, like, showing the high
end.
The high end.
Like, because some places wanttwo months of rent on top of
your rent.
So, like, that would be three.
SPEAKER_02 (21:26):
Oh, that's probably one of the, you know, there's
probably a landlord whorequires, like, a huge security
deposit and first and lastmonth's rent.
SPEAKER_03 (21:32):
I've seen places like that.
Like, apartment hunting orwhatever, where I see that on
the Zillow.
and I'm like, nope.
I just scrolled right by.
Not legally saying that ordissuading any of our listeners
that may be property managers orlandlords that are listing their
apartment, but if I see a leasewhere it requires first last
month and a security deposit,nope.
I scroll right by.
(21:53):
I'm like, I don't, I'm not, Idon't need to put that much
money up front for an apartment.
SPEAKER_02 (21:58):
I had a lease where I had to pay the first month,
last month's rent, which wasannoying up front.
But also like when the lastmonth came, it was like, oh, I'm
renting for free now.
It was like, it was a goodfeeling in the last month.
Yeah.
It was like, you know, I'mliving for free this month.
What a nice treat.
SPEAKER_03 (22:12):
What
SPEAKER_04 (22:13):
a treat.
SPEAKER_03 (22:13):
Yeah.
SPEAKER_02 (22:15):
I just feel like
SPEAKER_01 (22:15):
it's a barrier to Trump.
No, I, so much of
SPEAKER_03 (22:18):
a barrier.
Yeah.
But all right.
Well, that's been the news.
The, the, the, Real news.
Forgot to intro the segment,really.
We just kind of started talkingabout the article.
But it doesn't matter.
We're having fun.
We're jazzing.
It's like, it's a beautifulsymphony over here.
Ad-libbing and laughing andjoking and having a good time.
(22:44):
Patrick.
Yes.
Why don't we dive into themailbag and take a listen to
what some people are asking thepodcast.
Don't know why I said it likethat.
I'm down.
All right.
Well, I think you're leadingthis segment, so.
I
SPEAKER_02 (22:59):
am.
Okay.
Well, welcome to ListenerQuestions, where we listen to
your questions.
SPEAKER_03 (23:06):
That's pretty cute.
I
SPEAKER_02 (23:08):
like
SPEAKER_03 (23:08):
that.
Welcome to Listener
SPEAKER_02 (23:09):
Questions, where we listen to your questions.
And do our best to answer them.
Yeah.
UNKNOWN (23:13):
Okay.
SPEAKER_02 (23:14):
Okay, first...
As
SPEAKER_03 (23:15):
a reminder.
As
SPEAKER_02 (23:16):
a reminder.
You
SPEAKER_03 (23:18):
know...
We're two guys that sometimesknow, but mostly we don't.
You know what I mean?
So it's like take our advice.
We're just here to have fun.
But make sure that you consultyour real estate professionals.
Do your own research and makesure that you're making an
educated decision.
We're just here to have fun andshare with you some of the
things that we've learned fromour professionals.
SPEAKER_02 (23:39):
We could be a good starting point, but, yeah,
definitely, definitely don'ttake everything we say as holy
text.
Okay.
What's up first?
Denise from Chicago asks, how doyou budget for a flipper rehab
when the price of materialsseems to change every week?
Is it worth moving forward ifyour numbers were based on last
month's Home Depot prices?
This
SPEAKER_03 (24:01):
is a great question, Denise.
Patrick and I have never flippeda house.
So we don't really know houseflipping, but budgeting– I mean,
obviously you have to plan for alot of different things in life,
but like changing, cost changingof materials, you know, I mean,
how do you, how do you budgetyour, your money?
(24:23):
Like you're an adult, you're,you're not living with, with mom
and dad anymore.
You're on your own.
How do you, how does Patrickbudget his money?
SPEAKER_02 (24:33):
Uh, so I'm probably not necessarily the, like, I
don't necessarily have like asuper good strategy.
I have a feeling that youprobably, you seem like somebody
who has a really good likeorganization with, with things.
Thanks.
I appreciate that.
Yeah.
Like, yeah, I do.
Now I'm even more curious tohear what your strategy is.
My strategy is like, I kind ofjust, I've got like all of my
bills on like auto pay, youknow, and I have a general idea
(24:55):
of like how much that's going tocost every month.
And then I kind of just like,um, I'm not like a huge– the
only thing I spend money on islike restaurants basically and
like I get groceries but likenot as much as most people
because I eat out at a lot ofrestaurants.
And Criterion Blu-rays.
Yeah, I don't buy as manyBlu-rays as I used to.
But my budgeting technique islike after I have a few big
(25:15):
expenses, I freak out and I stopspending stuff for like– a week
I'm like I live super bare bonesuntil I feel comfortable to
start spending again which isnot a good strategy but like I
had like what did I have Iaccidentally spent like$270 on
like a restaurant that was likeway way more expensive than I
was expecting right and I had tobuy like a flight to Seattle for
(25:39):
August and then I had to getlike my car worked on this was
all within the span of like aweek and a half okay and I was
like oh crap and I'm like Ican't spend any money and it was
just like every every meal waslike a turkey sandwich and I
didn't you know so it's notreally a good strategy I just
kind of you know my main thingis I just I try to like I have a
specific number that I try tosave every month and I just try
(26:02):
to make sure I'm like hittingthat at the end usually around
the end of the month I try tomake sure I'm moving that number
into my savings account and Ikind of just like feel it out
okay so it's not really A goodanswer, I feel
SPEAKER_03 (26:13):
like.
Got it.
Yeah.
So your strategy is pretty muchwing it based on feeling.
That's basically well said.
Can I spend money on this or amI too broke to do so?
That's funny, man.
Yeah.
I mean, not to be the lame duckin the room, but I am very...
(26:34):
What is it?
Is it type A is the one that'slike really analytical?
Isn't that the one?
I'm very type A when it comes tomoney and finances just because
it makes me feel a little bitbetter to plan everything out
and be prepared.
So I have a master spreadsheetin my Google Drive.
I called it.
Which has all of my basicallymoney, income.
(26:58):
And then based on like, Itypically go off like the
50-30-20 method,
SPEAKER_02 (27:02):
which I'm not sure if you're familiar with
SPEAKER_03 (27:04):
that.
But it's just a way to kind oflike generally break down.
It's like, what do I absolutelyneed to spend money
SPEAKER_02 (27:11):
on?
50 is needs,
SPEAKER_03 (27:12):
50%.
50% needs, 20% is wants, andthen 10% is savings.
Or I think you might flip tosomething like that, whatever,
yeah.
But it's, I don't really like,I'm not like religious like
follow that, but just an idea oflike, okay, so if I have this
much money coming in per month,these are the things that I know
I'm gonna be spending on, thisis what I'm gonna be budgeting
(27:34):
for, what's left over, that goesto the next thing where it's
like fun things that we haveplanned to do that specific
month, and then it's like howmuch money left over for that do
I It just goes directly tosavings or to investments.
And so I just kind of map thatout on a monthly basis.
And it changes month by month.
Grocery is different this month.
Gas is more expensive thismonth.
Travel for a wedding, travel forthis or like...
(27:57):
You know, so it's like, Igenerally have an idea of that.
And then any like unforeseenexpense throw into that sheet
and then it'll auto adjust likefor the rest of the categories.
Like what, what, what is left?
Like, can I spend a little bitmore this month?
Maybe I can afford a secondvideo game as opposed to my
typical, I spend one, like onone video game a month or
something like that.
So it's like, I, I, I can'timagine that that's that
(28:20):
different of my advice for how Iwould go about, you know,
budgeting for flipping orrehabbing is take what you've
got coming in faster.
Factor in your necessaryexpenses.
Factor in the things that youneed to spend money on and the
things that you maybe...
Just want to, because you canand see what that leaves you
with and see where, whatflexibility you have.
SPEAKER_02 (28:39):
Yeah.
And specifically about like the,in the question they're asking
about like fluctuating prices.
That's difficult.
Yeah.
So like, would you like, if thatwas you with your spreadsheet,
would you like plan for likethe, the highest end of that
just to be safe?
So that way you're not short ofmoney for like the monthly
payment
SPEAKER_01 (28:54):
sort of thing.
That's difficult.
We'll go ahead and say, that's agood idea because a lot of
people, they have like acontingency, like, they'll put
10 to 20% aside.
So like if you're, because Ifeel like a lot of people when
they do this flip, they'reintentionally thinking, okay, if
I buy a house that's fully goodand I don't need to flip it,
(29:15):
it's 300,000.
But then if I'm flipping a houseand it costs 220, then I have, I
don't know, like 50K set asidefor the flip.
And then they add like a 10% tothat.
And so you would also...
just in case materials switch,you'd have 55,000 instead of 50
(29:38):
just in case.
Right.
That makes sense.
That's sort of what people do.
SPEAKER_03 (29:43):
Yeah.
I mean, it's going to workdifferently for everybody.
So it's like, obviously...
If you're doing a house flip andyou need to budget, I would
probably recommend not using thePatrick message.
Where it's just like, we'll befine.
We'll just wing it.
How are we feeling?
It's like, we'll spend this muchmoney on getting a new roof and
then I can't eat food for thenext week.
It's just ramen.
(30:04):
It's just ramen.
It's just ramen, yeah.
But yeah, okay.
Well, thank you, Denise, foryour question.
That was a fun one.
I got another one here.
How about that?
SPEAKER_02 (30:12):
Yeah, you can do this one.
SPEAKER_03 (30:13):
Amina from Raleigh writes in, says, I'm tight on
money right now.
I just bought this duplex andwant to renovate some of the
flooring and paint to...
Sorry, Amina.
I'm tight on money right now.
I just bought this duplex andwant to renovate some of the
flooring and paint to give it aclean, fresh look.
We just spent a lot on this homeand I'm not sure painting or
(30:34):
installing new flooring is theway to go.
So she's asking us to choose forher.
Spend money on painting...
Or spend money on the flooring?
Oh, so is that the question?
I think it's like in eitherorder.
Okay, cool.
SPEAKER_02 (30:46):
What's more important to you?
What do you think is moreimportant to getting a...
I think, in my opinion, I wouldsay that paint is more
important.
Really?
In terms of just likeimmediate...
Yeah, I mean, well, it dependson...
I guess it kind of...
There's a lot of...
variables there it's like whatis the current state of the
flooring and the paint rightlike if the paint is fine and
(31:07):
the flooring is terrible likeobviously like the flooring
SPEAKER_03 (31:10):
yeah I mean it's not being very specific with some of
your details but I do think thatit's based on necessity what's
the most urgent for are youtrying to rent this place are
the floors not Are they likejagged or rough or you need
carpet or you need to redo thehardwood?
It's like, if that's the case,then you should probably focus
on the thing that's gonna impacttenants from moving in.
But if you're just renovatingthe house and you can take it
(31:32):
slow, I don't know.
I would say maybe do whicheverone is cheapest or most feasible
at the moment.
SPEAKER_02 (31:37):
I would say like– yeah.
No, that's a way better answer.
I would say when I walk into aroom, like the color of the wall
– there's like– different paintshave like completely different
vibes and sometimes a room feelslike really just like not
welcoming if it's like a reallyugly– like really ugly wallpaper
or something like that.
You know what I mean?
SPEAKER_03 (31:57):
If you could paint your house any color, what would
you paint it?
SPEAKER_02 (32:00):
Ooh, I would want different rooms to be different
colors.
But are you saying like everyroom has to be the same
SPEAKER_03 (32:05):
color?
No, no, no.
You can have different colors,different colors.
SPEAKER_02 (32:08):
Like a warm, I like a warm salmon.
A warm salmon.
Kind of like your shirt.
Is that warm salmon?
This is a little, I would say alittle like lighter salmon.
I like salmon a lot, like anorangish pink.
Big fan of that.
I like it with
SPEAKER_03 (32:23):
a little bit of lemon and asparagus.
Yeah, I
SPEAKER_02 (32:29):
don't know.
A light blue.
What about you?
SPEAKER_03 (32:33):
I'm a big fan of olive as a color, like olive
green.
I think it kind of has like anatural sort of vibe.
I feel like it would go wellwith– I have a lot of like– I
have a wood bookcase that I loveand my TV stand in entertainment
is like a natural wood kind ofthing.
So it's like I feel like thatwould fit in really well with an
olive wall color.
(32:53):
So that would be my go.
That's a good one.
All right.
Well, thank you, Amina.
We got one more question.
Patrick?
SPEAKER_02 (33:00):
Gina from Philadelphia.
Hey, we were just talking
SPEAKER_03 (33:04):
about Philadelphia.
Gina eating a Philly cheesestick or eating a Philly dry
steak
SPEAKER_02 (33:09):
right now.
SPEAKER_03 (33:10):
Paying
SPEAKER_02 (33:10):
rent and installments or security
deposits and stuff.
Gina asks, what's the best wayto get resources on real estate
that you find beneficial?
SPEAKER_03 (33:21):
Well, this is a cheat code for us because we get
such great knowledgeableproducers that know all about
the real estate and propertymanagement world.
They're able to kind of helpeducate us.
But a lot of stuff that theyfind is basically based on their
own pure research.
I mean, we say you own property,you rent it out.
What were the best resources ortools that you went to to find
(33:42):
out about that kind of stuff?
Or your questions, your fears,your concerns, any of that
stuff?
Bigger
SPEAKER_01 (33:47):
pockets.
I feel like that was helpfulbecause I would just put
questions in there.
Like, what do I do with this ifyou do that?
And then there There's peoplethat respond on there.
So I feel like, you know, Ithink you do have to pay for
that membership, butBiggerPockets is really helpful.
And then just constantly askingpeople who are in the same kind
of boat, who've done it for awhile.
(34:09):
I
SPEAKER_03 (34:09):
mean, I would go even a step beyond that and just
say the internet and forums ingeneral.
I think you can get a lot ofreally good knowledge from going
to places like Reddit, likelarge online forums where
there's, I'm sure there aremillions of subreddits for
landlords or property investorsor people that that are doing
house flipping or house hacking.
So it's like you can go thereand get a lot of really good
(34:30):
insight and use websites andtools that you trust, resources
online.
I think that's all a greatplace.
I mean, the internet is abountiful place of knowledge
that you can use.
Just make sure you trust thesources you're getting the info
from.
And as always, you can listen tothis show for insightful
resources on real estate.
We talk to pros like we've hadJohn Blatchford, we've had Mary
(34:51):
Regano on the show.
Yeah, we say, not like...
We say...
levi abramson a lot of greatminds intellectual minds in the
real estate and propertymanagement world that can
provide a lot of really greatinsight for you so i'm beneath
you guys i'm not an
SPEAKER_01 (35:04):
expert
SPEAKER_03 (35:05):
no that's not true at
SPEAKER_02 (35:06):
all okay no but you're no like you're you you
know you've you've boughtproperty you have rental
property that's more than wehave so like i think that we've
had people on different likeparts of the journey you know
which i think is important youknow yep because not everyone's
trying to own like you know 50properties some people are just
trying to get into that firstproperty like for example for me
i would seek advice from peoplelike you you know who are like
who've made that first step andjust asking a bunch of people
(35:29):
who like are one or two stepslike ahead of me i think that's
really important just gatheringall sorts of different opinions
from from different people
SPEAKER_01 (35:37):
you know nice
SPEAKER_02 (35:37):
for sure
SPEAKER_03 (35:39):
well Now that we got the hug session out, the
emotional hug session.
Thank you all for listening tothis episode of the Rentish Pod.
It's been really fun, Patrick.
It's been really great to talkwith you today.
It's pouring buckets outsideright now.
SPEAKER_02 (35:54):
I was supposed to do trivia in the park tonight.
That's a little
SPEAKER_03 (35:58):
bit of a bummer.
You know what's not a bummer?
This show.
You can follow it on manydifferent places.
Like I said at the top of theshow, Spotify, Apple Podcasts,
wherever you get your podcasts.
Rate us, review us, give us athumbs up or a comment.
Subscribe to the show.
Hit the notification bell if youwant to be notified when new
episodes go live.
And you can email questions attherentishpod.com.
(36:19):
Find us on social media attherentishpod on Instagram.
We thank you.
We appreciate you for listening.
I've been Zach.
That's been Patrick.
That's been Moussey.
And we'll see you guys nexttime.
you
SPEAKER_03 (00:04):
What's going on, everyone?
I'm Zach, and I'm here with myco-host, Patrick.
What up?
We're your hosts for The RentishPodcast.
Like I said at the top of theshow, it's a podcast about
rental properties and hosted bytwo guys that work in the real
estate industry and sort of knowwhat they're talking about.
That was a good time for a sipof coffee, wasn't it?
You're panicking now.
But mostly don't.
There you go.
That was literally, you couldn'thave timed that anywhere.
(00:27):
No, you went fast.
Dude, you speed ran that.
All right, well, I'll try to goa little bit slower.
But yeah, mostly we don't,Patrick, which is why I think
you're going to have fun hearingus talk to experts and learning
with us or laughing along at howlittle we know.
We had to get started El Rapidobecause producer Miss A over
here was like,
SPEAKER_00 (00:43):
guys, it's already 2.30 and we gotta hit the pod,
we gotta go record.
SPEAKER_03 (00:47):
That's how you sound.
That's a good impression.
Somebody
SPEAKER_01 (00:50):
has to hold you guys.
SPEAKER_03 (00:51):
Yeah, no, it's true.
We were talking about ArtNouveau and we were like, why
aren't they educating the kidson these black and white movies?
So we got a little bitdistracted, but I guess we're
back.
Patrick,
SPEAKER_02 (01:02):
how's your day going?
Oh, how's my day going?
I'm I'm good, how are you?
Pretty
SPEAKER_03 (01:05):
good, pretty good.
Better than the last time werecorded, which I was battling a
massive headache the whole day.
Today I'm all caffeinated up.
SPEAKER_02 (01:14):
Watched the Superman trailer 15 times, the best
medicine.
SPEAKER_03 (01:17):
Yeah, still.
Tickets secured.
I've got my tickets for openingnight of both Superman and
Fantastic Four.
Gonna see 28 Years Later thisweekend, and then Jurassic Park,
I guess, the week after that orsomething like that.
So summer movie season is here,baby.
Are
SPEAKER_02 (01:34):
you seeing F1?
Please tell me yes.
SPEAKER_03 (01:36):
Please support that movie.
Yeah, I do want to see that inthe theater.
Yeah, I'll see it in thetheater.
Okay.
That's what I'm excited about.
SPEAKER_02 (01:43):
Because it's an original movie with a$300
million budget.
And if it doesn't make its moneyback, I'm afraid that Hollywood
won't make big budget movies ofthat budget anymore.
Because they're going to belike, see?
Original movies don't makemoney.
So even if it sucks, I hope.
But it's based off a very
SPEAKER_03 (01:56):
marketable property.
That movie's going to makemoney.
I don't think you need to worryabout F1 starring Brad Pitt
about the very popular sport.
SPEAKER_02 (02:03):
No, yeah.
But if it didn't make money,then we're in trouble.
SPEAKER_03 (02:08):
sure I think it's gonna be fine I think you can
it's the guy that did Top GunMaverick we all know that we all
know what we're in store for soyeah gonna be good but awesome
well you're good you're goodtoday you got your coffee I'm
good I'm almost done with mycoffee so
SPEAKER_02 (02:22):
let me take
SPEAKER_03 (02:22):
another sip okay you're gonna have to have the
producer go make you another oneright he won't he won't thank
you for listening to thisepisode of The Rentish it's
gonna be a fun one we got a lotof fun stuff to talk about today
but before we get into thatplease remember to like the show
on various platforms If you goto Spotify, if you're subscribed
there, hit the notification belland subscribe to the show.
(02:43):
Follow us.
Give us a five-star review.
If you're using Apple Podcasts,give us a review there and leave
us a comment.
Subscribe to the show.
Email questions attherentishpod.com.
If you have a question, comment,or any kind of topic suggestion,
real estate topic, moviethoughts, summer movie season,
whatever you want Patrick and Ito talk about, there are no
limits.
(03:03):
Nothing's off limits.
Isn't that right, producerMerce?
You're going to comb throughthat email box and
SPEAKER_01 (03:08):
Yeah.
Nothing's off limits.
I read through them.
We get a lot of questions fromour listeners and I will respond
personally.
Oh, you have a personalresponse.
How about that?
Didn't
SPEAKER_03 (03:19):
even know that that was something we were offering
yet.
Yeah.
And then that's it.
Yeah.
Like and subscribe and hang out.
And we thank you all for gettingthis far in the show and we
appreciate you listening.
And we're going to talk aboutreal estate and property
management.
It's not all just ha-has andyuck-yucks.
We're going to talk aboutPhiladelphia renters, which is
going to be an interesting thingto learn about.
And then we're also going totalk about listener questions.
(03:42):
I've got an article here fromY.org.
Big changes coming for Phillyrenters.
No more giant security depositsup front.
So it's an article aboutPhiladelphia, the renting market
there, and security deposits.
Pat.
Did you read the
SPEAKER_02 (03:56):
resource?
I actually did.
I started reading it and then itwas about Philadelphia so then I
ended up not finishing it.
I looked up top 10 best Phillycheesesteaks in Philly.
What did you find?
I had the thing.
It was like Delicat.
Let me find it.
You can't even have acheesesteak.
I love a Philly cheesesteak.
(04:18):
No cheese.
SPEAKER_03 (04:19):
That's not a cheesesteak.
Yes, it is.
It's a steak, I guess.
It's a Philly steak.
Philly dry steak
SPEAKER_02 (04:26):
yeah yeah I mean as long as it's got like a little
bit of mayo on there I love aPhilly sandwich however you want
to call
SPEAKER_03 (04:31):
it I mean I can see that being good vegan
SPEAKER_02 (04:34):
cheese I've not had a vegan cheese on a Philly
cheesesteak because can't youbuy vegan whiz like yeah they've
got vegan everything nowadays Ihaven't had it yeah I haven't
had it on a Philly I just likeyou know I don't feel like I'm
necessarily even missinganything like I love a Philly
cheesesteak as long as it's gotsome mayo some sauteed onions
and peppers oh it's like aflavor of it It's
SPEAKER_03 (04:55):
a good sandwich.
Yeah.
Well, we're not talking aboutthe food of Philadelphia,
unfortunately, Patrick.
We're going to be talking aboutsome rental stuff that's going
on right now.
Philadelphia renters may soonget major relief on move-in
costs.
A new bill passed by citycouncil would let tenants pay
security deposits ininstallments, which has been a
big shift from the typical lumpsum payment.
If signed into law, it couldchange how nearly half of Philly
(05:17):
rents.
Pat, before we get into some ofthe details of the article,
thoughts on this?
Paying security depositsinstallments.
Good idea?
Bad idea?
What do you think?
Security deposits ininstallments?
Paying your security deposit ininstallments.
SPEAKER_02 (05:30):
I can– I don't know if it's necessarily– I think
it's going to– I think landlordsare going to like it less.
I think tenants might like itmore.
Yeah, it seems
SPEAKER_03 (05:38):
– I mean obviously from the article title, it seems
like it's pretty pro-tenant.
SPEAKER_02 (05:42):
Yeah.
Yeah, I can definitely seelandlords not being– I don't
necessarily– this is notsomething I have like super
strong feelings about.
Okay.
I mean because security depositsultimately is like something
that you end up– usually gettingback as you know I feel like I
might feel more strongly aboutlike the cases that landlords
like as I've gotten screwed overby landlords like keeping
(06:02):
security deposits for BS reasonsyou know how the security
deposit gets paid is notsomething like I necessarily
feel as strongly about yeah whatabout you I
SPEAKER_03 (06:11):
mean I think that any pro-tenant is usually a good
move but I'm saying that as atenant like I'm a renter so like
if they provided me the optionwith their like hey you can
either pay this$1,700 securitydeposit all right now pay the
money, or it's like, well, it'slike a deposit that you're
theoretically gonna get back, sowhat if we just break it up into
12 installments and put it onyour rent?
(06:32):
It's like, okay, I mean,theoretically, if I treat the
place nice, I should get thatmoney back anyway, so what's the
harm in me paying you that moneyover time?
Especially if it's in the leasecontract.
That's just my takeaway fromliterally just a few seconds
into reading the article.
All right, well, let's dive alittle bit deeper.
So what is gonna be changingspecifically?
So security deposits can payover time, can be paid over
(06:53):
time.
Sorry, landlords with three plusunits must allow tenants to
split security deposits intothree monthly payments.
I'm guessing this is...
The article is stating this ifthe bill is passed.
A new bill passed by citycouncil.
So I think this has already beenpassed.
It's enacted.
Holy cow.
Landlords with three plus unitsmust allow tenants to split
(07:13):
security deposits into threemonthly payments.
But can the tenant just pay itall up front?
That's a good question.
I don't have the answer for youright now.
Okay.
I would assume yes.
Yeah.
I don't know why they wouldprevent that if the tenant was
asking to do so.
Yeah.
UNKNOWN (07:28):
Okay.
SPEAKER_03 (07:28):
But yeah, this breaks up what's normally a huge
upfront cost,$4,500 for a$1,500unit.
How does that math work?
I think that's
SPEAKER_02 (07:36):
an excess.
See, that's something I feellike I don't think security
deposits should be moreexpensive than a month's rent.
Yeah, that's a
SPEAKER_03 (07:41):
weird thing for me too.
Every security deposit that I'veever had has been equal to or
less than-
SPEAKER_02 (07:46):
Yeah,
SPEAKER_03 (07:47):
a month of
SPEAKER_02 (07:47):
rent.
A month of rent.
I agree.
I think absurdly high securitydeposits are bogus.
SPEAKER_03 (07:52):
Yeah, that's pretty crazy.
Application fees are also goingto be capped and they're limited
to$50 max.
SPEAKER_02 (07:58):
Okay.
Thank you.
SPEAKER_03 (07:58):
I think that makes sense, charging someone$50.
I think
SPEAKER_02 (08:03):
more than$50 is also outrageous.
SPEAKER_03 (08:04):
Yeah, I personally, as a renter, would not fill out
an application that costs morethan...
A hundred bucks.
I don't even know if I'd scratchthe$40 limit.
Somewhere around there.
If background checks cost lessthan that, landlords can only
charge what it costs them.
Small landlords are exempt fromthis rule, though.
Only landlords with three-plusunits are required to follow the
new rules.
73% of landlords in Philly areconsidered small, owning one to
(08:28):
two units So the law reallywon't apply to that.
Interesting.
So.
If you're a big-time landlord,you've got to follow big-time
rules.
It applies to you.
That should have been the titleof your article.
No, that should be the title ofthe podcast.
Big-time landlords followbig-time rules.
This isn't retroactive, though,Patrick.
(08:50):
These changes only apply to newleases, not current ones.
So the law goes into effect 90days after being signed.
SPEAKER_02 (08:56):
Yeah, I mean, that makes sense.
Like, you know, theoretically,leases already...
enacted, you've probably alreadypaid the security deposit, I
assume.
Right.
You know what I mean?
So
SPEAKER_03 (09:06):
this is probably null for a lot of people.
Right.
I mean, like you're in themiddle of your lease, no sense
in going and being like throwinga fit about like, well, I could
have paid this in installments.
Yeah.
I want my security deposit backand I want to
SPEAKER_02 (09:17):
repay it in
SPEAKER_03 (09:17):
installments.
Exactly.
Yeah.
No, it makes sense.
But yeah.
So a couple of things that wecan talk about here.
So why does this matter forPhilly tenants?
I mean, obviously...
you could probably, we kind ofsaid at the beginning, it's very
pro, it's pro-renter.
Paying$4,000 plus before move-inis a major barrier and
installments can make it moremanageable for a lot of
SPEAKER_02 (09:38):
people.
I'm just still at this$4,000thing.
That's just like, that bugs me.
Like a security deposit thatexpensive?
I've never had to do pay onelike that.
SPEAKER_03 (09:47):
Producer Musse for the, we need an expert Google
search or like a web, or no, notGoogle.
We don't use Google.
We use a pro real estateservice.
Experts sitting around a tablelike Dr.
Strangelove.
SPEAKER_04 (10:01):
That's what I'm picturing.
SPEAKER_03 (10:02):
Can you figure out for us what is the average
security deposit amount in theU.S.?
And then New Philly,
SPEAKER_02 (10:09):
maybe.
SPEAKER_03 (10:09):
And then maybe New Philly, yeah, too.
Because I was thinking likeaverage security deposit.
Didn't we do an episode recentlywhere we talked about that
current average rent across theU.S.
is like$1,500 right now orsomething like that?
I think it was definitely lessthan that.
Less than that?
Yeah.
For the average rent?
Yeah, I think.
I don't know.
I could be wrong on that, too.
But I feel like this the averagesecurity deposit in the U.S.
(10:30):
would be close to that.
Somewhere around there.
Anything from the experts?
SPEAKER_01 (10:34):
So average rents in early 2025 range from$1,500 to
$1,850.
Wow.
That's according to azibo.comand Zillow.
SPEAKER_03 (10:46):
Okay.
SPEAKER_01 (10:47):
And then for Philadelphia, Philadelphia.
Is this for rent or securitydeposit?
That's for...
SPEAKER_02 (10:56):
I just didn't think that people charged that much
for a security deposit.
SPEAKER_01 (11:00):
Yeah.
It should be your month's rent.
SPEAKER_02 (11:02):
Yeah.
No, like$4,000 seems excessive.
But yeah, I mean, obviously, ifthat's what people in this
article saying is$4,000 plus onsecurity deposits, obviously
tenants are going to need to paythat in installments.
Like that's not feasible.
SPEAKER_03 (11:15):
I mean, that is a substantial amount of money to
have to be forced to pay upfront, which is what makes me
think that this mightspecifically be referencing like
not all deposits are$4,000.
Like there's no way.
Maybe that's like a commercialthing.
So according to the article, itsays right now for an apartment
that costs$1,500 a month, alandlord can charge.
(11:35):
$4,500 to be paid before movingoh wow so I think it's just the
fact that it's like that mightbe like law that that's the max
that you can do or there's likean amount if you have this much
money paid in rent you cancharge up to this money for a
security deposit so thiscertainly isn't the way with
that every landlord's gonna doit but it just sounds I think
they're just expecting in thearticle it's like on the extreme
(11:58):
level if you end up finding aplace you really like it it's
got a good you know affordablerent for you it's in a good
location fits your needs for youand your family or whoever
you're living with, and thelandlord wants to charge up to
$4,500.
This is what they're targeting,is that landlords could
theoretically charge that much.
Gotcha.
On the high end, but I stillthink that's outrageous.
(12:19):
Oh yeah.
Personally, it's like.
Totally.
Unless you're living in like NewYork or Los Angeles and your
rent is close to$4,000.
That makes sense.
But yeah, so does this help lowincome renters the most?
Yeah.
Yeah, for sure.
Pretty straightforward.
Many renters have had to borrowmoney or delay bills just to
move in.
So this could ease that burden.
(12:40):
So again, like you get saddledup with a really bad security
deposit.
You may have to take out a loanor go into debt to be able to
pay take out money, withdrawmoney, do whatever you got to
do.
This helps lighten that load,ease that burden, and work
within the landlord's terms.
Will pet fees or other costs beaffected?
And the answer to that is no.
The law does not covernon-refundable pet fees or pet
(13:03):
rent.
Oh, so they can charge$3,000 apet deposit for the dog.
Your cat can stay with you for$50 a month, but he also owes
$5,000 a security deposit.
Poor Whiskers is going to haveto take out a chime loan.
And then on the flip side,though, those are some things
that tenants have to keep inmind.
(13:24):
On the opposite side, landlords,should landlords be worried?
If landlords own fewer thanthree units, nothing really
changes.
So, I mean, those kind ofpeople, small mom and pop
landlords, don't really need tobe worried about this.
For larger landlords, it justreally means that you have to be
more flexible with your timing.
And considering the fact that ifyou are a larger landlord and
you have more than threeunits...
(13:46):
you could probably stand from afinancial perspective to have a,
an installment plan with yourtenant.
I don't think it's going toshake up too much of your
finance.
SPEAKER_02 (13:54):
It shouldn't shake up any of the finances.
I'm confused about because likelandlords, it's not like rent,
it's not income for them.
Like there's, they're supposedto put the security deposits in
like a separate account and holdthat and then give that back.
So I'm, I'm wondering if likethe only thing that this should,
I mean, if landlords are doingthings like legally or whatever,
the only thing would be is likeif a tenant is paying an
installment and then like intheir first month, causes more
(14:18):
damage than the security depositinstallment can cover.
You know what I mean?
That's an interesting thought.
Yeah.
I'd be interested to hearbecause it's$1,000 in damage,
but they've only paid the first$100 installment.
That would
SPEAKER_03 (14:31):
also, though, mean that either it was damage that
they did and reported to you,which I feel like is, I'm just
guessing, is rare, or you're alandlord that does a monthly
inspection, which also seemsrare.
I feel like that's not ascommon.
SPEAKER_02 (14:46):
That's Because usually, yeah, you're right.
It's
SPEAKER_03 (14:52):
at the end of the lease that those...
part of the security depositthing is that yeah a lot of
people do take that depositmoney and put it into a specific
(15:12):
account to hold security depositamounts to then be able to
return them to the tenant socash flow it really shouldn't I
don't think there are manyscenarios in which the unless
you're again like this mightreally only affect small mom and
pop landlords where you'retaking security deposit of money
and putting it directly intolike a checking account or
something like that seems alittle bit less common
SPEAKER_02 (15:34):
well I know like certain states though every
state has very specificlegislation I know certain
states you have to put thesecurity deposit in an interest
bearing account like a separateaccount that's not you know with
any of your other stuff and thenreturn the security deposit at
the end of the lease with theinterest that it collected yeah
okay I don't know whatPennsylvania is one of the
states though
SPEAKER_03 (15:54):
yeah again check your local you know make sure
that you're thorough withreading the laws in your
specific state and Check withyour financial advisor or CPA or
anybody that you can get goodadvice from.
You definitely want to takeanything that comes with money
advice.
Maybe you can listen to us, butmake sure that you're checking
with the professional.
(16:15):
What's the penalty if landlordsdon't comply?
Well, tenants could file acomplaint with the Fair Housing
Commission or take them tocourt.
So if you have a tenant that isgoing to act on it, I mean,
there could be pretty seriousconsequences.
So just, again, make sure thatyou're– Complying with the state
laws, you're not trying toswindle anybody or do anything
that's shady.
Just do your due diligence likewe always talk about.
(16:38):
Patrick, do you want to hearsome numbers?
Yes, I love numbers.
I like numbers too.
I find stats always veryfascinating.
It's very cool.
Stats to know.
48% of Philadelphia householdsare renters.
48%.
Okay.
Almost half of people that livein
SPEAKER_02 (16:55):
Philadelphia rent.
I feel like that.
I don't know.
I would be interested to knowwhat the national average is for
a big city.
But that feels right.
Half the people renting, halfthe people living.
Yeah.
SPEAKER_03 (17:07):
I don't know.
I mean, it's interesting becauseit's like just Philadelphia.
I'm not as familiar with Philly,but it's like you call
Cincinnati Cincinnati, right?
But like where we live kind ofgoes off.
north quite a bit into the burbsand so you have a lot of home
ownership but then like it wouldbe surprising to me if 50% of
Cincinnati rented as wellbecause it's such a big city
(17:28):
with so many neighborhoods Ifeel like there's a lot more
home ownership but I don't knowI could be wrong Philly has
about 55,000 landlords and 73%of them are considered small so
I'm guessing that falls withinthat 1 to 3%
SPEAKER_02 (17:42):
yeah that's what we I think you
SPEAKER_03 (17:44):
had mentioned that earlier so this law really is
only going to impact about 2526% of people.
Yeah.
Which is interesting.
I, you know, I don't know.
Again, Do the math.
Check out, check if you'reeligible for this law.
25% of landlords own betweenthree and 24 units and would be
affected by this law.
SPEAKER_02 (18:02):
So then that means, what's the, so
SPEAKER_01 (18:04):
that means 2%.
Let me chip in.
So Cincinnati, according torentcafe.com, has 61% of
households are renter occupied.
Okay.
SPEAKER_03 (18:14):
Really?
So it's more.
SPEAKER_02 (18:16):
Yeah.
SPEAKER_03 (18:16):
Yeah, but like that.
Fascinating.
SPEAKER_02 (18:18):
I mean, I'm assuming they're not just talking about
like houses.
I'm sure that, includes anyresidence, like apartments, like
an apartment would probablycount as a household.
So you got to think about allthe apartment buildings, you
know, versus like, you know, Ifeel like an apartment building
that has like a hundred units,let's say is, would be the same
number as like a neighborhood,cul-de-sac neighborhood with a
(18:39):
hundred houses, you know?
Yeah.
SPEAKER_03 (18:41):
I guess it's just surprising to me considering how
many like suburban neighborhoodsthere are.
A lot of those places can't berenters.
So.
But you're, I mean, you're in ahouse and you're renting, right?
That's true.
That's true.
That's true.
Yeah.
All right, so what happens next?
So the bill is on Mayor CherylParker's desk.
We got the name there.
(19:02):
So you can reach out to yourmayor if you want to voice your
opinions on this.
She apparently has 10 days tosign, which is as of Monday,
June 16th, veto or let it passautomatically.
So it's not enacted.
So it's on the desk.
We were wrong about thatearlier.
SPEAKER_02 (19:19):
I love that that's a fun fact, Mayor Cheryl Parker.
Mayor Cheryl Parker.
So that means it passed theCongress or whatever of Philly.
I don't know if that's what
SPEAKER_03 (19:30):
it's called.
Can you tell we know a lot aboutlocal government?
It passed the Congress ofPhilly.
It's the official name for
SPEAKER_02 (19:38):
it.
There's got to be some sort oflawmaking body, you know, that
is like what Congress is,Congress and the president.
Like that would be likesomething and the mayor.
Yeah.
And I don't know what thatsomething's called.
SPEAKER_03 (19:50):
I don't know.
Me neither.
But if vetoed, city council,which passed it 13 to 3.
So there you go.
City council.
SPEAKER_02 (19:56):
City council.
Boom.
That was the word.
Some governing
SPEAKER_01 (20:01):
body.
I don't know what
SPEAKER_03 (20:03):
the term is.
But yeah, so they passed it 13to 3.
But if they can override it andpush it through.
So it seems like as long as thevotes don't change for city
council, this is pretty much alock.
SPEAKER_02 (20:13):
Yeah, it seems like that's a lock.
Pretty much a lock.
SPEAKER_03 (20:15):
All right.
And we got a quote here to endthe news segment.
This was from the article fromcouncil member Rue Landau.
Rue Landau.
I'm not sure.
Sorry,
SPEAKER_02 (20:26):
Rue.
If you're listening, correct usin the email.
Yeah,
SPEAKER_03 (20:30):
email questions at therentishpot.com.
With phonetic spelling.
Yeah, your phonetic spelling ofyour name.
Quote, many times tenants arescraping together every single
cent they can.
Wages haven't kept up with rent.
We need to make it easier forpeople to move into safer homes,
end
SPEAKER_02 (20:44):
quote.
Well, I completely agree.
But$4,000 security deposits,even if you're splitting that
into installments, that's– Idon't know.
That's
SPEAKER_03 (20:53):
just– That's outrageous in my opinion.
I think that– I would be curiousto know what the legal motion
has been so far of people tryingto lobby to lower security
deposits.
I wonder if that's even a thing,because it's really just like...
I mean, if you're a mom or poplandlord, you could charge
whatever you want for thesecurity deposit.
I don't think that there's,like, a legal limit.
There might.
(21:14):
I mean,
SPEAKER_02 (21:14):
I don't know about Kelly, but there might be.
SPEAKER_01 (21:16):
I think they were just, like, showing the high
end.
The high end.
Like, because some places wanttwo months of rent on top of
your rent.
So, like, that would be three.
SPEAKER_02 (21:26):
Oh, that's probably one of the, you know, there's
probably a landlord whorequires, like, a huge security
deposit and first and lastmonth's rent.
SPEAKER_03 (21:32):
I've seen places like that.
Like, apartment hunting orwhatever, where I see that on
the Zillow.
and I'm like, nope.
I just scrolled right by.
Not legally saying that ordissuading any of our listeners
that may be property managers orlandlords that are listing their
apartment, but if I see a leasewhere it requires first last
month and a security deposit,nope.
I scroll right by.
(21:53):
I'm like, I don't, I'm not, Idon't need to put that much
money up front for an apartment.
SPEAKER_02 (21:58):
I had a lease where I had to pay the first month,
last month's rent, which wasannoying up front.
But also like when the lastmonth came, it was like, oh, I'm
renting for free now.
It was like, it was a goodfeeling in the last month.
Yeah.
It was like, you know, I'mliving for free this month.
What a nice treat.
SPEAKER_03 (22:12):
What
SPEAKER_04 (22:13):
a treat.
SPEAKER_03 (22:13):
Yeah.
SPEAKER_02 (22:15):
I just feel like
SPEAKER_01 (22:15):
it's a barrier to Trump.
No, I, so much of
SPEAKER_03 (22:18):
a barrier.
Yeah.
But all right.
Well, that's been the news.
The, the, the, Real news.
Forgot to intro the segment,really.
We just kind of started talkingabout the article.
But it doesn't matter.
We're having fun.
We're jazzing.
It's like, it's a beautifulsymphony over here.
Ad-libbing and laughing andjoking and having a good time.
(22:44):
Patrick.
Yes.
Why don't we dive into themailbag and take a listen to
what some people are asking thepodcast.
Don't know why I said it likethat.
I'm down.
All right.
Well, I think you're leadingthis segment, so.
I
SPEAKER_02 (22:59):
am.
Okay.
Well, welcome to ListenerQuestions, where we listen to
your questions.
SPEAKER_03 (23:06):
That's pretty cute.
I
SPEAKER_02 (23:08):
like
SPEAKER_03 (23:08):
that.
Welcome to Listener
SPEAKER_02 (23:09):
Questions, where we listen to your questions.
And do our best to answer them.
Yeah.
UNKNOWN (23:13):
Okay.
SPEAKER_02 (23:14):
Okay, first...
As
SPEAKER_03 (23:15):
a reminder.
As
SPEAKER_02 (23:16):
a reminder.
You
SPEAKER_03 (23:18):
know...
We're two guys that sometimesknow, but mostly we don't.
You know what I mean?
So it's like take our advice.
We're just here to have fun.
But make sure that you consultyour real estate professionals.
Do your own research and makesure that you're making an
educated decision.
We're just here to have fun andshare with you some of the
things that we've learned fromour professionals.
SPEAKER_02 (23:39):
We could be a good starting point, but, yeah,
definitely, definitely don'ttake everything we say as holy
text.
Okay.
What's up first?
Denise from Chicago asks, how doyou budget for a flipper rehab
when the price of materialsseems to change every week?
Is it worth moving forward ifyour numbers were based on last
month's Home Depot prices?
This
SPEAKER_03 (24:01):
is a great question, Denise.
Patrick and I have never flippeda house.
So we don't really know houseflipping, but budgeting– I mean,
obviously you have to plan for alot of different things in life,
but like changing, cost changingof materials, you know, I mean,
how do you, how do you budgetyour, your money?
(24:23):
Like you're an adult, you're,you're not living with, with mom
and dad anymore.
You're on your own.
How do you, how does Patrickbudget his money?
SPEAKER_02 (24:33):
Uh, so I'm probably not necessarily the, like, I
don't necessarily have like asuper good strategy.
I have a feeling that youprobably, you seem like somebody
who has a really good likeorganization with, with things.
Thanks.
I appreciate that.
Yeah.
Like, yeah, I do.
Now I'm even more curious tohear what your strategy is.
My strategy is like, I kind ofjust, I've got like all of my
bills on like auto pay, youknow, and I have a general idea
(24:55):
of like how much that's going tocost every month.
And then I kind of just like,um, I'm not like a huge– the
only thing I spend money on islike restaurants basically and
like I get groceries but likenot as much as most people
because I eat out at a lot ofrestaurants.
And Criterion Blu-rays.
Yeah, I don't buy as manyBlu-rays as I used to.
But my budgeting technique islike after I have a few big
(25:15):
expenses, I freak out and I stopspending stuff for like– a week
I'm like I live super bare bonesuntil I feel comfortable to
start spending again which isnot a good strategy but like I
had like what did I have Iaccidentally spent like$270 on
like a restaurant that was likeway way more expensive than I
was expecting right and I had tobuy like a flight to Seattle for
(25:39):
August and then I had to getlike my car worked on this was
all within the span of like aweek and a half okay and I was
like oh crap and I'm like Ican't spend any money and it was
just like every every meal waslike a turkey sandwich and I
didn't you know so it's notreally a good strategy I just
kind of you know my main thingis I just I try to like I have a
specific number that I try tosave every month and I just try
(26:02):
to make sure I'm like hittingthat at the end usually around
the end of the month I try tomake sure I'm moving that number
into my savings account and Ikind of just like feel it out
okay so it's not really A goodanswer, I feel
SPEAKER_03 (26:13):
like.
Got it.
Yeah.
So your strategy is pretty muchwing it based on feeling.
That's basically well said.
Can I spend money on this or amI too broke to do so?
That's funny, man.
Yeah.
I mean, not to be the lame duckin the room, but I am very...
(26:34):
What is it?
Is it type A is the one that'slike really analytical?
Isn't that the one?
I'm very type A when it comes tomoney and finances just because
it makes me feel a little bitbetter to plan everything out
and be prepared.
So I have a master spreadsheetin my Google Drive.
I called it.
Which has all of my basicallymoney, income.
(26:58):
And then based on like, Itypically go off like the
50-30-20 method,
SPEAKER_02 (27:02):
which I'm not sure if you're familiar with
SPEAKER_03 (27:04):
that.
But it's just a way to kind oflike generally break down.
It's like, what do I absolutelyneed to spend money
SPEAKER_02 (27:11):
on?
50 is needs,
SPEAKER_03 (27:12):
50%.
50% needs, 20% is wants, andthen 10% is savings.
Or I think you might flip tosomething like that, whatever,
yeah.
But it's, I don't really like,I'm not like religious like
follow that, but just an idea oflike, okay, so if I have this
much money coming in per month,these are the things that I know
I'm gonna be spending on, thisis what I'm gonna be budgeting
(27:34):
for, what's left over, that goesto the next thing where it's
like fun things that we haveplanned to do that specific
month, and then it's like howmuch money left over for that do
I It just goes directly tosavings or to investments.
And so I just kind of map thatout on a monthly basis.
And it changes month by month.
Grocery is different this month.
Gas is more expensive thismonth.
Travel for a wedding, travel forthis or like...
(27:57):
You know, so it's like, Igenerally have an idea of that.
And then any like unforeseenexpense throw into that sheet
and then it'll auto adjust likefor the rest of the categories.
Like what, what, what is left?
Like, can I spend a little bitmore this month?
Maybe I can afford a secondvideo game as opposed to my
typical, I spend one, like onone video game a month or
something like that.
So it's like, I, I, I can'timagine that that's that
(28:20):
different of my advice for how Iwould go about, you know,
budgeting for flipping orrehabbing is take what you've
got coming in faster.
Factor in your necessaryexpenses.
Factor in the things that youneed to spend money on and the
things that you maybe...
Just want to, because you canand see what that leaves you
with and see where, whatflexibility you have.
SPEAKER_02 (28:39):
Yeah.
And specifically about like the,in the question they're asking
about like fluctuating prices.
That's difficult.
Yeah.
So like, would you like, if thatwas you with your spreadsheet,
would you like plan for likethe, the highest end of that
just to be safe?
So that way you're not short ofmoney for like the monthly
payment
SPEAKER_01 (28:54):
sort of thing.
That's difficult.
We'll go ahead and say, that's agood idea because a lot of
people, they have like acontingency, like, they'll put
10 to 20% aside.
So like if you're, because Ifeel like a lot of people when
they do this flip, they'reintentionally thinking, okay, if
I buy a house that's fully goodand I don't need to flip it,
(29:15):
it's 300,000.
But then if I'm flipping a houseand it costs 220, then I have, I
don't know, like 50K set asidefor the flip.
And then they add like a 10% tothat.
And so you would also...
just in case materials switch,you'd have 55,000 instead of 50
(29:38):
just in case.
Right.
That makes sense.
That's sort of what people do.
SPEAKER_03 (29:43):
Yeah.
I mean, it's going to workdifferently for everybody.
So it's like, obviously...
If you're doing a house flip andyou need to budget, I would
probably recommend not using thePatrick message.
Where it's just like, we'll befine.
We'll just wing it.
How are we feeling?
It's like, we'll spend this muchmoney on getting a new roof and
then I can't eat food for thenext week.
It's just ramen.
(30:04):
It's just ramen.
It's just ramen, yeah.
But yeah, okay.
Well, thank you, Denise, foryour question.
That was a fun one.
I got another one here.
How about that?
SPEAKER_02 (30:12):
Yeah, you can do this one.
SPEAKER_03 (30:13):
Amina from Raleigh writes in, says, I'm tight on
money right now.
I just bought this duplex andwant to renovate some of the
flooring and paint to...
Sorry, Amina.
I'm tight on money right now.
I just bought this duplex andwant to renovate some of the
flooring and paint to give it aclean, fresh look.
We just spent a lot on this homeand I'm not sure painting or
(30:34):
installing new flooring is theway to go.
So she's asking us to choose forher.
Spend money on painting...
Or spend money on the flooring?
Oh, so is that the question?
I think it's like in eitherorder.
Okay, cool.
SPEAKER_02 (30:46):
What's more important to you?
What do you think is moreimportant to getting a...
I think, in my opinion, I wouldsay that paint is more
important.
Really?
In terms of just likeimmediate...
Yeah, I mean, well, it dependson...
I guess it kind of...
There's a lot of...
variables there it's like whatis the current state of the
flooring and the paint rightlike if the paint is fine and
(31:07):
the flooring is terrible likeobviously like the flooring
SPEAKER_03 (31:10):
yeah I mean it's not being very specific with some of
your details but I do think thatit's based on necessity what's
the most urgent for are youtrying to rent this place are
the floors not Are they likejagged or rough or you need
carpet or you need to redo thehardwood?
It's like, if that's the case,then you should probably focus
on the thing that's gonna impacttenants from moving in.
But if you're just renovatingthe house and you can take it
(31:32):
slow, I don't know.
I would say maybe do whicheverone is cheapest or most feasible
at the moment.
SPEAKER_02 (31:37):
I would say like– yeah.
No, that's a way better answer.
I would say when I walk into aroom, like the color of the wall
– there's like– different paintshave like completely different
vibes and sometimes a room feelslike really just like not
welcoming if it's like a reallyugly– like really ugly wallpaper
or something like that.
You know what I mean?
SPEAKER_03 (31:57):
If you could paint your house any color, what would
you paint it?
SPEAKER_02 (32:00):
Ooh, I would want different rooms to be different
colors.
But are you saying like everyroom has to be the same
SPEAKER_03 (32:05):
color?
No, no, no.
You can have different colors,different colors.
SPEAKER_02 (32:08):
Like a warm, I like a warm salmon.
A warm salmon.
Kind of like your shirt.
Is that warm salmon?
This is a little, I would say alittle like lighter salmon.
I like salmon a lot, like anorangish pink.
Big fan of that.
I like it with
SPEAKER_03 (32:23):
a little bit of lemon and asparagus.
Yeah, I
SPEAKER_02 (32:29):
don't know.
A light blue.
What about you?
SPEAKER_03 (32:33):
I'm a big fan of olive as a color, like olive
green.
I think it kind of has like anatural sort of vibe.
I feel like it would go wellwith– I have a lot of like– I
have a wood bookcase that I loveand my TV stand in entertainment
is like a natural wood kind ofthing.
So it's like I feel like thatwould fit in really well with an
olive wall color.
(32:53):
So that would be my go.
That's a good one.
All right.
Well, thank you, Amina.
We got one more question.
Patrick?
SPEAKER_02 (33:00):
Gina from Philadelphia.
Hey, we were just talking
SPEAKER_03 (33:04):
about Philadelphia.
Gina eating a Philly cheesestick or eating a Philly dry
steak
SPEAKER_02 (33:09):
right now.
SPEAKER_03 (33:10):
Paying
SPEAKER_02 (33:10):
rent and installments or security
deposits and stuff.
Gina asks, what's the best wayto get resources on real estate
that you find beneficial?
SPEAKER_03 (33:21):
Well, this is a cheat code for us because we get
such great knowledgeableproducers that know all about
the real estate and propertymanagement world.
They're able to kind of helpeducate us.
But a lot of stuff that theyfind is basically based on their
own pure research.
I mean, we say you own property,you rent it out.
What were the best resources ortools that you went to to find
(33:42):
out about that kind of stuff?
Or your questions, your fears,your concerns, any of that
stuff?
Bigger
SPEAKER_01 (33:47):
pockets.
I feel like that was helpfulbecause I would just put
questions in there.
Like, what do I do with this ifyou do that?
And then there There's peoplethat respond on there.
So I feel like, you know, Ithink you do have to pay for
that membership, butBiggerPockets is really helpful.
And then just constantly askingpeople who are in the same kind
of boat, who've done it for awhile.
(34:09):
I
SPEAKER_03 (34:09):
mean, I would go even a step beyond that and just
say the internet and forums ingeneral.
I think you can get a lot ofreally good knowledge from going
to places like Reddit, likelarge online forums where
there's, I'm sure there aremillions of subreddits for
landlords or property investorsor people that that are doing
house flipping or house hacking.
So it's like you can go thereand get a lot of really good
(34:30):
insight and use websites andtools that you trust, resources
online.
I think that's all a greatplace.
I mean, the internet is abountiful place of knowledge
that you can use.
Just make sure you trust thesources you're getting the info
from.
And as always, you can listen tothis show for insightful
resources on real estate.
We talk to pros like we've hadJohn Blatchford, we've had Mary
(34:51):
Regano on the show.
Yeah, we say, not like...
We say...
levi abramson a lot of greatminds intellectual minds in the
real estate and propertymanagement world that can
provide a lot of really greatinsight for you so i'm beneath
you guys i'm not an
SPEAKER_01 (35:04):
expert
SPEAKER_03 (35:05):
no that's not true at
SPEAKER_02 (35:06):
all okay no but you're no like you're you you
know you've you've boughtproperty you have rental
property that's more than wehave so like i think that we've
had people on different likeparts of the journey you know
which i think is important youknow yep because not everyone's
trying to own like you know 50properties some people are just
trying to get into that firstproperty like for example for me
i would seek advice from peoplelike you you know who are like
who've made that first step andjust asking a bunch of people
(35:29):
who like are one or two stepslike ahead of me i think that's
really important just gatheringall sorts of different opinions
from from different people
SPEAKER_01 (35:37):
you know nice
SPEAKER_02 (35:37):
for sure
SPEAKER_03 (35:39):
well Now that we got the hug session out, the
emotional hug session.
Thank you all for listening tothis episode of the Rentish Pod.
It's been really fun, Patrick.
It's been really great to talkwith you today.
It's pouring buckets outsideright now.
SPEAKER_02 (35:54):
I was supposed to do trivia in the park tonight.
That's a little
SPEAKER_03 (35:58):
bit of a bummer.
You know what's not a bummer?
This show.
You can follow it on manydifferent places.
Like I said at the top of theshow, Spotify, Apple Podcasts,
wherever you get your podcasts.
Rate us, review us, give us athumbs up or a comment.
Subscribe to the show.
Hit the notification bell if youwant to be notified when new
episodes go live.
And you can email questions attherentishpod.com.
(36:19):
Find us on social media attherentishpod on Instagram.
We thank you.
We appreciate you for listening.
I've been Zach.
That's been Patrick.
That's been Moussey.
And we'll see you guys nexttime.
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